ABSTRACT
Opportunity recognition is an essential element in the entrepreneurial process. The three-step process starts with creativity; innovation is the refining and development of the idea and the final step is the commercialisation. The entrepreneur starts with an idea, which may be in response to the identification of a problem, e.g., a gap in the market. The next step is an evaluation of the opportunity, which can include an assessment of the market potential. This is usually in the form of gut instinct, a business plan or an opportunity business model. Intellectual property safeguards the idea through patent, trademarks, a registered design or copyright.
