The world is full of opportunities, I may just spoil this moment if I tell you that the best lucrative or profitable business opportunity is in the Oil and Gas or In the Agricultural sector, although the Agricultural sector is considered one of the rapidly growing sectors in Nigeria. Please don’t get me wrong, am not saying that you shouldn’t be open to suggestions from other people regarding business ideas and business opportunities. Getting ideas from other people have proven to help after all this blog provides you with business ideas.
The point am trying to create is that finding a profitable business idea to venture into goes beyond just having ideas or seeking for ideas. Certain things have to come into play.
THE MIND: The first key to creating and finding a profitable business opportunity starts from the mind. A positive mindset is what helps you build a profitable business and a Negative mindset, “the reverse”. The state of your mindset will determine how far you will go in the entrepreneurial process of building a successful business. Choosing the best business opportunity asking and answering the following questions.
- What is your risk bearing capacity?
- Are prepared for the challenges ahead in Business?
- Are you prepared to handle Business failures?
- What’s your perception towards making mistakes in Business and in life?
STARTUP CAPITAL: The amount of capital you have expands your access to good business opportunities. The opportunities a start-up capital of about N10,000,000 can’t be measured with that of N1,000,000. The both good opportunities, though but in a different scale and dimension. So capital plays a dominant role when you’re looking for good business opportunities you to venture into.
BUSINESS TEAM: Having a good team that will help you grow your business is another very essential factor and this will determine how board you can access or pursue that business opportunity to succeed. If your business team has a good track record of success, then raising capital to pursue big projects will not be a problem at all.
BUSINESS PLAN: With the right business plan, coupled with the right team and mindset, you are surely heading for the top in your field. An entrepreneur or aspiring entrepreneur who lacks a clear orientation on how to use a Business Plan will fall short and may Bootstrap his/her business on a shoe string budget. The merging of both personal and business plan will determine the kind of business opportunity that you will pursue.
BUSINESS IDEA: Finding a profitable business opportunity varies from one entrepreneur to the other and this is based on the ideology of the entrepreneur and the prevailing circumstances. These prevailing circumstances could be trends, passion, hobbies, skills, geographical terrain, demographics, psychographics, demand, supply, economic policy etc. A profitable business opportunity for a person in Nigeria or China will definitely differ from that of someone in the United States of America. The important thing about getting a profitable business opportunity is our mindset. So when next you’re analyzing or looking for a profitable business opportunity, make sure you do your preliminary feasibility study and get a good business team and see yourself heading to the top.