Introduction and Factors to consider when evaluating a business opportunityIntroduction to Business Opportunity
A good business plan is not necessarily a business opportunity. A business idea becomes a business opportunity if it is viable i.e. it can be developed into a successful/profitable business enterprise
A business opportunity is a favourable chance that an entrepreneur accepts for investment. It exists where there is a gap to be filled in the needs of the market. Examples of such gaps include;
A business opportunity is a favourable chance that an entrepreneur accepts for investment. It exists where there is a gap to be filled in the needs of the market. Evaluating a business opportunity
This means assessing whether the identified opportunity is viable or not. This helps in arriving at the best decision concerning the business idea to implement
Evaluation should be done carefully, systematically and without emotions. Evaluation is necessary even where there is only one business idea. This will help in avoiding starting a business that cannot succeed. Factors to consider when evaluating a business opportunity
The following are the factors to consider when evaluating a business opportunity.
a. Personal consideration
These are the abilities and expectations of an entrepreneur. They include the following;
b. Business consideration
These are external factors that are likely to affect the operations of the business and they include;
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