(i) Form of external assistance – Identifying the venture opportunities, the form of external assistance is no less significant than the internal resources which play a vital role. External assistance like the internal resources immensely facilitates in spotting the business opportunities.
(ii) Possibility of expert- Provision of export can also facilitate the entrepreneur in identifying the so-called opportunities which serve as an important factor. If in any venture, there are possibilities of export, a responsible entrepreneur can contemplate to conceive some plan to start such a venture and take the appropriate steps the direction.
(iii) Gathering information regarding proposed industrial development- After obtaining information with regard to the proposed industrial development, an intelligent, entrepreneur happens to take a find plunge into a project of enterprise. On the basis of the various information, the entrepreneur can unearth the hidden business opportunities and the scope of any further expansion.
(iv) Availability of Internal resources- The availability of the internal resources is significant factor which considerably facilities the process of identifying the business opportunities. Generally, the business opportunities rest on three stages-Promotion. Expansion and Diversification.
(v) Availability of industrial raw materials- The availability of the raw material also determines business opportunities to a large extent because the level of production is also determined on the basis of the availability of the industrial raw material. An entrepreneur can make the optimum use of the venture opportunities provided the industrial materials either available.
(vi) Level of risk – Any business venture includes various challenge which involve many risk in term of economic, social, environmental and technical complication etc. But such a changing scenario encompasses several intangible opportunities and the entrepreneur knows how to convert the challenges in the opportunities or in other words the opportunities lie enshrined in the challenges.
