Business Ideas

The question is, what is the difference between a business idea and a business opportunity? Many entrepreneurs may believe that the key to starting a successful business does not necessarily mean having to have a unique idea. A starting point for any new business is having a good idea, but an idea is all that it would be without some sort of action taking place. Ideas are not scarce at all they are more like commodities. A business idea is just that an idea until someone makes it a reality. Pretty much any idea can be worth pursuing, and most of them have already been done. The rarity on the other hand is the ability to take action with an idea and turn it into a successful business that makes a good profit.

So what makes an opportunity distinguished from an idea? The first thing is that opportunities are made into opportunities by the customer’s needs. Once the entrepreneur has identified the particular set of customers that they want to serve profitably, the economics of the business are favorable and they have the opportunity and ability to generate a large amount of cash flow in a fairly short amount of time. The next thing is “the entrepreneur has to be able to leverage proprietary knowledge or relationships to gain a competitive advantage over the other rivals”. The fourth and final opportunity is that it has to be the right timing for the opportunity or nothing good is going to happen. A good example of a business idea is my personal business idea of opening a family owned tattoo studio once I complete the education that I need to obtain the business degree to own my own company. I have come up with ideas for every aspect of the tattoo shop including a name, but until I get the degree and make it happen it is simply nothing but an idea. I think this is a good example because it is something that I have thought of, but I do not have the means of making it happen therefore it is still just an idea that I had.

A good example