Seeing, seeking and acting on opportunities is one of the characteristics of successful entrepreneurs everywhere. It is also the basis for starting and maintaining successful ventures. It involves not only generating ideas and recognizing opportunities, but also screening and evaluating them to determine the most viable, attractive propositions to be pursued.
WHAT IS A BUSINESS OPPORTUNITY
A business opportunity may be defined simply as an attractive idea or proposition that provides the possibility of a return for the investor or the person taking the risk. Such opportunities are represented by customer requirements and lead to the provision of a product or service which creates or adds value for…Will the business do any damage to the physical environment? The above questions are typical of the type of issues that need to be addresses. Responses to these questions will determine the attractiveness of any business opportunity.
KEY SUCESS FACTORS IN SETTING UP A SMALL BUSINESS
Motivation idea, market and determination, entrepreneur resources, ability, plan, organization + management...
PROCEDURE FOR SETTING UP AND MANAGING ONES ENTERPRISE
- Process Overview
- Product Identification
- Identification of Basic Resources
- Decide on the type of business organization
- Take note of legal regulations and requirement. Also protect your intellectual property.
- Write Business Plan
- Start operation PRODUCT IDENTIFICATION: What product/service to produce?
- Venture Opportunity
- Two major issues are most important
• Look for a need (gap) and think up the product/service to satisfy that need
• Determine the extent of the need to see if it justifies operationalizing the product/service idea.
Each business has products or services they want to sell to consumers, whether this is the man on the street or a multi-nation organization, the difference in which person they targets will depend on what the product or service the organization is offering Business. Business to Business markets is, for example where to company engage in a transaction of a product or service, this could be a waste management company removing waste from a warehouse that produce a vast amount of waste. Another example, could be an account or insurance company offering their service to other organizations that need to outsource this service. A change in demand can affect the B2B market as for example a larger company that outsources waste management, accountancy and manufacturing of many other items has a downturn in business this can then have an adverse effect avoid on the outsourced companies.
Consumer Market are your everyday business, for example a corner shop or a fast food shop, this is where a company sells products on a day to day basis normally in a store or via online sales to customers. This market normally has a lot of transactions but can be massively affected by economic issues i.e. recession.