Business Class: Capturing Business Opportunity

It's so good to have you here in today's business class. I trust that the last class was an awesome one for us as we tend to examine Business and Business Opportunity. To me,
I felt energized for sharing those words all because the world is moving so fast and we are all in business. Therefore, the last class served as the basics for everything we will be sharing concerning business.
  Today, we are moving on to examining 'Examining Opportunities'. I remembered that in the last series, I shared some types of business opportunities we can venture into as anyone wills. Nonetheless, capturing those opportunities aren't enough. It is also essential to explore the opportunity and also know the processes involved in capturing an attractive investment opportunity.

Opportunity

This can be expantiated as a challenge posed by the environment which is basically favorable and can lead an entrepreneur to enjoy advantages such as survival, profits, potentials, among others. Also, it is a set of business conditions waiting to be perceived and conditioned by someone. In the present age and most especially in Africa, we clamour on the fact that opportunities are in very limited supply but we should know the truth that entrepreneurs who are capable of building on the opportunities are very limited and in short supplies.
  As a business oriented entity, it is very reasonable to know the processes involved in capturing attractive investment opportunities and in order to do so, understand these processes...

1. Recognize the needs for running a business.

If you have the wrong needs and reasons, failure is inevitable. You need a motive or drive that will constantly gear you up. If you start a business for money, do not expect to improve on your way. Recognize the purpose to be attached to your business.

2. Conduct Self Approval

What are your skills, strengths, values, behavior, resources and other necessary things you have? Do they meet the standard of your imagined business? Even if everyone around you doesn't see what you have seen, will your self analysis help you to stay strong? It is essential to approve yourself first before waiting on people to approve you.

3. Scan the environment and industry.

This will enable you to understand the forces that are to help or bring down your activities and performances. Do the feasibility study first before launching out. Conduct a market survey. You can't afford to fail due to lack of proper information.

4. Analyze Business Ideas or Opportunities.

The analysis of the ideas is essential to enable you to determine the interest of the opportunity. Analyze the financial viability, technical or production feasibility of the opportunity, the marketing strategy, the commercial and economic viability of the business.

5. Select the best idea/opportunity/project

There are many ideas that might be running through your mind. There might be many investment opportunities you want to capture but irrespective of the one you want to invest in, you have to select the best based on your analysis and your scanning. You can select based on objective (quantitative) mode or subjective (behavioral, qualitative or judgemental) mode.

6. Implement the idea/project

Since you have done the necessary surveys and have approved yourself, it is time to launch out. Implement your ideas. The first step of implementation process is to start with a comprehensive business plan, which guides, allocates and deploy resources needed for the actualization of the business.

Afterthought

It is a choice to start a business. In as much you have chosen to, you have to make everything work out. This business rises and falls on your preparedness.

Thanks for coming to class today. I hope you found every piece useful. If yes, share what you have gained with others around you. Thank you!!!