BUSINESS OPPORTUNITIES

CONTENT

1. Meaning of Business Opportunity
2. Types of Business Opportunities: 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:

1. a need.
2. the means to fulfill the need.
3. a method to apply the means to fulfill the need.
4. a method to benefit.

Types of Business Opportunities

1. Local business opportunities.
2. National business opportunities.
3. International business opportunities.

Local Business Opportunities

This is a business opportunity that can be found in the local environment,

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.