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GENERATION, IDENTIFICATION, SELECTION OF BUSINESS OPPORTUNITIES

GENERATION, IDENTIFICATION, SELECTION OF BUSINESS OPPORTUNITIES. Introduction. Opportunity may be defined as a time when a particular situation makes it possible to do or achieve something.

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GENERATION, IDENTIFICATION, SELECTION OF BUSINESS OPPORTUNITIES

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  1. GENERATION, IDENTIFICATION, SELECTION OF BUSINESS OPPORTUNITIES

  2. Introduction • Opportunity may be defined as a time when a particular situation makes it possible to do or achieve something. • Opportunity, therefore, relates to creating value and developing new market, hence creating new customers. • Business opportunities are the situations or circumstances the would-be entrepreneur ceases to his/her advantage in order to succeed. • Business opportunities are in abundance in virtually all sphere of life. Just look around you and see what is missing, what is needed in your immediate environment (communities). If you provide a real product/service and fill a real need, you are bound to succeed.

  3. The process for Business Opportunity • ENTREPRENEUR • Social Economic • Profile • Back ground • Interest • Preference • Resources • Skills • ENVIRONMENT • Location peculiarities • Infrastructure • Competition • Social Cultural factors • Resource availability • Economic conditions i.e government policy failure. • local market potentials • ENTREPRISE • Types of Economic Activities • Nature of activity i.e manufacturing, servicing, waste, linked to existing business, product based on specialised skills, trading • Size of investment • Product • Technology

  4. Opportunities abound How many horses in this picture?

  5. The Search for a Good Business Opportunity • There are mainly two ways to generate business ideas: • I. Generate your own ideas • 2. Develop other persons ideas • Other sources of business ideas: • Poor delivery of a product or service • Advances in technology • Failure of a product or a company • Monopoly • adaptation or imitation

  6. Generation of Business Ideas • The generation and selection of business ideas ( opportunities) start with the environment • The key to entrepreneurship is the ability to generate, pursue and capture the value from venture ideas • No one can call him/herself an entrepreneur until he/she has generated and at least begun to pursue a venture idea • Idea may be defined as a business concept that is turned into a tangible product or service offered by a business enterprise that will result into financial profit • Idea, therefore, is related to creating value and developing new market, hence creating new customers • In search of a good business opportunity, the entrepreneur needs to enlarge his/her coast; that is like the Politician, the entrepreneur must reach out to the masses. Press the flesh and talk to people.

  7. Sources of Business ideas literature thought inspiration observation Hobbies talent or gift media

  8. Sources of Business Opportunities • The sources of business opportunity to an enterprise may be broadly classified as: • Internal • External • Drucker argue that opportunity identification can be systemized and opportunities can be by monitoring seven basic sources: demographic changes, new knowledge, incongruities (gaps between reality and expectations) industry or market structure, unexpected successes or failures, process , needs and changes in perception

  9. Evaluating Business Opportunities • A new business opportunity should only be pursued after it is assured that it is both valid and right for the enterprise or individual. • The enterprise or individual has a business strategy and plan to which they are committed. • Is the opportunity consistent with the organization's strategy or the individual’s aspiration? • The entrepreneur must be consistent, persistent, and committed to their objectives, so as to see the potential of the market and evaluate the business concept.

  10. Evaluating Business Opportunities Contd • The following questions should be asked and answered about any new business concept to properly evaluate its worth: • What Produces the Opportunity? • What are the Character and Size of the Market? • Is it worth the Effort? • Is the Opportunity Feasible?

  11. Root of opportunity • PROBLEMS YOU CAN SOLVE • CHANGES IN TRENDS, SITUATION, LAW • COMPETITION- price, quality, service delivery, time, location • TECHNOLOGICAL INVENTIONS • UNIQUE KNOWLEDGE

  12. Available Major Raw Materials in Nigeria • Nigeria is blessed with abundance of raw materials scattered all over the states of the federation. The would-be entrepreneurs should explore the tremendous business opportunities in Nigeria. • The Raw Material Development and Research Council has been mandated to identify the raw material location in Nigeria and make them available to both local and foreign entrepreneurs

  13. Available Major Raw Materials and Location in Nigeria • Cattle, Goats and Sheep: Borno, Bauchi, Gombe, Yobe, Kano,Kaduna, Katsina, Zamfara, Kebbi and Sokoto • Domestic Fowls, Chicken, Ducks and Turkey: Most parts of Nigeria • Tomatoes, Oranges, Pineapples, Mangoes,etc: Mangrove Swamp, lake chad, main rivers in Nigeria and Nigerian Territorial waters • Cotton seeds, groundnuts, coconut, palm kernel, palm oil, soya bean: Anambra, Enugu, Rivers, Cross River, AkwaIbom, Edo, Delta, Imo, Abia, Ondo, Ogun, Ekiti, Osun, Adamawa, Yobe, Oyo, KwaaraKogi

  14. Available Major Raw Materials and Location in Nigeria Contd • Maize, Guinea corn (Sorghum), Millet: Ogun, Ondo, Ekiti, Osun, Oyo, Edo, Delta, Benue, Adamawa, Yobe, Kaduna, Imo,Akwalbom,Kogi, Plateau, etc • Rice: Niger, Enugu, Ebonyi, Kebbi, Nasarawa, Edo, etc • Cocoa: Oyo, Ogun, Ondo, Ekiti, Osun,Edo, Delta and Lagos • Yam and Cassava: Benue, Adamawa, Oyo, Ebonyi, Kaduna, Katsina, Edo, Delta, etc • Ctton: Kano, Katsina, Kebbi, etc • Wood: Anambra, Edo, Delta, Ondo, etc

  15. Available Major Raw Materials and Location in Nigeria Contd • Coal: Enugu and Plateau • Lignite: Edo and Delta • Crude Petroleum: Bayelsa, Rivers, Cross River, Akwa lbom, Imo, Abia Edo, Delta and ondo • Natural Gas: As in Crude Oil • Clay (Kaolin): Kaduna, Ogun, Osun, Abuja etc • Glass Sand: Enugu, Anambra, Edo, Kano, etc • Salt: Ebonyi, Cross River, Akwa lbom, Gombe, Bauchi, Kwara, Kogi, etc

  16. Government and Business Opportunities • Business opportunities are in abundance in Nigeria. • Government should strive to make the environment entrepreneurship friendly by providing the basic infrastructure for private business to flourish • Good Regulatory and Legal Framework • Effective Facilitatory Role • Protection of Life and Property • Comprehensive and total Government Support and commitment

  17. Business Opportunities Profile • Agriculture (Farming) • Service Industry • Agro- Allied Ventures • Chemical and Allied Ventures • Metal and Non-metal Fabrication and Products • Mining

  18. Factors Militating Against Your Exploring The Opportunities • Fear is a giant and only a human colossus and a giant killer can survive in today’s galloping business environment • Entrepreneurs are giant killer • You must first acknowledge that fear is real • Immediately you acknowledge fear, do something about it. • Do not Waite for tomorrow • Learn how to pray and mediate- remember the Lord has not given you the heart of fear, but the heart of love, power, and sound mind • Be persistence • Avoid telling lairs to yourself and others • Always be positive

  19. The selection process • Is it practical? • Is it legal? • What service or product will I sell? • Does it satisfy the need(s) of other people? • Are they willing and able to pay for it? • Am I ready to produce the right quality and sufficient volume to earn economic returns? • Are there opportunities for linkages with bigger firms and cooperation with peer firms? • How quickly can I adapt to meet changes in users’ need and taste? • Is there a prototype of the product? • What is my business advantage over existing firms? • Can I create a special demand for my business output?

  20. Conclusion • There are a lot of business opportunities ahead for would-be entrepreneurs. • There are opportunities around every corner • There are many opportunities for smart people to provide great hands on service, especially in areas that improve the quality of life for today’s dual income families.

  21. Conclusion Cont’d • We can see great opportunities in applying creative thinking to solving mankind’s crying need for every basic support service- better homes, better jobs and better way of life. • THE ENTREPRENEUR SHOULD NOT BE IN A HURRY • THINK DEEP AND WIDE • THEN ACT TO BE SUCCESSFUL

  22. THANK YOU AND GOOD LUCK • THE DISCUSSION CONTINUES IN YOUR PRIVATE JETS

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