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Topic Content:
- Definition of Business Opportunity
- Factors to be Considered Before Starting a Business in Nigeria
What is Business Opportunity?
Business opportunity refers to the different types of business opportunities and prospects available to an individual who is interested in establishing a business in a particular location.
Factors to be Considered Before Starting a Business in Nigeria:
Before starting a business in Nigeria, one must consider the following factors:
1. Idea:
What idea do you have for your business and how does it help solve people’s problems?
2. Knowledge:
Do you have knowledge of the business you are about to start?
3. Labour Force:
Do you have the manpower or the necessary labour force for the business to take off?
4. Capital:
Do you have the initial capital to take off?
5. Determination:
Are you prepared to be available at all times?
6. Market:
Do you have the market for the proposed business?
7. Competition:
To survive in the market you have to know what your competitors are doing. Get to know your competitors, analyse their pricing methods and marketing strategies, and evaluate their strengths and weaknesses. This will also give you an idea of how much you can possibly make if you choose to get involved in a particular business.
8. Location:
A good location is one of the most important things needed to start a business. For example, a farm located close to a market, a food business close to where there are lots of offices, etc.