The
Definition Of

Opportunity Recognition

Opportunity recognition refers to the process of perceiving the possibility of a profitable new business or a new product or service. That is, an opportunity cannot be taken until it’s recognized.

Share it:

More from this Section

  • Organic growth
    Organic growth is refers to internally generated growth within a firm that does not rely on outside intervention. Almost all companies grow organically during...
  • Elaboration
    Elaboration is the stage during which the creative idea is put into a final form: The details are worked out and the idea is transformed into something of value, such...
  • Insourcing
    Insourcing is an approach that takes place when a service provider comes inside a partner’s facilities and helps the partner design and manages its supply chain.
  • Sub franchisees
    The people who buy franchises from master franchisees are typically called sub franchisees.
  • Service corps of retired executives (SCORE)
    Service corps of retired executives (SCORE) is a volunteer organization of over 3,000 retired higher managers who advise small-business owners in conjunction with Small Business Administration.
  • Relevant industry experience
    Relevant industry experience, experience in the same industry as an entrepreneur’s current venture that includes a network of industry contacts and...
  • Organizational Feasibility Analysis
    Organizational feasibility analysis is conducted to determine whether a proposed business has sufficient management expertise, organizational competence...