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PART 1: VENTURE OPPORTUNITY, CONCEPT AND STRATEGY Question 1: Describe the opportunity that attracts you and why you think it is a new venture opportunity. Opportunity is a condition that can benefit or bring success to an emerging or established to be taken immediately. Opportunities are usually approaching a person in a state of vague and uncertain. Someone who is competent and willing only to be nabbed opportunities that exist in front of him. Slow grab the opportunity to escape to the hands of others. Every business starts out opportunities that can be identified and taken the opportunity to be developed. The existence of a business opportunity to offer products in a given market depends on changes and trends in environmental…show more content…
iii. It gains buy-in and support for the effort from all stakeholders by making them an integral part of its development, planning, implementation, and evaluation. It becomes their effort, and they’ll do their best to make it work. iv. It’s fair to everyone. All stakeholders can have a say in the development of an effort that may seriously affect them. v. It saves you from being blindsided by concerns you didn’t know about. If everyone has a seat at the table, concerns can be aired and resolved before they become stumbling blocks. Even if they can’t be resolved, they won’t come as surprises that derail the effort just when you thought everything was going well. vi. It strengthens your position if there’s opposition. Having all stakeholders on board makes a huge difference in terms of political and moral clout. vii. It creates bridging social capital for the community. Social capital is the web of acquaintances, friendships, family ties, favors, obligations, and other social currency that can be used to cement relationships and strengthen community. Bridging social capital, which creates connections among diverse groups that might not otherwise interact, is perhaps the most valuable kind. It makes possible a community without barriers of class or economics, where people from all walks of life can know and value one another. A participatory process, often including everyone from welfare recipients to bank officers and physicians, can help to create just this
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