Business opportunity- a favourable chance that an enterprenuer accepts for investment. It can also be aviable business that an enterprenuer selects from several options.
EVALUATION OF BUSINESS OPPORTUNITY
In evaluating a business opportunity one should considert the following aspects;
2. Raw materials
8. Government policy
9. Effects if business to surrounding environment
It is based on the following questions:
1. Are the initial production cost realistic?
2. Are the marketing cost realistic?
3. Is the time required to get to the market realistic?
4. Is this a growing industry or a business?
5. Can the product and the need for it be understood by the financial community?
BUSINESS OPPOTUNITIES BASED ON LEVEL OF NEED
Basic need- foods stalls, second hand clothes shop, rooms for rent.
Safety/security needs- fire extinguisher, fenced houses, bungler poods, gates, security, services etc.
Social needs- entertainment services, cosmetics shops, beaches or recreation centers etc.
Ego needs- jewery shop, car trading, selling expensive items like watches, rings etc.
Self actualisation- providing personal advising services political consultancy foem etc.
QUALITIES OF BUSINESS OPPORTUNITIES
Legality- it should be accepted by the government. (Government Policy).
Growth- it should be a business that can develope and grow as time goes.
Uniqueness- your business should be unique in a manner that its not universal known.
Marketability- your business should be able to sell up your product.
Competitiveness- your business should be able to out compete other business.
Financial fensibility- as you start up your business, it should be easy to get up that money to start up a business.
Social acceptability- it should be acceptable by the people around you.
Operation visibility- one can see the way production process is viewed. You can preview the running of the business.