Various sources of business ideas and opportunity to any potential entrepreneur


Businesses
are built on ideas. Therefore, you cannot go into business without having a
business idea. Business idea has to do with determining what business to engage
in, you may not be the first person to ever come up with a business idea. This
is because every time you come up with a new idea there must be some body some
where who had thought of it before you did. The difference between you and him
or her is that while he or she only thought of it, you thought and acted on it.
According to Sir Francis Darwin [1900]”the credit goes to the man who convince
the world and not the man to whom the idea first occur”.                                        

One
remarkable thing about business idea is that you have it; you have three of the
following to contend with. The first categories would want to discourage you by
all means, the second category of followers would want to patronize you and the
third category of followers would want to observe and if possible copy your
idea be delight by the second category of followers and don’t be determine by
the first and third categories of followers. The man who came up with the idea
of umbrella was initially laughed at; today his idea has come to stay. Business
ideas are all within you and within your environment. Some of these business
ideas emanate from analysis of market and consumers need, while others emanate
from a long research process. But the truth still remain that business opportunity
abound. So if you are interested in starting a business but you do not know what
product or service to sell, then below are some source small business and ideas
and opportunities.
1.                 
Brainstorming:
Brainstorming is a creative problem solving technique and also a source of
generating ideas. The objective is to arrive with as many ideas as possible. It
usually            begins with a question or
problem statement for instance you may ask what are the product and services
required in the home today which are unavailable. Each idea can lead to one or
more additional idea resulting in a good number as a find note, you can also
check some entrepreneurship research online that usually hit trends, business
ideas and opportunity.
2.                 
Aim
at uncommon business:
In determining the business to
engage in, it is usually advice to go for a business that is not common. The
uncommonness of your business will enhance the chance of your success in a
short run. According to Onassis Aristotle (1970) the success of business lies
in knowing and doing something that nobody else knows or does. For example swam
water chicken, laden powdered milk just to mention but a few are ventures into
common areas of business endeavor. The company income tax act refers to the
type of business ideas as pioneer business and goes further to great tax
exemptions to such business if it is a limited liability to a company.
3.                 
Industrial
survey:
The main point for a new business idea should be
the customer. The needs and wants of the customer which will provide the
rational for a product or service, such a survey may be conducted formally or
informally by speaking to people usually through interviews or using a
questioner or through observation.
4.                 
See
beyond the ordinary:
To identify business opportunity
you must first see things with your mind. Shrewd business mogul see business
opportunity are inherent in every community repeat, there are business
opportunity every where it only depends on your ability to see them.
What you have to do
is to solve a particular kind of problem for fraction of the people in your
area. Each time you spend money to solve a problem of a need, some one makes
money consequently upon this, I resolve that each time your area spends money
to solve a particular problem or need you should be the one making that money
whatever, lug ally enables you to be the one making the money in a business
opportunity identifying opportunity entails identifying people needs and
designing product that will meet those, money can rarely flow in your
direction.
5.                 
Carve
a niche:
If your business idea is common, let it be
translated to reality in a way that will distinguish you from others. Find out
whether amidst the commonness of the idea you will be able to carve a niche.
Bring innovation into it adding pep, re-packaging, restructuring, re-branding,
re-sizing, re-shaping etc. So as to catch the market. People are looking for
something new. If you have it, the market will be skewed in your favor.
6.                 
Be
patient:
Business opportunities do not come like magic.
With persistence, determination and willingness to learn you will be able to
identify business opportunity at the snap of the finger. However be patient.
Roman was not built in a day. An impatient person cannot hatch and nurture a
business.
7.                 
Develop
yourself:
Training in business investment will enable
sniff a business opportunity from a distance. Rich people don’t have two heads.
They are people like whose minds have been developed to see wealth.
8.                 
Be
creative in your thinking:
Opportunities are intangible
and invisible. They are easily identified and appropriated through quality
creative thoughts. The major difference between successful business men and un-successful
ones is the way they think. Think! It is good for you, however, note that
thinking is different from worrying, wealth/business creating idea could come from.
a.                
Your observation and/or creative
thought.
b.                
Someone else observations and/or
creative thought.
c.                
Another person statement, action or
inaction.
Such
ideas have severally been referred to as vision, driving force, focus,
destination, passion, inspiration etc. Where such ideas is timely, you can be
sure of nothing less than success because thing is stronger than idea whose
time has come.
9.                 
Mass
media:
The mass media is a great source of
information, ideas and often opportunity. Newspapers, magazines, television and
nowadays the internet are all example of mass media. Take a careful look, for
example at the commercial advertisement in newspaper or magazines and you may
as well find business for sale. Well one way to become an entrepreneur is to
respond to such an offer. Articles in the printed press or on the internet or
documentaries on television may report on change in fashion or consumers need.
For example, you may read or hear that people are now increasingly interested
in healthy eating or physical fitness. You may also find advertisement calling
for the provision of certain service based on skills for example accounting,
catering, or security or you may discover a new concept for which investors are
required such as Franchise.
10.            
Exhibitions:
Another way to find the ideas for a business is to attend exhibition and trade
fairs. They are usually advertised on the radio or in the newspapers, by
visiting such event regularly, you will not only discover new product and
services but you will also meet sales representatives, manufacturers,
wholesalers, distributors and franchisers. These are often excellent sources of
business ideas, information and help in getting started. Some of them may also
be looking for someone like just you.
11.            
Be
business conscious:
Be conscious or minded, in essence
take opportunity as they occur. Cast your mind back. There were probably many
times in the past when if you have taken an opportunity at the right time you
would have been better off. Great business men know the new opportunities are
always around us, all the time. You simply need to be on the look out for the
opportunities, keep an open mind and be prepared to take advantage when the
opportunity arrives. If you expect to find money making opportunity in your
life, and you prepare to take advantage to them when they come, you will be
happy for it initially, to have a business mind set may not yield immediate
result with time it will. Being business minded may attract such nick name as
Ibo man/woman, Ijebu man/woman etc. Don’t worry, when your idea begins to yield
money those who derided you would come hailing you and seeking for one favor or
the other. In fact defy shame. Nothing will be said of you that have never been
said of humans before.
12.            
Skills
acquisition/skills acquisition programme:
After
ascertaining the commercial viability of your talent, it is wish at this point
to start broadening your knowledge by learning new things about the area where
your talent fits in attending seminal, work shops and conference is recommended
in this case. Reading extensively in the area of your talent is also advisable
you may think it is economically expensive investing in these, but the gains
you will derive from them will by far outweigh the cost furthermore, identify
with people who are business minded. Make sure that in your life you know how to
do one thing or the other. Don’t just be theorists. Most theorists are usually
over critical of every idea. Be practical. Skills acquisition programmes abound
in every locality. Look around, you will find some. Take advantage of those
programmes.

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