Tuesday 17 March 2015

Ideas and Opportunities in Entrepreneurship

No entrepreneur can continue a place of leadership unless it recognized that modern business operates in a world of galloping change which creates new threats. Idea and opportunities and for which they have to mobilized the enterprises resources to make their impact felt. To do this successfully, the entrepreneur and enterprises should know where this firm is going and how the firm attain there target. This is turn requires a clear definition of the enterprise which will enable it to continually adopt operations to the realities of the markets place.

    Entrepreneurship means more than starting a new enterprise. It entails the gradual occurrence whereby individuals become aware of the opportunities that exist to energize each other, develop ideas and take responsibility and initiative, in a wider view, entrepreneurship enables youths, to develop new skills and experiences that can be applied to many other challenges in life.
    Potential entrepreneurs require guidance on how to generate business ideas. They are also expected to identify, assess and utilize business opportunities to their advantages. A business idea is a prerequisite for a person venturing into business. It is the potential entrepreneur understands of itself, market, product, or service which helps to generate ideas and determines which idea would be best to develop into a business opportunity.            
  There are some characteristics associated with entrepreneurship, it is important to know the characteristic of a good entrepreneurship opportunity so that an entrepreneur can direct his or her efforts and resources towards viable business ideas rather than void enterprise. To be good, an entrepreneurship opportunity must fulfill or be capable of meeting the following criteria;
Demand: The first thing that one ought to take into account before planning to start a business is to ask themselves where the is a significant demand for that particular product or services they intend to launch this is, if there is a gap in the market? If the answer is NO, then that idea is not a viable entrepreneurship opportunity. It would also be profitable to target a specific niche as this increase the chance of you becoming dominant player for that specific niche.
Return on investment: If the business opportunity you have in mind has the potential of bearing fruits within a set period f time and which can cover the capital that was used in addition to bearing profits, then there is a high chance that you have got a winner but if it only requires more and more capital to be injected in with minimal or no possibility of having any returns any time soon then you ought to tread carefully.
Availability of Resources: You should have all resources needed to take advantage of that business opportunity as well as a time frame for implementing if lest someone else beats you to it.
Skill: you need to have the experience required to tap into that particular entrepreneurship opportunity. For example, if you want to start a bakery but don’t know a thing about baking then that is not a viable business opportunity. It is necessary that you have the required skill, that is, experience and expertise for the business you would like to start.
Scalability: Can the enterprise grow gradually within a given period of time and can adapt to the changing times that is, is it flexible enough? If the answer is NO, then that idea is not a viable entrepreneurship opportunity.
Healthy profit margin: Does the enterprise have a good profit margin that will ensure the business remains profitable even as it meets the gap in the market? If the answer is NO and you are not in the business for charity then that idea is not a viable entrepreneurship opportunity.
Customer Retention: It is said that customers are the lifeblood of any business but if you cannot retain your customers to stay with you as long as possible.
Be competitive: A good business opportunity must be equal to or better than other products or services.
Meet Objectives: A good business opportunity must meet the goals and aspirations of the persons or organization taking the risk.
It is important to be aware about what the characteristics of a business opportunity are, so that you don’t preoccupy yourself trying to implement an idea whose probability of success is equivalent to that of a cactus and this is because it can be quite frustrating to have spend a lot of time and other resources in trying to make a business idea work only for everything to come crumbling down at the last minute simply because one did not give much thought into trying to identify whether that idea was truly entrepreneurship opportunity or an enterprise obstacles.

1 comment: