Top Business Ideas, Opportunities and Entrepreneurial Process In Nigeria
Got stuck while in your search for Top Business Ideas, Business Opportunities, and the Entrepreneurial Process to skyrocket your business worldwide? In this post, you will learn everything about business ideas, opportunities and entrepreneurial process you need to easily manage and grow your business today.
When starting a business, small or large, the toughest parts is how you can identify new business opportunities in the environment. All businesses that exist today, whether small scale or large scale, start out of an idea. That’s an Idea that can be translated into a product or service, which is capable of satisfying identified needs of individuals or organizations. Such a product or service must offer a viable solution to a need (problem) experienced by potential consumers for which they are prepared to pay a price.
It’s only if only potential consumers can see the benefits of the product or service and are willing to pay a price satisfactory to the entrepreneur that we can say that a Business Idea/Opportunities exist.
However, Business Ideas need to be feasible for them to become business opportunities to be exploited. Business Ideas are only feasible if they are capable of being translated into wants and needs’ satisfying products and services and yield enough revenues to costs.
Note that it is not all business ideas that are feasible; some are not. That is the reason you must conduct a feasibility study of your business idea in order to determine its viability or profitability before you can think of establishing an enterprise.
Are you seriously looking for How to Research a Business Opportunity for your Small Business Ideas?
There are so many great ways of identifying business opportunities in the environment for any sort of business you may want to start. Below are top 10 valuable means of generating Business Ideas, identifying Opportunities and Entrepreneurial Process in Nigeria; you can tap into any of these means of business Ideas, opportunities to get your business started fast.
Sources of business ideas and opportunities
By sources of business ideas, we are referring to the various ways one can generate business ideas. Business ideas can be discovered or created and at times they can occur naturally.
The first step towards finding out how to identify new business is to properly understand the needs of individuals which you are providing the service for.
In view of the above, the following are the various ways one can generate business ideas:
- Through creative thinking: One of the ways one can generate business ideas is through creative thinking. To be creative is to see the same thing as everybody else but think of something different. As an entrepreneur, you should be able to view things in new ways or from different perspectives; solve problems in a different way; think imaginatively; see possibilities where others see none and also initiate a change. So many businesses that we have seen today are products of creative thinking. Through some people are born with the gift of creativity, it is also possible for all of us to develop and improve our creative abilities.
- By identifying common/shared needs: Another way one can generate business ideas is to identify needs of people that can satisfy with a product and/ or service. We all have needs and our needs are uncomfortable. There are always needs begging for satisfaction. You can identify a need for a group of people and then produce a product or service that can satisfy the identified need. If you can discover that there’s a need to be satisfied, it means you have gotten Business Ideas which can be converted into a product or service.
- Divine revelation: One can get business ideas through divine revelation. Here, we are talking about divine revelations from God. Some business ideas are revealed to people by God in a dream and such ideas can be converted into a physical business venture. It may also sound funny but it’s true.
- Trying to solve existing problems: This is another way of generating Business ideas. Instead of thinking of unfulfilled needs, you can think of existing, unresolved problems. Thinking of things that irritate you and ways of removing them. Knowledge of these problems enables you, as a prospective entrepreneur, to find the initial idea for a business that is based on the solution of a specific problem. For example, in your environment, you may not like the way refuse (waste materials) are being disposed or dumped. That may be a very good business idea. You can help people disposed of their refuse in designated areas and then they will pay you. It is a good business.
- Reading business related materials: One get business ideas by reading business related materials such as business magazines, Business newspaper, business journals, Business textbooks, etc. Generally, one can business ideas which can be turned into wealth creation ventures by reading good Books.
- Change your immediate environment: Changes in your immediate environment can provide business opportunities. When important events take place in your area, you can easily identify business ideas. For Example, the hosting of the under-19 World Cup by Nigeria provides a lot of business opportunities for so many Nigerians.
- Copying or imitating other people’s products: Other people’s products or services can also provide business ideas most especially if their products or services can be improved upon.
- Traveling: When you travel to other places and see products that are not in your own area; it means you have gotten a business idea.
- Other sources of business ideas and opportunities include visits to Trade Fairs and Exhibitions; examining imported products; talking to people; examining patents that have expired and consulting with investors’ association.
By entrepreneurial process, we are referring to the various stages that business ideas pass through for them to be translated into firms that produce goods and/or services that can satisfy human needs and wants at a profit.
In short, the Entrepreneurial process is a process that transforms a Business into a firm or an enterprise. Basically, there are four stages that an idea passes through for it to be translated into a firm. The stages are as follows:
- Identification and evaluation of business ideas or opportunities.
- Development of a business plan.
- Determination and securing the required resources.
- Establishment and management of the resulting enterprise.
Now, let’s discuss these stages one after the other.
Stage #1: Identification and Evaluation of Business Ideas or Opportunities
The first step in the entrepreneurial process is to identify business ideas/opportunities and assess the viability or profitability of such ideas or opportunities. We have already discussed different ways one can generate business ideas.
But after you have generated business ideas, the next thing that you will do is to find out if there is a market for your idea, should it be translated into a product or service and whether your prospective customers are willing and able to pay you for your product and/or service.
The exercise that you will undertake in order to determine the viability or profitability of your business ideas is what we refer to as a feasibility study. The feasibility study provides important information that you need to make a critical decision on whether to proceed with the business idea or not.
The detailed information about how to conduct a feasibility study is discussed in our previous article.
Stage #2: Development of a Business Plan
After you have conducted a feasibility study of your business idea and you have discovered that your business idea is viable or profitable, then the next thing you will do is to prepare or develop a business plan that is suitable for your proposed business venture. A business plan is designed to “plan” in advance how a business will be started, implemented and managed. The detailed guidelines on how to prepare a good business plan are also discussed in our recently published post.
Stage #3: Determination and Securing the Required Resources
After you have investigated your business idea and you have discovered that it is feasible and you have prepared a business plan for your proposed business venture, then the next thing that you will do is to determine and plan for how you will secure the required resources that are needed to translate your idea into a firm or an enterprise.
The resources here means financial resources, material resources, and human resources. In order for you to determine and secure the required resources, you have to do the following:
- Determine the required resources
- Determine the existing (available) resources
- Identify resources gaps and available suppliers
- Develop access to needed resources.
Stage #4: Establishment and Management of the Resulting Enterprise
Here, you are expected to take action by actually establishing an enterprise that can translate your business ideas into physical products and/or services and be able to manage the resulting enterprise successfully.
You have to take the responsibility of effectively and efficiently managing the enterprise. You are expected to develop a management style that suits the enterprise; understand key variables for success, identify problems and potential problems, develop and implement control systems, develop and implement growth strategies.
After all the above mentioned quick methods of identifying and developing business ideas and process, it’s time to start putting them to practice by starting an enterprise that translates the identified ideas into wants.
Note: There are three types of entrepreneurial enterprises that you can start as an entrepreneur. In order words, there are three ways one can own a business. The most laudable type is when you start your own business. The other two are starting a franchised business and buying an existing business. Each has its advantages and disadvantages. So it’s important that you do your own homework before starting a business.
Now that you know everything about the Top 10 New Business Ideas and processes, I believe you can now start your own small profitable business so easily even from home.
We hope this Business Ideas, Opportunities, and Entrepreneurial Process Post helps you Identify a list of business ideas easily.