Week: 5 (Five)
Topic: Business Opportunities
Meaning of business opportunities
A business opportunity is a general need in society or in a community that can be met with a commodity or service. Usually, such business opportunities are looking like problems to a lot of people. However, to an entrepreneur, such problems are opportunities to make money by solving the problem for the people who have it.
A business opportunity may also be discovered by looking at a particular product and how people use it in order to discover if there is any way the product can be made better to serve people better. Sometimes, people use a product as it is designed but they inwardly desire that it can do more for them. By talking to people or listening to them talk to one another about the challenges or frustrations they are having while using the product you will have a clue as to how the product may be improved to meet their desires. This is a business opportunity.
Types of Business Opportunities
- Local business opportunity: This is a business opportunity that is viable only within a neighbourhood, street, estate or even a city. Such opportunities may not do well beyond the locality in which it was discovered. For example, a POS business, hair dressing barbing salon, local food vending, etc. Sometimes, a local business opportunity can be improved upon or developed to a higher level like national or even international business opportunity.
- National business opportunity: Any viable business opportunity that is applicable within a country but beyond a particular locality is a national business opportunity.
- International business opportunity: This is an idea that can be converted into a product or service that people within a country and those outside the country of origin may need. An international business idea can be generated if a common product found within a locality can be developed to meet the peculiar needs and standards of other countries. International business opportunities serve multiple countries, cultures and societies. They are usually around the basic necessities of life. Things every living thing will need irrespective of where the person lives.
Homework
- Identify one business opportunity within your locality and explain how you intend to meet the need.
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