Whats the difference, and what’s better?
Before I got into figuring out the difference, I posted this question on my facebook page and here is the discussion that arose.
Bussines oppurtunity is better and the difference is for the business opportunity to exist it comes from having had the idea for the business.
Hmm…so does the idea create the opportunity or vice-versa, or both? Or is the idea the opportunity, or…?
Well for me, business idea sounds like a new thing or taking a business path that’s not very explored by other business people, while a business opportunity sounds like an opening to do a business that’s not necessarily new just that for whatever reason there’s been an opening.
Idea connotes ‘new’ opportunity does not necessarily connote new. Again for me opportunity is better coz someone else has done it before and has learnt and probably documented dos and don’ts along the way. Idea is more difficult coz if its completely new you would have to learn by trial n error and modify the original idea to suit the market. This takes alot of extra investments in terms of time, finances and effort
@moses ; a business opportunity may create a business idea( which it does in majority of cases), but the reverse is not necessarily true.
@yusuf;people with business opportunities are more successful than those with ideas
I hope we are not facing the chicken and egg situation. trying to figure out what came first, the chicken or the egg!
So anyway, an opportunity can also arise for something new and untested. maybe an idea is something in its conceptual phase, and an opportunity is an idea taken further…or maybe they are the same thing!!!
Now thats confusing further dont u think so
Ok consider this case. Out of interactions someone says he needs ‘mosque management software’. So i know a programmer who knows a programmer who i think can get together and do it. that is an opportunity.
An idea could be that after that deal of supplying software, i then think of supplying other mosques with the same software. but you could argue that since i have that software, i have an opportunity to supply other mosques….so am back to the same position i was in!
Kinya broke it down.
Yusuf seriously????? Take your economics class off facebook!
Hellos, the business opportunity describes the external environment, the business idea describes the internal psychological environment of the entreprenuer, the opportunity scenario is better for those without the ideas, while the ideas scenario is better for those in society lacking business opportunities.
So here is my assessment of the above responses. A business opportunity arises out of a need that manifests itself in the market. A business idea arises out of thought that the excecution of a business someone is thinking of, would create a need in the market.
One can then argue that having a business opportunity is more realistic way of approaching business. Therefore it is important that as we pursue our entreprenuerial ambitions, we try as much as possible to focus on the opportunities that exist in the market.
What are your views?
Business and financial management Consultant
Edge Consult Ltd