How to identify Business opportunities


These are packaged business investments that allow an individual to begin a business. Identification of business opportunities

1. Identify your target audience or the target market: it refers to people who will patronize your business known as your customers.

2. Identify other competitors: watch out if other businesses are offering similar products and services. Consider how best to meet the needs and expectations of customers better than your competitors.

3. Identify other opportunities: An entrepreneur should look out for other potential business opportunities that may materialize in the area.

4. Identify the risk involved: An entrepreneur should be able to envisage the risk that may arise in the course of the business. He now needs to consider his willingness to take a personal risk of success or failure in pursuit of his business.

5. Identify Hindrances: look out for factors that will prevent you from successfully pursuing your business such as government policies.

Types of Business opportunities

1. Local business opportunities

2. National business opportunities

3. International business opportunities.

See also setting up business

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