When is an idea an entrepreneurial opportunity?

Entrepreneurial Idea: An idea is a mental impression, concept or plan, an intention, purpose or essential feature which may or may not meet the criteria of an opportunity. An idea is an opportunity when it is attractive, durable and timely and is anchored in a product or service that creates or adds value for its end buyer or user. Customers must receive a perceived benefit from the purchased product or service. The most successful entrepreneurs are opportunity-focused; that is, they start with what customers and the marketplace want and do not lose sight of this.

What makes an opportunity an entrepreneurial opportunity?

Opportunity: Opportunity has been cited as a critical and unique component of entrepreneurship. Entrepreneurial opportunity is a situation in which new goods, services, materials and organizing methods can be introduced and sold at greater than their cost of production. An entrepreneurial opportunity exists whenever there is a need, want, problem or challenge that can be addressed, solved and or satisfied in an innovative way.