Identifying business opportunities

[KIP254]

The following should be considered :
1. The environment or location.
2. The current business situation.
3. Target group example children sell them chips.
4. Resources.
5. Availability of other services like banking, insurance and warehouse.
6. Government policies.

 

[KIP254]

Kindly explain into more details please

 

[Jonaville]

Yes you have a nice point but I think you're first to point out the most important. The location is very important when considering to start up a business, and also the current business situation. This means that we need to find out if the business has already been established in the environment by other people. If this is the case then I don't think you should start up the same business in that area again as this can lead to a healthy competition. Also since you are new people will be reluctant to list the already known business stores to patronize you. So those points are very important.

 

[Deleted member 27180]

MARKET VACUUM; Look around your environment properly and you will discover that there are people's needs which are not met. This is an opportunity for an enterprenuer to capitalize on making a living. Like in Nigeria, there are no company manufacturing some capital goods like washing machines, tractor but people need them. Some entrepreneurs went to import these goods from the west down to this country