SmartPreneur
Advertisement
  • Home
  • Trending News
  • Radio
  • TV
  • Hustle Life
  • Games & Quizzes
No Result
View All Result
  • Home
  • Trending News
  • Radio
  • TV
  • Hustle Life
  • Games & Quizzes
No Result
View All Result
SmartPreneur
No Result
View All Result
Home SME

Business Opportunity: What Makes A Good One, Potential Threats

Blessing Osazuwa by Blessing Osazuwa
February 21, 2022
in SME
0
Business Opportunity: What Makes A Good One, Potential Threats
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

An opportunity is a chance that makes it possible to achieve something. For a business, an  opportunity is a situation or a favourable condition to be harnessed in order to start a venture or to scale what already exists.

Join our communityJoin our communityJoin our community

Opportunities allow entrepreneurs to create and implement ideas, innovate and improve their performance.

It’s one thing to spot business opportunities, but then identifying a good opportunity is another factor to consider.

A good business opportunity must be feasible, scalable, relevant and profitable. But to tick off this checklist, there has to be a need. Your job as an entrepreneur is to provide or create what the market is yearning for.

To understand the expectations of the market, you must do your research. This involves collecting, organising, and analysing information about customers’ behaviour as well as their needs. Study the past and present trends of your target market to help you discover customer preferences. This will help to design more tailored products and services.

The next step is to do some competitive analysis, first to know if there are startups that might have seen the same opportunity and if there are, you have to evaluate what they are doing. This way you can identify the areas that you can step into and if there’s none, you’d either have to contend with similar companies or search for other business opportunities.

Generally, when it comes to business opportunities, entrepreneurs need to search for the root cause of a problem and explore possible solutions. The goal is to formulate a well-focused hypothesis that can be tested with market research. Market analysis involves testing certain key assumptions about the business opportunity with the target market to determine the demand for a particular product or service in the real world, and how it solves problems in the specified market.

Once a business opportunity is spotted and real world demand confirmed, the next phase would be to create a product or service that will solve the problem. During product development, one must take into consideration the competitive threats, and business models.

We want to hear from you!

Tell us what you think about this article, was it helpful? Let us know in the comments section.

Tags: Business opportunities 2022Competitive AnalysisCustomer PreferencesIdentifying Target Markets
Previous Post

Bolt To Support SMEs With Ease Of Transportation Through New Initiative

Next Post

Flutterwave Launches Lending Service For Small Businesses

Blessing Osazuwa

Blessing Osazuwa

Blessing does the research to bring you needed information for success.

Next Post
Flutterwave Launches Lending Service For Small Businesses

Flutterwave Launches Lending Service For Small Businesses

Please login to join discussion

Recent News

Unrest hits Lagos, as Police impound motorcycles

Unrest hits Lagos, as Police impound motorcycles

May 19, 2022
Lagos Roads Lack Enforcement- Fashola

Lagos Roads Lack Enforcement- Fashola

May 19, 2022
Residents of Makoko, Oko-Agbon, and Sogunro Resist Planned Demolition of their Communities

Residents of Makoko, Oko-Agbon, and Sogunro Resist Planned Demolition of their Communities

May 19, 2022
Sources of Funds in Nigeria

Entrepreneurship: Trustworthy Sources of Funds and their Requirements

May 18, 2022
SmartPreneur

© 2020 SmartPreneur

Navigate Site

  • Home
  • Trending News
  • Radio
  • Games & Quizzes
  • TV

Follow Us

No Result
View All Result
  • Home
  • Trending News
  • SME
  • Podcast
  • DIY
  • Hustle Life
  • Quizzes
  • TV
  • Contact us
  • Ask an Expert

© 2020 SmartPreneur