business opportunity

A business opportunity (or bizopp) involves sale or lease of any product, service, equipment, etc. that will enable the purchaser-licensee to begin a business. The licensor or seller of a business opportunity usually declares that it will secure or assist the buyer in finding a suitable location or provide the product to the purchaser-licensee. This is different from the sale of an independent business, in which there is no continued relationship required by the seller.
Eckhardt and Shane (2003) argue that when taking the path of entrepreneurship, one of the most important indicators for future entrepreneurship is the skill of finding the business opportunity. This is seen as the lynchpin around which the promise of entrepreneurial venture is to be built. Shane and state that individuals must possess prior knowledge and the cognitive properties necessary to value such knowledge in order to identify the new opportunity. This normally allows a triggering of the opportunity which can then move forward to scoping and validation.

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