Business Opportunities

1- LOOKING FOR POTENTIAL BUSINESS OPPORTUNITY

Entrepreneurs are always looking for the next big thing in business. The starting point for realizing this objective is to find new opportunities with a sure and permanent profitability..

It's incredibly difficult to find good business opportunities, and any successful CEO will tell you that it took time to get it right..

The best tactic is to read examples and understand what to look for and where to go to find a successful opportunity. It's never guaranteed, but it's a good place to start

2- WHAT MAKES A GOOD DEAL ?

Finding good business opportunities will not mean anything if you can not recognize it.

Recognizing good opportunities requires talent, whether you are looking for something that you like or that you have already had success and want to find it. You really need to know what to look for, what to ask yourself, and be able to look at the future in a systematic way.

3- DETERMINE THE FACTORS OF A GOOD BUSINESS

Understanding what kind of opportunity you are looking for and having some goals in mind is crucial and will help you determine the factors that make it a good opportunity

Understanding what kind of opportunity you are looking for will help you in your evaluation and consider the first configuration of your project.

4- THE IMPORTANCE OF IDENTIFYING THE NEEDS OF CONSUMERS

However, there are some general things that should always be present with a good opportunity regardless of the type of product or service. This fact begins to identify consumer needs and potential demand.

This can be a hard-to-find feature when looking for new opportunities, but it's probably one of the most important. Whenever you evaluate an opportunity, ask yourself if there really is a need for the product or service. Does the product or service solve a problem for consumers.

5- CHARACTERISTICS OF A GOOD BUSINESS OPPORTUNITY

So, what turns an idea into a business opportunity

A simplified answer is when the income exceeds the cost - benefit

In practice, to be complete you have to look at the factors that go into the costs and benefits.

To be good, a business opportunity must meet or be able to meet the following criteria :

( A ) An actual demand, that is, meeting the unmet needs or requirements of customers who have the ability to purchase and who are willing to exercise that choice.

( B) Return on investment, that is, provide sustainable, timely and acceptable returns or rewards for the risk and effort required.

( C ) Be competitive, that is, equal or better - from the customer's point of view than the other products or services available.

( D ) Achieving goals, that is, meeting the goals and aspirations of those who take the risk .

( E ) The availability of resources and skills, should be within the scope of the company, in terms of resources, skills, legal requirements, etc., in a timely manner and in accordance with the nature of the project.

6- ESTIMATE CURRENT MARKET AND POTENTIAL DEMAND

The first major question that should be posed is the possibility of evaluating the evidence of a viable market.

A viable market is one in which there are good prospects for potential demand, confirmation of market approval and a healthy competitive position for the product or service that will be provided by the completion of the project in question.

Indeed, potential demand is one of the most important elements in the evaluation of an idea, and it is also one of the most difficult to evaluate because it requires some understanding of customer behaviour.

7- APPROXIMATE ESTIMATE OF POTENTIAL MARKET SIZE

What can we learn about the relative size of potential markets ?.

Does the potential market increase or decrease ?.

Will the demand trend be stable or unstable ?.

How long will this idea last ?.

8- TIMING IN ASSESSING BUSINESS OPPORTUNITIES)

The timing is right in terms of the market and your resources.

Timing is everything to evaluate business opportunities. This encompasses all the mentioned points . The timing principle covers : your personal timing, the timing in the market, and the timing of your current location. Everything must line up for the opportunity to really work. You must find this window before making a commitment. If the timing is not yours.