Business opportunity or idea and ways of identifying them.

[btaliat]

A business opportunity is a situation that is favorable for the start of a specific business. Entrepreneurs should always be at alert and broadminded enough to see, hear, read about or perceive a business opportunity in their near and far environment to exploit them.



A good business idea or opportunity must be supported by a good demand for the potential product, yield a good return and profit and lead to a legal business. Also, there should be availability of sufficient raw materials and technical skills to turn the idea to a profitable business and easy to implement.



A business opportunity can be sourced from the problems that arise in the society. An entrepreneur either try to use his business to solve a particular societal problem or create a problem and try to use his business to solve it. For instance, some people may inject virus in the atmosphere and later provide antidote.



Business opportunities can be identified through personal observations, research report, dreams and insight. Also, it can be thorough desire to solve a particular problem and extrapolation.

 

[Mika]

There are a lot of business opportunities, all you need is an eye to spot the opportunities. If you have an eye to spot, you can also find a lot of business ideas. Opportunities and ideas are around but this does not mean every opportunity is available to you, every idea can work for you. Your ability, skills, knowledge, experience, etc. determines whether you will become successful or not.

 

[Alexandoy]

Sometimes a business opportunity is learned from the so called word of mouth. When people talk of opportunities like when the lockdown was declared people were talking about the face mask which was not required during that time. But eventually when the public was required to wear face mask the importers of face mask had a good business.

 

[btaliat]

Identifying business idea is not as difficult as carrying out the business successfully. There are some instances when people would know more about businesses but still they are not making money from it. This is because they lack one thing, which is research.

After we must have identified the business idea, we should not forget to do some researches on how the business works. This will help us to know how to get the business started. Unfortunately, not all people always go into this research process.