Question

critically analyse the correlation between an idea and an opportunity in establishing a successful business.

Answer 1

In order to be incorporated and successful, a business depends on various efforts apart from just the investment. If we want to start a business having just an idea is not enough to set it up there should be a proper opportunity in the market also related to that idea. In the same way if there is a viable business opportunity in a market but we don’t get an idea to capitalise it at the right moment, then a successful business cannot be incorporated.

A business idea and the opportunity to do that business go hand in hand. One of them is not enough to start and run a business successfully. Let's say a person has an idea about starting a mask manufacturing business seeing the rising demand of mask due to the ongoing pandemic because of Corona Virus. So, he gathers the requirements, he starts the process to implement the idea. He acquires the required capital and then the required space and machinery and labour etc. And let’s say till he's able to get the product to the market, a cure or vaccine for the virus is invented. And as the vaccine is invented the risk of the pandemic reduces and the demand for masks fall and as the opportunity of the business is lost so the idea fails and doesn't prove to be successful. Therefore, we can say that there's a strong relationship between a business idea and the opportunity of the business.