The major factors involved in sensing business opportunities by an entrepreneur are as follows:

(i)    Ability to perceive and recapitulate various ideas.
(ii)    Ability to obtain knowledge and information from various sources.
(iii)    Vision and creativity of the entrepreneur.

Perception of an idea must be banked by action and people possessing the combination of these two abilities are said to be enterprising. Perceiving an opportunity and taking further action will depend on talent, temperament and technique or skills of the entrepreneur. By talent we meant the basic creative and innovative approach as well as the visionary perspectives to opportunities. Temperament refers to the qualities like enthusiasm, determination, courage and missionary zeal that enable an entrepreneur to covert an idea into a project. To spot an idea, evaluate it an turn it into an opportunity needs technique too. In abolishing a project and running it, the entrepreneur will be required to use a variety of techniques for managing people, materials, technology, finance and time.

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