Introduction to Business Opportunities

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?

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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 its buyer or end-users.

However, a good idea is not necessarily a good business opportunity. For example, you may have invented a brilliant product from a technical point of view and yet the market may not be ready for it. Or the idea may be sound, but the level of competition and the resources required may be such that it is not worth pursuing. Sometimes here may even be a ready market for the idea, but the return on investment may not be acceptable.

To underscore the point further, consider the fact that over 80% of all new products fall. Surely, to the inventors or backers the idea seemed a good one, yet clearly it could not withstand the test of the market. So, what turns an idea into a business opportunity? A simplified ansiwer is when income exceeds costs = profit. In practice, to be comprehensive you need to examine the factors listed and illustrated below.

ISTICS OF A GOOD BUSINESS OPPORTUNITY

To be good, a business opportunity must fulfil, or be capable of meeting, the following criteria:

  • Real demand, i. . respond to unsatisfied needs or requirements of customers who have the ability to purchase and who are willing to exercise that choice.
  • Return on investment, i. e. provide durable, timely and acceptable returns or rewards for the risk and effort required.
  • Be competitive, i. e. be equal to or better – from the view point of the customer – than other available products or services
  • Meet objectives, i. e. meet the goals and aspirations of the person or organization taking the risk
  • Availability of resources and skills, i. e. e within the reach of the entrepreneur in terms of resources, competency, legal requirements, etc.

Ideas and opportunities need to be screened and assessed for viability once they have been identified or generated. This is not an easy task, and yet at the same time it so important. It can make the difference between success and failure, between making a fortune and losing everything you had. Whilst the exercise does not guarantee success- but then nothing in this world does, except Divine intervention it certainly helps in minimizing the risk and thus the odds for failure.

Meaning and Scope of Enterprise

  1. An enterprise is any identified idea that is translated into a planned and satisfactorily implemented activity.
  2. It refers to a business venture or undertaking
  3. ractically all projects and undertakings can be referred to as enterprises if the following five steps are in place: a. idea b. identification c. planning d. implementation e. successful completion of an activity f. accepting the reward
  4. You become are enterprising man or woman if you are consistent in systematically following the above process whenever you are involved in dealing with issues in your life.
  5. By understanding the enterprise concept, you appreciate that most people have the potential to be enterprising, and that even you can set up your own business enterprise.
  6. Being enterprising can bring benefits to you as an individual, and also help you to become a valued member of your family, community, place of work and society in general.
  7. Being enterprising will enable you to achieve a great deal, and you will stand out in the crowd due to your attitude and systematic approach to issues.
  8. adopting an enterprising approach will enable you to appreciate the challenges of life because you will generally be able o translate them into positive results.
  9. to help you become enterprising, you will need the following tools:

ENERGY 

  • Working hard, but also in a smart way, is key in entrepreneurship
  • To sustain this energy, you need to stimulate your brains and all your senses – sight, hearing, touch, smell and taste – so that they all stay alert in identifying what needs to be done in different situations.
  • You also need to be healthy and physically fit, and this can be achieved through appropriate diet and exercise.

NEED TO ACHIEVE

You have the motivation to achieve success and accomplish all the activities you engage in. your attitude and perceptiveness enable you to work towards acceptable results whenever you set out to do something. This approach enables you to work harder than the ordinary man or woman.

TASK ORIENTED

You are convinced that to gain satisfying rewards tasks have to be well executed and completed on time. Efficiency, effectiveness and time management are important aspects that enable you to complete tasks. Being able to focus on results helps you to concentrate on whatever you set out to do.You are able to mentally put yourself in the position of the person or persons you intend to influence. You want to feel what they are feeling. You are able to put yourself in their shoes. In the case of a business enterprise you are able to imagine how a potential customer would feel.

RESOURCEFULNESS

You are able to provide the leadership and guidance needed to realize the enterprise. Identification, mobilization and effective utilization of both the physical and the non physical resources needed in undertaking a venture are very important in the enterprise process.

PLANNING 

To be able to see the total picture of the enterprise in terms of why it should be set up, what needs to be done, how it will be done, who will do it and when it will be done, it is necessary to establish a written plan. This will help to clarify the situation and permit decisions to be made as to whether to engage in activities that will result in an enterprise being set up or not. In the case of business ventures it is through planning that indication on whether there will be profits or loses will be made available.

RISK-TAKING

The decision to go ahead and start the enterprise or undertake the activity mut be made only after you have done a certain amount of research, so hat in the end you are able to achieve the results, succeed and receive the rewards.  You will always have to take this first step, as it marks the difference between enterprising and non-enterprising men and women. Success begins with the decision to start moving in the right and desired direction.

INNOVATION 

  • The ability to apply new ideas that will enable you to undertake activities differently is another hallmark of enterprising men and women.
  • Through individual initiative, imagination, intuition and insight you will be able to change things around or devise ways of doing things to accommodate whatever new situation you may find yourself in.
  • Information on different issues and fields is an important input for being innovative
  • Enterprising men and women therefore place great value on information and are always alert and constantly engaging in research.

SKILLS

  • Enterprising men and women have the ability or know how that enables hem to undertake and complete activities
  • Most men and women have a certain amount of knowledge, attitudes and practical skills that can be useful when realizing an enterprise. You should therefore evaluate the talents and level of skills you have and how they can be harnessed to realize an enterprise.
  • Talents and acquired skills have to be constantly utilized and applied, otherwise they can also be forgotten and wasted.

ENDURANCE 

  • There are many challenges to be faced when trying to se up an enterprise.
  • Women face specific challenges, some of which are negative and discouraging
  • To ultimately realize the enterprise that will provide you with the rewards you desire, the ability to keep on track despite the many challenges along the way is critical
  • Patience, persistence and confidence are some of the attitudes you will need to adopt to enable you to endure the physical and mental challenges you may encounter.

DIRECTORS

Entrepreneurs participate as directors by contributing positive ideas to advance the enterprise’s objectives. Such would include: a. ensuring compliance with all legal requirements b. safeguarding the interests of employees, especially women, particularly in the context of decent work c. safeguarding the interests of shareholders in the context of return on investment d. ensuring that business is conducted honestly and diligently, and is devoid of fraud and deceit e. Ensuring social responsibilities and expectation are met.

ORGANIZERS

For an entrepreneur to effectively control or monitor operations and facilitate communication with workers, it is advisable to have an organizational structure for the enterprise. Organizational structures can be formal or informal, for instance: a. various members of a family are assigned various positions b. Various employed assistants are assigned administrative positions in the running of a small business. 5. Initiating ideas Entrepreneurs come up with new ideas. This is an important area for an entrepreneur as it determines his/her rate of expansion in business, e. g. new designs and use of products.

TAKING RISKS

Entrepreneurs take risks in business, e. g. starting business which have an equal chance of success or failure. Resigning from a secure job to start a business is also risk-taking.

 CONTROLLING

  • Entrepreneurs are leaders rather than followers; they make the final decisions and control all aspects of business operations.
  • Entrepreneurs most coordinate all the production factors needed in the business, i. e. capital, labour and land.

 

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Introduction to Business Opportunities. (2018, Jun 10). Retrieved from https://graduateway.com/introduction-to-business-essay/