Question

2 Recognizing Opportunites: Identify 1 specific opportunity that your entrepreneur capitalized on, ie. that allowed him/her to start and build a business to satisfy a want or need in the marketplace

Answer 1

Mapping entrepreneur capabilities with the target clients' needs is the most appropriate approach to determine business opportunity. The entrepreneur must use the marketing strategy that fits to his personality and the customer’s entrepreneur serve. The younger, smaller entrepreneur can capitalize on the strong market with continuing growth. They should know what will add value to their business in both the long and immediate term. Thus should focus on improving relationships with key vendors and customers, upgrading their good or service efficiency. They should keep updating their offerings and keep refreshing the physical infrastructure of the business in marketplace.

Before capitalizing on specific opportunity, the entrepreneur must capitalized on the consideration on which route aligns best with their business plans and goals. The self-evaluation and market research are necessary when deciding what move to make. Before speculating it is important that entrepreneur considers a look back on learning’s from trends. Optimistic forecasts can be helpful only when they are accurate.