Business opportunities: In human life, various economic activities occur to meet needs, one of which is business.
To make a good business that provides goods or services, humans must first see the business opportunity.
A business opportunity is any business idea, prospect, plan, or another opportunity for a newly developing business.
So the business opportunity is a process of identifying opportunities to start a new business.
Criteria for choosing a business opportunity
Business is not far from the terms business opportunities and entrepreneurship. To determine a business opportunity, you must first analyze the business criteria.
Business criteria analysis includes capital analysis, business sector analysis, income analysis, prospect analysis, and working hours analysis. Here’s the explanation:
- The capital analysis is the process of analyzing the source and amount of capital owned. Is the capital from yourself, using investors, or doing credit to the bank. Therefore, the capital analysis must also determine how much funds are available to determine the scale and type of business that will run.
- Business field analysis is the process of analyzing which line of business they will run. So, in the analysis of the business field, one must choose whether the type of business is in the fields of agriculture, plantation, food industry, tourism, textile industry, and handicrafts.
- Revenue analysis is the process of analyzing the possible income they will earn from the business. In revenue analysis, one must remember that a business can make a profit and not a loss. This analysis investigates profit magnitude and capital regulation as well.
- Prospect analysis is the process of assessing whether the selected business has good prospects or not in the future. A good business is a business that has bright prospects, where the business can last a long time and remain in demand by consumers in the future.
- Analysis of working hours is an analysis of time and labor management. Where the working hours applied must be effective so that they can produce quality products without having to experience fatigue.
How to identify business opportunities
Here’s how to identify business opportunities in order to build or develop a business well, namely:
Looking for information is the main key to finding business opportunities. You can vary information by looking for what trends are developing and find out what your own community likes.
By looking for information either by reading or interacting, you can find business opportunities in the local community that has good prospects.
Using personal experience
Using personal experience can be a business opportunity with a solid background.
Reporting from Entrepreneur, rather than waiting for other people to solve personal problems, it is better to solve the problem as a business idea or business opportunity.
When you have found a business opportunity in a sector, it is important to look at the competitors in that sector.
Reporting from Smart Company, analyzing business competitors will help identify business opportunities, expand market reach, and develop products. Causes of failure of business opportunities.