Thus, the following are the objectives of Identification of business opportunities. 

• Identification of opportunities by an entrepreneur, in the context of probable industries and to decide his own role, the scope of work and relationships, in accordance with the opportunities. 
• To keep watch over the possible market of the commodity or service to be produced. 
• To decide a high-level group of managers, so that entrepreneurial venture may be started. 
• To make an assessment of financial resources by making financial forecasts, in the context of the process if industrial development. 
• To explore the opportunities for possible entry in other areas. 
• To assess the requirements of labour, capital, and materials for the industries. 
• To find out the possibilities of short term and long term development in various areas of the economy. 
• To have the desire for technical knowledge, awareness towards new opportunities and acceptance of the changes. 
• To see the possibilities of diverting the available resources towards achieving the business objectives. 
• To identify those industries, which are not based on local sources, but which may be economically considered, in view of future requirements.