The business environment creates both opportunities and threats for an organization. Enterprises identify market opportunities in order to create and deliver value to stakeholders through the implementation of future-oriented projects. An opportunity is a situation arising in an organization’s environment, that is conducive to achieving its goals using the available resources. Taking advantage of a business opportunity is associated with achieving benefits which are accompanied by a risk. The short life cycle of a business opportunity forces enterprises to make decisions regarding their use without detailed analyses of the project. The paper presents a case study on taking advantage of a short life cycle business opportunity based on the real estate market. The first part of the paper presents the concept of risk and business opportunity with a short life cycle. The second part of the paper focuses on the specific risks associated with different phases of the life cycle.