The Search For Business Opportunity

Question 1

This refers to the number of prospective buyers, competitors, the prize, and the quality of goods and services that have to be analyzed

Answer 1

Markets

Question 2

Business interest of individuals should match business opportunities

Answer 2

Individual interest

Question 3

This serves as the fuel that keeps the business operating. The availability of funds should fit the type of business to organize

Answer 3

Capital

Question 4

The entrepreneur should have the proper skills in the business he is going to undertake

Answer 4

Skills

Question 5

It is important that there are steady suppliers of raw material and other inputs to the business

Answer 5

Suppliers of Inputs

Question 6

The success of any business also depends on the efficiency of its employees

Answer 6

Manpower

Question 7

Entrepreneurs should be aware of the presence of technology to improve their products or services, or introduce new innovations in the market

Answer 7

Technology

Question 8

Other opportunity-seeking processes that can guide a prospective entrepreneur as to what kind of business to establish are as follows:

Answer 8

• Look at other successful business/entrepreneurs
• Respond to a problem area
• Home-Based Business Option
• Linkage of Resources