Question

Discuss the phases of activity involved in the opportunity recognition process that lead to viable new venture opportunities.

Explain how this is more than identifying ideas.

Answer 1

Opportunity recognition refers to more than just the "Eureka" feeling that people sometimes experience at the moment they identify a new idea. Although such insights are often very important, the opportunity recognition process involves two phases of activity, discovery and evaluation, that lead to viable new venture opportunities. The discovery phase refers to the process of becoming aware of a new business concept. Opportunity evaluation, which occurs after an opportunity has been identified, involves analyzing an opportunity to determine whether it is viable and strong enough to be developed into a full-fledged new venture.