FACTORS THAT HELP YOU TO DETERMINE GOOD BUSINESS OPPORTUNITIES
- Market vacuum: look around you environment properly and you will discover that there are people's need which are not met. This is an opportunity for an entrepreneur to capitalize on and make a living. Like in Nigeria, there are no companies manufacturing some capital goods like washing machine, tractors but people really need them. Some entrepreneurs went to import these goods from the West down to this country.
- Existence of poor quality product: when there are poor services or products in an industry, it is an opportunity waiting to be tapped. Go ahead and provide a better quality product or service and you will enjoy what you do. Example can be drawn in the poor and slow services that were offered in the postal services which created an opportunity for fast delivery services from companies like DHL.
- Overpriced product: when a product or service is overpriced in an industry, it creates a room for opportunities provided that you can offer the same quality of service at a cost effective lower price. Like in the telecommunication industry in Nigeria, high charges of MTN have given an opportunity for other telecommunication company to come in promising to give a better service at a lower price.
- Monopoly: this is a market where a single producer produces/supplies a product or service for the entire market. There are some monopolies that are legally backed up by the law. In a situation whereby there are no laws protecting the monopoly; this is a good factor pointing at a good business opportunities.
- More demand over supply: any market where the demand for a product or service is much higher than the supply of the same product is a business opportunity staring at you in the face.
- New and improved technology: when there is a discovery on new or improved way of doing things, it can be an indicator to good business opportunities. Use of computer and internet is a change in technology making it easy to connect the world and so many has identified the opportunity of selling themselves to the entire world.
- Alternative raw material: discovering of an alternative to an existing raw material is an opportunity for business men and women to tap from. People are now hammering on the use of solar energy to drive car instead of petrol. How about the solar-powered generator or have you not heard about that?