Definition (1):
It is a favorable set of circumstances that creates a need for a new product, service, or business.
Definition (2):
A situation or an occasion that makes it possible for doing something which you have to do or want to do is called an opportunity. It can also be defined as the possibility to do something.
The key to opportunity recognition is to identify a product or service that people need and willing to buy, not one that an entrepreneur wants to make and sell. An opportunity has four essential qualities. It is (1) attractive, (2) durable, (3) timely, and (4) anchored in a product, service, or business that creates or adds value for its buyer or end-user.
Webster Dictionary Meaning
1. Opportunity
- Fit or convenient time; a time or place favorable for executing a purpose; a suitable combination of conditions; suitable occasion; chance.
- The convenience of a situation; fitness.
- Importunity; earnestness.
Use of the Term in Sentences:
- The company has found many opportunities in this country for expanding their business.
- The university is offering better opportunities to the students for their career development.