3 Proven Ways To Find A Profitable Business Opportunity

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This write-up was ready as a part of a lecture I delivered on entrepreneurship some years in the past. I hope you can find it useful. Please attempt to do the project given. Who is aware of? You could come-up with the following massive factor like Facebook, Google and our personal Hotels.ng. Have an exquisite learn!

Business alternatives are in every single place however are normally in disguise, So you possibly can solely discover them while you pay shut consideration to the world round you and the folks residing in it. Today’s lecture will help you perceive what business alternatives are and the right way to establish them.

I wish to clarify the idea of business alternative by trying on the definition of promoting. Marketing isn’t the identical as promoting. It is a wider idea. Unlike promoting, advertising begins even before the product is created.

Marketing is the method of figuring out a necessity out there, designing a product (good or service) able to fixing the recognized want; pricing, selling and distributing the product to the target prospects by means of numerous channels. The underlined phrase “need” is the business alternative we’re speaking about right here. Businesses begin having difficulties once they attempt to do issues the opposite manner round – i.e. making a product and begin in search of issues that the product can resolve.

For an concept to qualify as a business alternative, there should be 4 components current, viz: a necessity, a method to satisfy the necessity, a way of making use of the means to satisfy the necessity and a way to profit the supplier of the means (the supplier of the means is the entrepreneur). In order phrases, for a must qualify as a business alternative, there should be a great or service that may fulfill that want, and the individual offering the product ought to have the ability to take pleasure in monetary reward for his efforts.

The key to figuring out viable business alternatives is to concentrate on folks’s pains and frustrations. In that manner, they are going to be left with no selection aside from paying you, if you’ll be able to provide you with an answer. Take your self for instance. What are these merchandise you want that aren’t available to you? Or the product is on the market however of poor high quality or the method of accessing it’s time consuming or inconveniencing. If others are experiencing the identical problem, then you definitely’ve just discovered a great business alternative. The subsequent subject can be that of getting the assets, functionality and most significantly the center to resolve the problem.

There are a number of methods of finding business alternatives. But so as to not confuse you, we’ll be solely three:

1. Identifying unmet buyer wants. A buyer want is unmet when it is very important the shopper, however he/she isn’t happy with the options presently accessible or the answer isn’t accessible in any respect. The extra necessary the necessity and the much less happy the shopper is, the larger the business alternative.

Most profitable companies have capitalized on the pains, struggles and challenges of individuals. They had been capable of obtain success by figuring out what the issues had been and proffering options to them. Since chances are you’ll not have the funds to rent a market analysis agency to survey the market, the best choice accessible to you is to pattern peoples opinion. Talk to family and friends members to seek out out what their issues, wants or challenges are. The web is also a great supply to find what items and companies individuals are in search of.

Let me share with you ways I got here up with the concept of a CV writing business I established two years in the past. In 2011, a pal approached me to help him write a CV and canopy letter. According to him, he has submitted purposes to over 20 companies with out listening to a phrase from them. As at then, I didn’t also have a CV myself. I scrutinized his CV however couldn’t see any purpose he wasn’t getting interviews. So, I sacrificed a few hours of my time to do some analysis on the current traits in CV, Resume and canopy letter writing. That was when my eyes had been opened to the errors on his CV. I restructured his CV and to my shock, He was invited for an interview inside a month.

Few months later, after I went to the cyber café, before my very eyes, a younger woman paid three thousand naira to one of many attendants to help her put together a CV. In my curiosity, I waited to see the completed results, and it was not even nearly as good as what I wrote for my pal for FREE. I then requested the attendant how usually he will get to write down CVs for folks, and he mentioned, “Almost every day. When business is good, I even write up to three in one day.” That was when it occurred to me that I could make good cash by providing the identical service. Prior to this incident, I by no means knew folks paid cash to get their CV written. The relaxation is historical past. Today my CV writing service is acknowledged as a pacesetter within the CV writing trade in Nigeria.

2. Identifying inefficiencies in an current services or products. You also can supply for business alternatives by looking for good concepts that haven’t been successfully executed. People worth high quality merchandise. They additionally like speedy supply and comfort. So, If you’ll be able to enhance on the standard of an current product or the method of delivering the product to the shoppers, chances are you’ll be in business quickly.

3. Import an current services or products into an untapped market. Lookout for merchandise that had been profitable in a distinct geographical location. Maybe you’ve traveled to a distinct metropolis or city and seen a product (good or service) that’s promoting very nicely and isn’t being supplied the place you reside. You can perform a little research to see how one can efficiently introduce it as one thing “new” in your space.

Business alternatives come and go. Just like time, they anticipate nobody. If you need to be a profitable entrepreneur, it’s best to all the time lookout for issues skilled by folks or companies. When you lastly spot one you could have the assets to resolve, don’t hesitate to take advantage of the chance instantly. Otherwise, another person will do it.

ASSIGNMENT:

1. List ten companies and establish the kind of alternative they leveraged upon to interrupt into the Nigerian market.

Hint: launched a completely new product into a brand new market, improved an current product or launched an current product into an untapped market

Also clarify briefly.

Example:

MTN – launched a completely new product into a brand new market. MTN was the first firm to introduce cell communication a.k.a. GSM into the Nigerian market.

2. Pick any city or metropolis of your selection. Identify at the very least 5 (05) main issues affecting the residents of the city or metropolis. Are you positive these individuals are prepared to pay for an answer? Which of those issues do you could have the assets to resolve? Why do you assume you’ll succeed? What threats are you prone to face on this business and what measures will you place in place to attenuate their results in your business?

Submit your solutions right here. Have an exquisite Day!

SOURCE: Accounting Wizards’ Blog

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