The second dwells on the type of business to start and the last is to decide on how to proceed on the new venture in terms of basics such as financing, organization and lifestyle adjustment. However, the second decision which required a choice of the opportunity to exploit to set up is usually by far the most difficult and tasking decisions that an entrepreneur will ever make. A potential business owner can usually identify several business opportunities, each of which is attractive for one reason or the other.

3.1.1 Consideration for Choosing a Business Opportunity
An entrepreneur that wants to start a business must consider one of these three critical decisions namely: the first is whether to take the plunge at all.

The window of opportunity describes the time period in which a firm can realistically enter a new market. Once the market for a new product is established, its window of opportunity opens.

The best approach to opportunity recognition is to identify a product or service that people need and are willing to buy, not one that an entrepreneur wants to make and sell. Barringer and Ireland (2012) opine that opportunity has four important qualities. It is (1) attractive (2) durable (3) timely and (4) anchored in a product, service, or business that creates or adds value for its buyer or end user. In order for an entrepreneur to take advantage of an opportunity, its window of opportunity must be available.

Irrespective of which of these two ways an entrepreneur goes into a new business, opportunities are hard to spot. Identifying a product, service, or business opportunity that is not merely a different version of something already available is difficult. Entrepreneurs make a common mistake in the opportunity recognition process by taking a currently available product or service that they like or are passionate about and then trying to build a business around a slightly better version of it

Some ventures are either internally stimulated or externally stimulated. In the latter, an entrepreneur decides to launch a firm, look for and recognizes an opportunity, and then starts a business. In the former, an entrepreneur recognizes a problem or an opportunity gap and creates a business to fill it.

3.1 Identifying and Recognizing Opportunities
Most importantly, entrepreneurs recognize an opportunity and turn it into a successful business. Barringer and Ireland (2012) defined an opportunity as a favourable set of circumstances that creates a need for a new product, service, or business. Most business ventures are started in one of two ways.

It is the conversion of creative ideas into market place reality, which people are prepared to buy. This distinction is significant. Ideas have little value until they are converted into new products, services, or processes. Innovation, therefore, is the transformation of creative ideas into useful applications but creativity is prerequisite to innovation (Holt, 1992;)

A person may therefore concieve of something new and envision how it will be useful, but not necessarily take the necessary action to make it a reality. Innovation is the process of doing new things

2.5 Creativity
The terms creativity and innovation are often used to mean the same thing, but each has a unique connotation. Creativity is ‘’ the ability to bring something new into existence.”This emphasizes the “ability,” not the “activity,” of bringing something new into existence.