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1Running Head: NEW BUSINESS OPPORTUNITIESProject 1: Finding New Business OpportunitiesDan StokesUniversity of Maryland Global CampusBMGT 330 Entrepreneurship and New Venture PlanningProfessor Dr. Om Gupta
2IntroductionWhen considering starting a business or being approached with a business idea and accepting it,is taking on a big risk. Some entrepreneur’s look toward listening to their intuition to decide on abusines opportunity, others use the Five Basic Elements to turn the idea of an opportunity to anactual sustainable business (Verma, 2022). In my personal life I am a risk taker, I like to push thenorm and think outside the box, however, I strongly believe the Five Basic Elements should beaccessed before creating and launching any business opportunity, even if adapting to theentrepreneur mindset.I grew up in a rural area on over 200 acres of land, I learned from my elders how to raiseanimals, stow seeds in the field, and most importantly beekeeping. I know how to operate up to12 colonies of Honeybees at a time which is over a million bees. Learning from experience onhow to harvest honey from a beehive, I can gather majority of the honey from the comb withoutwasting or dropping any honey during extraction. The technique of bottling honey is anothertalent I have as well. It’s not an easy task to be a beekeeper, it takes a lot of guts and risk. Thiswould be my potential business opportunity.Strategic FitThe honey processing sector looks like an oversaturated market from the outside looking in. Youcan go into any grocery store and have a good selection of commercial honey to select from. Theproblem is, the honey that’s being sold in grocery stores are technically not real honey, it’s highlyprocessed and even contains corn syrup. With this opportunity I could flood the local

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Term
Spring
Professor
lovett
Tags
Business, Honey, University of Maryland Global Campus, Dan Stokes, Flea Market Vending

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