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business opportunities

keep on learning

Book: Use What You Have to Get What You Want

Use what you have to get what you want. It is one of the most powerful pieces of advice for each entrepreneur. It is much easier if we use what we have to get everything that we want. Sometimes we have always that we need to succeed in what we want. However, sometimes we don’t have everything that we need to get what we want.

Interesting question is how to get what you want and in the same time to use what you have.

horrible mistakes

10 Business Plan Mistakes You Don’t Know You’re Making

Business plan mistakes can be terrible for the small business owner. Sometimes some mistake, simply can’t be avoided, but it doesn’t mean that the same specific mistake must be repeated.

But, sometimes there are mistakes that simply you don’t know you’re making. The same thing is about business plan mistakes.

Probably, your biggest entrepreneurial mistake is when you don’t recognize that you are making mistakes. In such a way simply you continue with what you have already started even you are making mistakes.

business ideas and business opportunities

What is the Difference Between Business Ideas and Business Opportunities?

As one of the many reasons why startup businesses fail is often the confusion of an entrepreneur about two terms that are very important to them: business ideas and business opportunities. What is the difference between these two terms?

Both terms are highly used in the business startup process by an entrepreneur. However, it is notable that businesses are often started only with the idea that they do not convert or transform into a real business opportunity. Because of that, business startups immediately begin to suffer after the startup stage.

This suffering is manifested through a lack of customers and, therefore, a lack of money for financing the normal business operation.

An entrepreneur is a person who can see opportunities where all other people see problems. That is the most significant advantage of an entrepreneur.

test business ideas using null hypothesis

How to Test Business Ideas Using Null Hypothesis

Business ideas are something that you must test before they become your business opportunities and before you start transforming them into the real business.

For you, the business ideas are something that you believe will work as a profitable business. When you include the customers needs into the specific idea it will become a possible business opportunity ready for the future startup. Here, I want to talk about a technique from statistics to test business ideas using the null hypothesis.

For example, you have a business idea that can be presented as a statement that statisticians will call it a hypothesis. The hypothesis in the simplest words are ideas that need to be tested for approval.

Opportunity Recognition & Idea Generation

This post provides an overview of the academic literature available in the area of entrepreneurial opportunity recognition.

Firstly, the opinions and theories of some respectable members of the academia from this field are discussed and compared. Then some contemporary issues in entrepreneurial models’ design are elaborated upon with one specific scholarly study being given as an example.

In the second part, through an interview with an entrepreneur, some personal insights from a real-life case are provided.

Finally, the post offers an outline comparing theory with the real world.

From both the literature review and the interview findings, a relationship was established, which only partially fits the academic suggestions.