Business opportunity: Difference between revisions
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{{Short description|Sale or lease enabling the start of a business}} |
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{{technical|date=January 2013}} |
{{technical|date=January 2013}} |
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| ⚫ | A '''business opportunity''' (or '''bizopp''') involves [[sales|sale]] or [[lease]] of any product, service, equipment, etc. that will enable the purchaser-licensee to begin a business. The licensor or seller of a business opportunity usually declares that it will secure or assist the buyer in finding a suitable location or provide the product to the purchaser-licensee. This is different from the sale of an independent business, in which there is no continued relationship required by the seller. |
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{{Essay-like|date=August 2024}} |
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| ⚫ | A '''business opportunity''' (or '''bizopp''') involves [[sales|sale]] or [[lease]] of any product, service, equipment, etc. that will enable the purchaser-licensee to begin a business. The licensor or seller of a business opportunity usually declares that it will secure or assist the buyer in finding a suitable location or provide the product to the purchaser-licensee. This is different from the sale of an independent business, in which there is no continued relationship required by the seller. |
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| ⚫ | Eckhardt and Shane (2003) <ref>Eckhardt, J.T. and Shane, S.A., 2003. Opportunities and entrepreneurship. Journal of management, 29(3), pp.333-349.</ref> argue that when taking the path of [[entrepreneurship]], one of the most important |
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| ⚫ | Eckhardt and Shane (2003) <ref>Eckhardt, J.T. and Shane, S.A., 2003. Opportunities and entrepreneurship. Journal of management, 29(3), pp.333-349.</ref> argue that when taking the path of [[entrepreneurship]], one of the most important indicators for future [[entrepreneurship]] is the skill of finding the business opportunity. This is seen as the lynchpin around which the promise of entrepreneurial venture is to be built.<ref>Shane, S. and Venkataraman, S., 2000. The promise of entrepreneurship as a field of research. Academy of management review, 25(1), pp.217-226.</ref> Shane and state that individuals must possess prior knowledge and the [[cognitive]] properties necessary to value such [[knowledge]] in order to identify the new opportunity. This normally allows a triggering of the opportunity which can then move forward to scoping and validation. |
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Napoleon Hill provided advice on achievement as necessary for success and within anyone's reach; "The starting point of all achievement is desire. Keep this constantly in mind. Weak desires bring weak results, just as a small amount of fire makes a small amount of heat."<ref>{{cite web |title=Think and Grow Rich |url=http://www.naphill.org/shop/books/think-and-grow-rich/ |date=2015 |publisher=Napoleon Hill Foundation |accessdate=2016-07-22}}</ref> and Winston Churchill suggested similarly with a piece of inspiration; "Attitude is a little thing that makes a big difference.". |
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== Concept == |
== Concept == |
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A common type of business opportunity involves a company that sells [[bulk vending]] machines and promises to secure suitable locations for the machines. The purchaser is counting on the company to find locations where sales will be high enough to enable |
A common type of business opportunity involves a company that sells [[bulk vending]] machines and promises to secure suitable locations for the machines. The purchaser is counting on the company to find locations where sales will be high enough to enable them to recoup their expenses and make a profit. Because of the many cases of fraudulent biz-ops in which companies have not followed through on their promises, or in which profits were much less than what the company led the investor to believe, governments closely regulate these operations. |
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In the United States, the [[Federal Trade Commission]] receives complaints and helps coordinate enforcement action against fraudulent business opportunities.<ref>[http://www.ftc.gov/about-ftc/what-we-do What We Do], Federal Trade Commission, retrieved 11 July 2014</ref> |
In the United States, the [[Federal Trade Commission]] receives complaints and helps coordinate enforcement action against fraudulent business opportunities.<ref>[http://www.ftc.gov/about-ftc/what-we-do What We Do], Federal Trade Commission, retrieved 11 July 2014</ref> |
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== Makeup of a business opportunity == |
== Makeup of a business opportunity == |
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{{Unreferenced section|date=October 2022}} |
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{{see also| Market opportunity}} |
{{see also| Market opportunity}} |
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A business opportunity consists of four elements all of which are to be present most often within the same domain or geographical location, before it can be claimed as a business opportunity. These four elements are: |
A business opportunity consists of four elements all of which are to be present most often within the same domain or geographical location, before it can be claimed as a business opportunity. These four elements are: |
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*[http://www.ct.gov/dob/cwp/view.asp?a=2235&q=297906 Investor Bulletin: Business Opportunity Fraud], State of Connecticut Department of Banking, July 1995. |
*[http://www.ct.gov/dob/cwp/view.asp?a=2235&q=297906 Investor Bulletin: Business Opportunity Fraud], State of Connecticut Department of Banking, July 1995. |
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*[https://web.archive.org/web/20080326211826/http://www.fedbizopps.gov/ Federal Business Opportunities] Official federal government procurement opportunities allowing contractors to retrieve services posted by government buyers. |
*[https://web.archive.org/web/20080326211826/http://www.fedbizopps.gov/ Federal Business Opportunities] Official federal government procurement opportunities allowing contractors to retrieve services posted by government buyers. |
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*[http://www.sba.gov/aboutsba/sbaprograms/onlinewbc/index.html Office of Women's Business Ownership] The Office of Women's Business Ownership (OWBO) |
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*U.S. Small Business Administration |
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*[https://onlinemoneytake.com/business-trends-in-india] Business Trends in india – new business opportunities |
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{{DEFAULTSORT:Business Opportunity}} |
{{DEFAULTSORT:Business Opportunity}} |
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Latest revision as of 18:27, 22 October 2024
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A business opportunity (or bizopp) involves sale or lease of any product, service, equipment, etc. that will enable the purchaser-licensee to begin a business. The licensor or seller of a business opportunity usually declares that it will secure or assist the buyer in finding a suitable location or provide the product to the purchaser-licensee. This is different from the sale of an independent business, in which there is no continued relationship required by the seller.
Eckhardt and Shane (2003) [1] argue that when taking the path of entrepreneurship, one of the most important indicators for future entrepreneurship is the skill of finding the business opportunity. This is seen as the lynchpin around which the promise of entrepreneurial venture is to be built.[2] Shane and state that individuals must possess prior knowledge and the cognitive properties necessary to value such knowledge in order to identify the new opportunity. This normally allows a triggering of the opportunity which can then move forward to scoping and validation.
Concept
[edit]A common type of business opportunity involves a company that sells bulk vending machines and promises to secure suitable locations for the machines. The purchaser is counting on the company to find locations where sales will be high enough to enable them to recoup their expenses and make a profit. Because of the many cases of fraudulent biz-ops in which companies have not followed through on their promises, or in which profits were much less than what the company led the investor to believe, governments closely regulate these operations.
In the United States, the Federal Trade Commission receives complaints and helps coordinate enforcement action against fraudulent business opportunities.[3]
Makeup of a business opportunity
[edit] |
A business opportunity consists of four elements all of which are to be present most often within the same domain or geographical location, before it can be claimed as a business opportunity. These four elements are:
- A need
- The means to fulfill the need
- A method to apply the means to fulfill the need and;
- A method to benefit
With any one of the elements missing, a business opportunity may be developed, by finding the missing element. A desirable characteristic is for the combination of elements to be unique. The more control an institution (or individual) has over the elements, the better they are positioned to exploit the opportunity and become a niche market leader.
References
[edit]- ^ Eckhardt, J.T. and Shane, S.A., 2003. Opportunities and entrepreneurship. Journal of management, 29(3), pp.333-349.
- ^ Shane, S. and Venkataraman, S., 2000. The promise of entrepreneurship as a field of research. Academy of management review, 25(1), pp.217-226.
- ^ What We Do, Federal Trade Commission, retrieved 11 July 2014
External links
[edit]
- Investor Bulletin: Business Opportunity Fraud, State of Connecticut Department of Banking, July 1995.
- Federal Business Opportunities Official federal government procurement opportunities allowing contractors to retrieve services posted by government buyers.