The most important factors involved in the process are:
a. Ability to perceive and preserve basic ideas:
Spotting of an idea often triggers the process of sensing an opportunity.
The following are the various sources which lead to the emergence of basic ideas.
a) Problems: When a problem exists and an idea leads to a solution to resolve that problem, it emerges as a business opportunity.
b) Change: A change in social, legal, technological aspects etc. leads to new opportunities to start a business.
c) Inventions: Invention of new products or services leads to new business opportunities.
d) Competition: Competition often results in emergence of new and better ideas that result in new business opportunities.
e) Innovation: It includes creating new things of value as well as new and creative processes that add value to the existing products or services.
For example, computers to tablets
b. Ability to harness different sources of information:
Various sources like magazines, journals, books, seminars, trade shows, family members, customers, friends etc help in getting information that helps in evolution of basic ideas. Bring together various sources of information and knowledge, and analyze it to the best possible extent. The analysis helps in the identification of the right opportunity to start a new business.
c. Vision and creativity:
Creativity in innovating a solution and vision. The entrepreneur should be able to creatively identify an idea to generate a valuable solution to a problem. Once the solution is identified their vision to convert the solution into business opportunity help them to move forward, overcoming all the obstacles. They constantly-
a) overcome the adversity
b) are able to exercise control over the business c) are capable of making significant difference.
