Question

Please read the following scenario and answer the following questions

Lara works for a technology company that demands regular travel, when she travel she always She had her cats two years ago and always have been thinking about the best way to take care of it when she travel. During one of her travel trips, she found out that many of people she meets feels the same way. In 2014, she decided to start a pet caring business, the business take care of domestic pets such as like birds, dogs, cats….etc. So, she quit her job and started working on her business. When her friend asked her, how you know this business will be a success. She said, I am sure that my idea is a good one.
What is the difference between a business idea and a business opportunity?

Answer 1

A business idea is an untested concept for a potential business, whereas a business opportunity is a validated idea that fulfills a market need or demand, indicating a higher chance of success.

Step-by-step explanation:

The difference between a business idea and a business opportunity is that a business idea is a concept for a potential enterprise that someone thinks about or envisions, which might never have been tested or proven in the market. In contrast, a business opportunity is an idea that has been researched and identified to have a good chance of success because it fulfills a need or demand in the market. For example, an entrepreneur may have an idea to start a pet caring business, but it only becomes a business opportunity when this idea is validated by the fact that there is a demand for such services, as Lara noticed in the scenario when she traveled and met others with the same need for pet care.