A SEMINAR ON IDENTIFICATION AND EVALUATION OF BUSINESS OPPORTUNITIES
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This study examines identification and evaluation of business opportunities from an entrepreneurial perspective, adopting a process representative of entrepreneurship to examine factors that influence this opportunities. Successful Entrepreneurs recognize that only a small percentage of’ venture ideas actually represent viable business opportunities. Identifying and evaluating the right opportunity for business is one of the important ability of a successful entrepreneur. One cannot speak about entrepreneurship without speaking about opportunity. Entrepreneurship is more than just a business start-up, it is an individual ability to seize opportunities and turn ideas into action. This study addresses the important issue of opportunity identification and evaluation using the casual (exploratory) research design for easy recall and based on the extant literature on opportunity identification. The data from both primary and secondary research were combined and analyzed to see whether the results achieve similar conclusion.
The rates at which entrepreneurial activity is growing among entrepreneurs in Nigeria calls for a closer evaluation of business opportunities in the region. Similarly rates of entrepreneurship is prevalent in developing nations as 28% of adults in Sub-Saharan Africa are actively engaged in early-stage entrepreneurial activity (Xavier, Kelley, Kew, Herrington, & Vorderwulbecke, 2013). However, while interest in entrepreneurship is still on the increase, our understanding of how people identify and evaluate opportunities remains a critical first step in the entrepreneurial process (Shane, 2012).
Identification and evaluation of the right business opportunity is very important when trying to invest in a profitable venture, also it is among the most important qualities of a successful entrepreneur. When considering starting a new business it is important to look at whether or not the idea is in the growing sector/ industry (Lecture, 2012). There are various factors which help in the process of opportunity identification which lead to business formation, it is important that the entrepreneur is alert to opportunities, is able to create social network and connections, and is creative (Lecture, 2012).
According to (Klemm, 2013), there are three (3) key issues in entrepreneurship:
- The ability to identify or recognize opportunity
- The ability to assess opportunity
- The ability to successfully realize opportunity.
Opportunities are core ingredients of the entrepreneurial process that generates economic value (Baron, 2006). The word opportunity implies a good chance or a favourable situation to do something offered by circumstances. In the same vein, business opportunity means a good or favourable change available to run a specific business in a given environment at a given point of time. To be successful entrepreneurs, one need to be continually innovating and looking for opportunities to grow a startups.
To evaluate means to determine the significance, value or worth of something. Facts in business must also be evaluated using a fixed set of criteria that will lead to an answer. Unlike exact mathematics, an evaluation in business may lead to a close approximation of a solution. Therefore, a business evaluation is an analysis and review of the entire business as a whole. It is conducted to determine the overall standing and operation of a business before venturing into such business. The evaluation of business requires financial, product and human resource analysis. Reviewing the potential and the pitfalls inherent in the business to make an informed decision and increase an entrepreneurial chances of success. Opportunity identification and evaluation are like comer stones of business enterprise. This paper examines identification and evaluation of business opportunities.
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