Final answer:
A true business opportunity is one that is achievable and appropriate, involves a new or improved product for the market, and leads to monetary success for the entrepreneur while benefiting consumers with better quality or lower prices.
Step-by-step explanation:
According to your book, an opportunity becomes a true business opportunity when it is both achievable and appropriate. This implies that the opportunity not only exists but also can be acted upon successfully. A true business opportunity requires the identification of a viable market gap, accompanied by the means and a comprehensive plan to deliver a product or service that fulfills this gap.
The resource must have been produced and should be capable of being used to produce other goods and services. Additionally, a true business opportunity should ultimately lead to monetary success for the entrepreneur and provide the market with a new or improved product, which can result in more competition and possibly lower prices for consumers.
Firms, whether operating as a sole proprietorship, partnership, or corporation, must navigate the business cycle, contend with factors such as inflation and unemployment, and strive to enhance productivity in order to maximize their profits and market share.