HOW TO RECOGNIZE BUSINESS OPPORTUNITY

HOW TO RECOGNIZE BUSINESS OPPORTUNITY

 

Ability to recognize business opportunity is a priceless skill in the business arena.  It has been said that ideas rule the world, but that is not the total truth especially in the business world.  In the school of business success, every idea is not necessarily an opportunity to create wealth.

An opportunity is an idea that is based on what consumers want. This is the idea that rules the world! For an idea to be classified an opportunity for wealth creation, these four factors must be evident:

  1. It must be attractive to customers.
  2. It must be workable in your business environment.
  3. You must have the skill and resources to create the business or you must know someone who does and who will be willing to work with you.
  4. It can be executed in the window of opportunity that exists.

One major skill possessed by successful entrepreneurs is the ability to see opportunity where others see problems.

For you to excel in the business world, you need to train your mind to see opportunities. This is a priceless skill in the business world. Only those who see opportunities take advantage of opportunities

Business opportunity can be classified into two categories:

Internal opportunity: internal business opportunity is one that comes from inside you- hobby, passion, interest. It’s the product of an entrepreneur looking inward. Many business men and women have built great businesses on passion alone.

External opportunity: This occurs when you look outside yourself for business ideas. It is building a business to solve or meet the needs, troubles and challenges you see or hear people talk about.

READ  GOD HAS A FINANCIAL PLAN FOR YOU

“Problems are only opportunities in work cloths”-Henry kaiser

The best business opportunities are both internal and external- a business you are passionate about meets huge external needs in the market.

The roots of business opportunity

Problems: The problems, pains, cries and challenges people are passing through.

Change: Every political, social, environmental, and technological change can open windows of business opportunities.

Inventions: Inventors and scientists are coming up with new things every day. These are all opportunities to start a new business.

Competition: Of the existing products and services, which can you improve on, in terms of usability, effectiveness, efficiency, speed of delivery, packaging, and reduction in price?

Look around you, and you’ll be amazed at the doors of opportunities that are wide open all around you, waiting for you to take advantage of.

……“the whole earth is full of his glory.” Isaiah 6:3

Train your mind to see and recognize opportunity!

To Your Prosperity

Sharon Akinoluwa

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