A Business Idea Or Business Opportunity?

A society with entrepreneurs is one with a sustainable and grown economy. To become an entrepreneur one needs to be a perceiver of business ideas. How can we perceive business ideas?

As we go on with our daily activities, the key is 'paying attention to our environment or neighborhood'. Let's check how we can become business ideas perceivers.

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BECOME BUSINESS IDEAS PERCEIVERS

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• pay attention to your locality which happens to be your market. What do the people there need?

• converse with people in your locality, and ask them questions, and as you do these, you will get to know their needs and want.

• Take your time, and don't be in haste to start your business; remember, an entrepreneur is disciplined. Don't work out yourself to come up with an Idea immediately, ideas may take time to develop or mature.

• Be creative or innovative

After relating the above with you, let me also relate my personal experience. I wanted to become an entrepreneur a few months after I graduated from the university because I couldn't find a job, and I needed to make money for myself. I didn't have the capital either; where would I start from? I worked around the street to check what people in my area needed that was lacking, and after months the Idea of transportation came up. You see, thousands of people were traveling to a city in my state where they could purchase crayfish and fish for sale, and they did so twice a week, and at times they would be looking for cabs. I said to myself, this is not just an idea but a business opportunity, and since I had a car already, I harnessed the idea immediately.

We may not come up with an idea immediately, the process may take months, but let's be patient. Take note that at times, the business idea that pops up may not be what we would love to do, but remember, business is about satisfying the needs of the people; without the satisfaction aspect, a business can't flourish. Therefore, not every business idea works or is a business opportunity, let's talk a little about this.

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A BUSINESS IDEA OR BUSINESS OPPORTUNITY?

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It's sad to say that not every business idea you may perceive is an opportunity. The bitter truth is most business ideas are not viable. A business opportunity is based on a proven idea, and what the people or consumers need. Speaking of this, the question 'Will the people in the locality of the proposed business be willing to purchase your goods often at high to sustain the business? It's a rhetorical but vital question. Some businesses, if not many, failed because of the failure on the part of the entrepreneur to consider this question.

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How can it be known if we perceive just an Idea or an opportunity?

To ascertain what you perceive, consider;

• Strength: this is your strength; your finance, experience and contacts. Do you have the technical know-how to harness the idea and run the business? This is very important.

• Weaknesses: This has to do with all the negativities you may likely face. Not having the needed capital or requisite knowledge, and a non-working accounting format.

• Opportunities: these are the external events or circumstances that can help you to push above competition. Can you introduce something new in that line of business? This is very vital because you need to have a unique brand.

• Threats: This aspect has to do with the external factors that can cause the downfall of your business. These are; competitors, government policies, and economic situation.

The above four factors are paramount, and while considering business, consider them too.

A problem may even bring about business opportunities. For example; during the COVID-19 pandemic, an opportunity for the production of face masks arose, and many made multi-profit from such an opportunity. You see, business opportunities can be situational and seasonal, but what keeps a company going is adaptability.

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Finally let me ask; what kind of business do you intend to start? Considering vital points from this post may help you find business ideas that are viable.

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ABOUT ME

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Discord Contact: iddy5839

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Best Regards
@iddy