Unit 1: Chapter 7

In business, learning when to take opportunities is very important. Committing time, resources, and money to an opportunity is risky, but as previously discussed, risks are necessary for a business. A business should be created to meet a consumer need or want. A good entrepreneur is constantly on the lookout for opportunities to start a business. An entrepreneur can even identify their own problems, and create a business to help others with the same problem. A good entrepreneur also knows which opportunities are not worth taking. Businesses that are too competitive or difficult to start may not ever be profitable. A noticed opportunity is the start of almost every business.

Entrepreneurs can find opportunities in many different places. Hobbies, interests, talents, and skills are good things an entrepreneur can personally draw ideas from. Most of the time, however, entrepreneurs find opportunities externally. Problems, changes, new discoveries/inventions, and existing products/services are all things that a business can be founded on. An entrepreneur should always be on the lookout for opportunities, but specific places an entrepreneur can look are newspapers, magazines, other businesses, statistics/data, the internet, and current news. When an entrepreneur finds an opportunity for a business, they should start making preparations as soon as possible. A good entrepreneur is very observant of the world around them, and knows when and how to start a business.

In the modern age, a large part of entrepreneurship is knowing about the internet. The internet is an amazing tool for both spreading information about your business, and getting information about other businesses. Nearly every big business has a significant online presence. Companies will often set up accounts on multiple social media sites to advertise their business and services. Companies will also often have a website giving additional information about the company and the people behind it. Occasionally, company websites will allow customers to order services online. The internet has made it much easier to advertise a business to the world.

When an entrepreneur finds an opportunity worth pursuing, they need to find a way to use it to make money. There are multiple ways to do this, such as starting a business, buying a business, buying a franchise, or inventing something. As an entrepreneur, you can choose how you want to start your business. Different methods of starting a business have different levels of risk. Buying a business will generally cost a lot upfront, but will take much less time to setup. Knowing how you want to start your business is the first step to starting it.

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