Spotting Business Ideas and Opportunity

+
Spotting Business Ideas

and Opportunities
-D Business Academy of
Presented @ The
Surulere District
+Ice Breaker
Your name
Discipline/Profession
What you do at present
What's
your
famous
about
relations
or
you,
your
town?
Lets
know
expectations
training
from
your
this
Session Objectives
1. To engage participants in a paradigm shifting
discourse.
2. To spur your mindset on how to see opportunities
instead of difficulties.
3. To guide them with the HOW TO of Spotting
Business Opportunities Within and Around Them.

4. To understand how to grow your business idea to
business opportunities.
Highlights
Introduction
Demystifying the Concepts
The Mental Preparation
Steps in Arriving at Business
Opportunities
Conclusion
Case Study
INTRODUCTION
In any deteriorating economy,

the one hundred people needed
to turn things around are not
one hundred engineers,
economists etc but one hundred
entrepreneurs Abraham Marslow
INTRODUCTION
The economies of developed countries are

driven by numerous small scale businesses.
Most of the wealthy people in every

community are entrepreneurs.
However, the ability to identify business

opportunities is an essential
characteristic of an entrepreneur
Demystification of Concepts
Entrepreneurship: the
activity of
organizing, managing,
and assuming the
risks of a business
or enterprise.
Entrepreneur: an
entrepreneur is a
person who engages in
the activities
mentioned above.
7
An entrepreneur is an Individual
Who When Propelled By An Idea,
Personal Goals, And Ambition,
Brings Together The Financial
Capital, People, Equipment And
Facilities To Establish And
Manage a Business Venture
Copy right 2015@Grand

Choice Integrated Solutions
Demystification of
Concepts..
Entrepreneurship is the Process of

Creating or Seizing an Opportunity and
Pursuing it Regardless of the Resources
Currently Controlled Harvard View
Entrepreneurship Is The Process Of
Starting A Business Venture By
Organising The Necessary Resources and
Assuming Associated Risks And Rewards.
Demystification of
Concepts
Business idea is a business concept that
results in profits if it is turned into
a tangible product or service.
A business opportunity on the other hand
is a proven concept that generates ongoing income. In other words, a business
opportunity is a business idea that has
been researched upon, refined and
packaged into a promising venture that
is ready to launch.
In other words, a business idea is a short

and precise description of the basic
operations of the business. Your business
idea will tell you:
Whatproduct or service your business will
sell.
Whoyour business is going to sell to.
Howyour business is going to sell its
products or services.
Whichneed your business will fulfill for
the customers.
Stop Looking And Start

Seeing.
Start Looking Within Before You Start
Looking Around You.
See Opportunities In Difficulties
Instead Of Difficulties In Opportunities
Focus On Solutions Instead of
Challenges.
Stop Asking Why Me And Start

Asking How Can I?
Stop Thinking Of What Your Country
Can Do For You And Start Thinking
Of What Your Country Can Do For
You.
Be aware that the higher the risk,
the higher the returns.
NO RISK, NO VENTURE
Steps in Arriving at
Business Opportunity
Generating Ideas
Screening Process
Formulating the Concept of
the Business
1. Generating Ideas
A promising business idea

must have the following
characteristics:
Relevant (must fulfill
customers needs or solve
their problems)
Innovative
Unique
Clear focus
Profitable in the long run
1. Generating Ideas
There are 10 sources of ideas and they
include:
1.Look within you- struggle, passion,
love, pain.
2.Personal Needs/Wants That Are Not
Being Satisfied.
3. What Products/Services Do Your
People Travel To Other Communities To
Purchase?
1.Generating Ideas
4. What Peculiar Challenge Does Your
Community Face?
5. Weaknesses in the production and/or
supply of existing products/services.
6. Policies and Programs of government
agencies and institutions.
7. Research institutions and
universities
1. Generating Ideas
8.Trade fairs and trade shows
9.Trade and professional periodicals
newspapers, magazines, journals.
10.Networking- belonging to
associations and groups.
2. Screening Process
Screening Process
Personal-Level Scre
ening
Firm-Level
Screening
Screening Process
Personal Preference
(committed)
Educational & Training
Background
Work experience (degree of
expertise & knowledge)
Business Network & Contacts
(buyers, suppliers or
creditors)
family Support
Personal-Level
Screening
Screening Process
Market
Technology
Availability of Skills
Availability of Raw Materials
Financial/Capital
Requirement
Profitability
Government Support
Firm-Level
Screening
3. Formulating the Concept of the

Business
1.
Resource Analysis
Resources
Strengths
Money
Materials
Machines
Methods
Manpower
Management
Moment (time)
Weakness
3. Formulating the Concept of the

Business
2.Environmental Analysis- The
Environmental Analysis gives an
indication whether the business can
survive or not.
3.Personal Values Analysis These
represent your philosophy, guiding
principles, outlook and aspirations for
your business (non-monetary values)
The Common Errors

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Me too syndrome
Fallacy of numbers
Story of an elephant syndrome
Square peg in a round hole
Undifferentiated enterprise
Failure to grasp key elements
of success
Lack ownership
Inaccurate information
Unwillingness to step back.
Too Knowism.
CASE STUDY
Case Study
Conclusion
An idea turns into a business opportunity when

it has commercial potentialwhen you can make
money by selling the product. But needless to
say, not all ideas generate business
opportunities.
You dont become a successful business person by
spotting opportunities but by spotting, seizing
and maximizing opportunities.
Finally... Spotting opportunities may be 99%
inspiration and 1% perspiration but Seizing and
maximizing opportunities is 99% perspiration and
1% inspiration.
Questions & Discussion
Thank you!
Olabanjo Shafiee
(+234) 802-5493-572
[email protected]
Copy right 2015@Grand Choice Integrated

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+

Spotting Business Ideas

What you do at present

Business Opportunities Within and Around Them.

In any deteriorating economy,

The economies of developed countries are

Most of the wealthy people in every

However, the ability to identify business

Copy right 2015@Grand

Entrepreneurship is the Process of

In other words, a business idea is a short

The Mental Preparation

Stop Looking And Start

The Mental Preparation

Stop Asking Why Me And Start

A promising business idea

3. Formulating the Concept of the

3. Formulating the Concept of the

The Common Errors

An idea turns into a business opportunity when

Questions & Discussion

Copy right 2015@Grand Choice Integrated

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