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WEEK 3
TOPIC: BUSINESS OPPORTUNITIES
CONTENT:
- Meaning of Business Opportunity
- Types: Local, National, International
Meaning of business opportunity: This is a chance for a person to start a business, in order to generate income. A business opportunity consists of four integrated elements all of which are to be present within the same time frame (window of opportunity) and most often within the same domain or geographical location, before it can be claimed as a business opportunity. These four elements are:
- A need
- The means to fulfill the need
- A method to apply the means to fulfill the need
- A method to benefit
TYPES OF BUSINESS OPPORTUNITIES
- LOCAL
- NATIONALS
- INTERNATIONALS
LOCAL BUSINESS OPPORTUNITY:
This is a business opportunity that can be found in the local 1environment, Example
A man who lives in a village and has a farm with lots of palm trees has a business opportunity to make palm oil, brooms etc. from the palm trees and sell them at the local market to generate income. Another man in the riverine area has the opportunity to catch fish from the rivers and sell them locally to generate income.
NATIONAL BUSINESS OPPORTUNITIES
This is a business opportunity that enables one to do business outside the shores of his environment or state but within his country. Example
A man or woman from a state who inherited a very large plot of land can start farming. He can grow a plantation of sugar cane and sell his farm produce to markets in areas outside his state. This will make him a national businessman or businesswoman.
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