Entrepreneurship nowadays is one of the fastest developing and expanding fields in the modern economic settings. The term entrepreneurial opportunity recognition, can be used to refer to either the discovery of a clear business idea or the development of an idea into a more feasible business concept over time. Entrepreneurial opportunity recognition is actually a process that's found in the way that individuals and businesses with an entrepreneurial mindset approach new business ventures or ideas. In many ways, it is a constant brainstorming in which individuals look for ''new and improved ways'' of addressing problems. It could be a brand-new business idea or even new products or services that fulfill customers' needs and expectations.

Most entrepreneurial discoveries are reached after a business opportunity is recognized or an idea is generated. Also, the recognition and generation of business opportunities and ideas creates enabling conditions for the smooth take off and management of business outfits.

On one hand there is an ample example to demonstrate that the majority of entrepreneurial discoveries were reached after planned research and scan of the environment. On the other hand, however, there are findings that this process takes a more spontaneous form most of the time with the actual entrepreneurs simply identifying the opportunity after they have come across revealing information.

Methods for generating business ideas:

The entrepreneur can use several methods to help generate and test new ideas, as under-

Focus groups: Group of individuals providing information in a structured format is called a focus group. The group of 8 to 14 participants is simulated by comments from other group members in creatively conceptualizing and developing new product idea to fulfill a market need.

Brainstorming: A group method of obtaining new ideas and solutions is called brainstorming. The brainstorming method for generating new ideas is based on the fact that people can be stimulated to greater creativity by meeting with others and participating with organized group experiences. Although most of the ideas generated from the group have no basis for further development, often a good idea emerges.

Problem inventory analysis: Generate new product ideas by providing with a list of problems in a general product category, to relate known products to suggested problems and arrive at a new product idea then to generate an entirely new idea by itself.

Creative Problem Solving: Obtaining new ideas focusing on the parameters through creative process. Brainstorming is probably the most well-known and widely used for both creative problem solving and idea generation.

Reverse brainstorming- Similar to brainstorming, but criticism is allowed and encouraged as a way to bring out possible problems with the ideas.

Synectics: Synectics is a creative process that forces individuals to solve problems through one of four analogy mechanisms: personal, direct, symbolic and fantasy. This forces participants to consciously apply preconscious mechanisms through the use of analogies in order to solve problems.

Gordon method: Gordon method is a method of developing new ideas when the individuals are unaware of the problem. In this method the entrepreneur starts by mentioning a general concept associated with the problem. The group responds with expressing a number of ideas.

Checklist method: Developing a new idea through a list of related issues is checklist method of problem solving.

Free association method: Developing a new idea through a chain of word association is free association method of problem.

Question to Consider: 

1. What are the identification of business opportunities?
2. What is business idea generation?
3. What do you mean by opportunity recognition?
4. Outline the approach normally adapted for generating business ideas & opportunity recognition.