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5 Stages To Identify Business Opportunities – 2023 Beginners Guide

To talk on the Tips or stages on how to identify business opportunities, we start by knowing exactly what is an opportunity identification process.

In the first place, Opportunity identification can therefore be seen as the cognitive process or processes through which individuals conclude that they have identified an opportunity. There are also some factors that motivates people to begin new businesses, Check them out.

It’s basically good to know how entrepreneurs identify and decide a new business opportunity with the best chance to succeed. The most important part of all business attempts common to most successful startups is answering an unmet need in the market. It is obviously clear that customers are always interested in products that add value.

Meanwhile, searching for a business opportunity is one of the major challenge that entrepreneurs usually face. For this reason, we therefore provide you with this article to help you get started and succeed. It’s also necessary to know the reasons why business plan is 100% needed for a Start-up.

5 Stages Of Business Opportunities Identification Process

Opportunity identification is basically a collection of 3 main factors, the entrepreneur’s background, the business influence and the general business environment.

In short, there are five (5) stages of opportunity identification that results in ‘recognition‘. These are;

  1. Preparation
  2. Incubation
  3. Insight
  4. Evaluation
  5. Elaboration

Before we conclude, let’s quickly discuss in brief the stages on how to identify business opportunities in Nigeria listed above.

  • Preparation:

Preparation stage is that knowledge and experience exercised just before the opportunity discovery process. These knowledge and experience are not often deliberately acquired. However, preparation itself is usually a deliberate attempt to widen capability in an area and become sensitive to concerns in a field of interest.

  • Incubation:

Incubation stage is the part of the opportunity identification process that involves the consideration of a concept or a specific problem ordinarily not subjected to conscious or formal analysis by a businessman or his team.

  • Insight:

Insight stage occurs at the moment a fundamental solution suddenly becomes recognized unexpectedly.

  • Evaluation:

Evaluation stage is about investigating if the recognized and developed ideas are feasible. If the businessman has the required abilities to realize the ideas and if the idea is sufficiently innovative for prospects.

  • Elaboration:

Elaboration is that stage that exposes the opportunity/ideas to external analysis with the tedious and time–consuming options selection, choice decision and organization of resources.

In Conclusion, The 5 Stages Or Tips On How To Identify A Business Opportunity is Here available.

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