Business Opportunity
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Deakins' and Freel's (2003, p. 60) statement "Converting an idea into a business opportunity is the key element of the process of business creation" is an apt expression of the fact that most small businesses start with a bright idea that the entrepreneur then finds a way to make happen. The idea can be for a product, a service, or just a different way of serving an ordinary product, but it is that idea that is key, because it is the differentiating factor that makes the idea business's products and services stand out from the sea of other products and services already available. The idea is the perception of a need that the proposed business will fill. For this pivotal idea to become a successful reality, however, "The economic environment has to be conducive, there must be an appropriate culture supportive of risk-taking and you, the nascent entrepreneur, must have the confidence to ensure that the idea fulfills its potential" (University of Surrey, 2003, p. 11.1). If converting an idea into a business opportunity is the key to creating a small business, then the first order of business for a would-be entrepreneur is to develop a winning idea that can be converted into a business. Robert Baum, assistant professor of entrepreneurship at the University of Maryland's Robert H. Smith School of Business, studied beginning small business owners and found that "those who have a clear idea of how their companies will prosper are often more successful" (Witt,
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The impact of the small business sector on the economy is more substantial than one might imagine. A study from the Small Business Administration's Office of Advocacy found that immigrant business owners alone made up 12% of the total U.S. workforce and 12.5% of the U.S. business owner population and that they also generate $67 billion of the $577 billion in U.S. income (McLoone, 2008). Moreover, in certain states, their impact is even greater. They generate almost one-quarter, or $20 billion, of California's business income, for example, and approximately one-fifth that of Florida, New Jersey, and New York (McLoone, 2008). Small businesses "frequently constitute more than 90 percent of the total number of businesses in some countries," so therefore "the success of the small business has a direct impact on the national economy" (Poon & Swatman, 1997). Thus, an entrepreneur's creative idea turned into a small business can become a significant part of the economy by virtue of the fact that small things add up.
The idea for the small business, key though it is, is not the sole determiner of the business's success. Many entrepreneurs with great ideas have quickly gone the way of the horse and buggy. The massive fa
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University Surrey, Amar Bhide, Deakins' Freel's, Lau Chan, Poon Swatman, School Business, University Maryland's, Retrieved November, Baum People, Office Advocacy, witt nd, november 28, 28 2008, retrieved november, retrieved november 28, november 28 2008, bhide 1994, customer service, idea business, external factors, university surrey 2003, business environment, 1994 226, bhide 1994 226, business opportunity key,
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Approximate Pages = 10 (250 words per page)
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