An opportunity is the recognition that an item or service can be made to be of value to someone. The key, however, is to determine how much value, not only to these who presumably will enjoy what is created, but also the entrepreneur who initiates it, hence the need for the verification process.
In the philosophy of the economist, the entrepreneur plays a significant role through opportunity identification. Frank Knight stated it as the “identification of, or seeing disequilibria, and managing resources to gain pure profit… by supplying those market until equilibrium is reached again.” Schumpeter, on the other hand, opines that opportunity occurs when “entrepreneurs create disequilibrium by bringing about new combinations of productive resources.” Here we see the yin and yang of market side opportunity and production side opportunity.