Table of contents
| 1. Business Idea |
| 2. Business Opportunities |
Engr. Kelvin just graduated from University of London in the department of Chemical Engineering. He is shouting on his dad to sack the manager of his father electronic shop for him to take over the business.
WHAT IS YOUR VIEW?
Did Engr. Kelvin has a business idea to manage the shop he required to handle.
Δ Nevery you venture into a business you don’t have the idea.
Δ Be train, be knowledgeable for any form of business.
Δ If you enter into any business without having the relevant skills, such business will definitely scratch.
BUSINESS IDEAS
Generating business idea, opportunities in any environment gives birth to business idea.
BUSINESS IDEA
a. It is solution to a problem long through on.
b. It is a solution to an identified problem.
Their is a business idea and business opportunity in any problem.The greatness of an idea is with the holder.
What is business idea?
It is a concept that can be used for commercial purpose.
SOURCE OF BUSINESS IDEAS
| 1. Television |
| 2. Inspiration |
| 3. In crisis, challenges or problem |
| 4. Internet |
| 5. Observation |
| 6. Trial and error |
| 7. News paper |
| 8 (I) Copy cat |
| (II) Copy cat and Blending |
| 9. Internet |
| 10. Research/ Survey |
| 11. Training , Learning, Mentorship or appretiship etc. |
BUSINESS IDEAS BENEFITS
- Less competition
- Capturing market share
- Pricing flexibility
- Brand recognition
- Profitability
Business Opportunities A good business is not necessarily a good business opportunity.
Not all ideas and opportunities leads a profitable commercial venture.
Opportunity Analysis
Package the ice very well, you can sell it Ekismos.
Your jeans is the best quality, you can't sell the Christian ladies that believed that wearing jeans is a sin.
You have the best designed casket, you can't have a good markets in the whole world.
What is Business Opportunity?
A package business investment for commercial purpose.
Make up of a business opportunity.
- 1. Need must be identified within a geographical location.
- 2. The means to fulfill the need within a time frame.
- 3. Method implies technical know-how.
Identitfy Business Opportunities using SWOT Analysis
Your Strength can Position for Excellence
What do you do well?
What are your goals?
What obstacles do you face?
Your weakness if you converted it to Strength will be your advantage.
Opportunities perceived should be implemented immediately.
Threat of others can be opportunity to you. There is opportunity in every threat.
1. Things you does well 2. Qualities that separate you from your competitor 3. Internet resources such as skilled knowledgeable staff 4. Tangible assets such as intellectual property, capital, technologies etc.
- Things your company lack
- Things your competitor do better
- Resources limitation
- Unclear unique selling proposition
- Under served markets for specific products.
- Few competitors in your area.
- Emerging need for your products or services.
- Press / Media coverage of your company.
- Emerging competitors
- Change regulatory environment
- Negative press / Media coverage
- Changing customer attitudes toward your company.
STRENGTH
Characteristics of a business which gives it advantages over it’s competitors.
WEAKNESS
Characteristics of a business which make it disadvantageous relative to competitors.
OPPORTUNITIES
Elements in a company’s external environment that allow it to formulate and implement strategies to the increase profitability.
THREAT
Elements in the external environment that could endanger the integrity and profitability of the business.
STRENGTH
- A very professional competitive company
- Very well branded among customers
- Offers their product world-wide
- Fortune 500 company
- Has ventured into many different re-branding opportunities with successful results.
WEAKNESSES
- Profits are lonely dependent on the foot-near products while other branded products are not as strong.
2. History of violations of over time laws and minimum wage ratio in Vietnam.
3. Accusations of employing workforce that will work for cheap in overseas countries
4. Constant focal point for negative cristism by the art of globalization group.
OPPORTUNITIES
- Creating portwear item incorporating the wast from regular manufacturer.
- Stepping to the line of economy boosting projects that encourage recycling .
- Product development that changes as the trends change.
- Expansion into sport sunglasses and jewelry line.
- Reducing controversy.
THREATS
- Operating business internationally opens them to the possibies of the curency vale functions that can lead to looses.
- Competitors are be coming more aggressive and creating more quality products that are taking from the profit of NIKE.
- sensitivity to price among customers leads them to purchase the most coat effective pair of sport shoes .
- Managing the financial conditions in the economy today.
SOME BUSINESS IDEAS AND OPPORTUNITIES IN NIGERIA AND DIFFERENT OTHERS COUNTRIE
- Cosmetic production business
- Tomatoes farming business
- Gym business
- Blogging
Why blogging is so popular ?
- It’s flexible and portablb.
- Helps build trust with customers
- Keeps clients up-to-date
- Blogs generate money
DOWN SIDE OF A BLOGGING
I. Requires a lot of time
II. Needs new content often
III. Payoff isn’t immediate
5. Sale of mobile phone & accessories
6. Mobile phone repairs
7. Plantain chips production & sales
8. Ice blocks production & sales
9. Liquid shop production
10. Car wash business
11. Rental service
12. Mimi importation
13. Information business (ICT) information & communication technology
14. Affiliation markings
Join —promote —- Earn
15. Website design and maintenance
16. Recharge card selling
17. Food cart & mobile phone business
18. Sports betting agency
19. Fashion business
20. Online taxi driver
21. Content developer
22. Okrika bale business
23. Pastry shop
24. Retail shop
25. Social media, Internet, Email marketing
26. Day care business
27. Laundry business
28. Car rental business
29. Film production
30. Hamper business
31. Egg supply and distribution
32. Buying of farm products at rural area and supplying urban area
33. Trading (Buying and Selling) etc.
Please provide me with more details on the topic
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