3 things necessary to turn an idea into a business opportunity

There is a seemingly obvious idea that has tripped up many an entrepreneur: ideas are not the same thing as opportunities.

A venture idea can only turn into a venture opportunity if there is a favorable combination of circumstances that make it both desirable and feasible for the entrepreneur to exploit the venture concept and introduce a potentially value-adding offering into the marketplace. While the exploitation of one business may be an opportunity for one entrepreneur, another might not find it all that interesting, simply because they do not see it as an opportunity.

So, when you have come up with an idea and are thinking about starting a business based on it, you should remember the following:

Be open and share: learn, unlearn and relearn

Venture ideas are not venture opportunities. An idea is rarely worth anything, whereas an opportunity is…