INDICATORS OF GOOD BUSINESS OPPORTUNITIES

 1. Availability of market/real demand. Market means people or institutions willing and able to buy goods and services of a business.

2. Availability of required resources. These refer to the means required for production of goods and services, for instance, capital, raw materials, labour, land, e.t.c.

3. Reasonable level of return on investment. The rewards/profits realized from the business should be acceptable depending on the level of investment by the entrepreneur in terms of risk and effort.

4. Availability of required technical skills. This refers to the machines and skilled manpower needed for production of goods and services. These should be available and affordable for a business idea to be feasible and viable.

5. Acceptability in community. For a business to be viable and feasible, it should conform to the social norms and be liked by society. For instance, a bar business would not be viable in a Muslim dominated community.

6. Favourable government policy as regards investment. There should be conducive government policy favourable for investment. For instance, low tax rates, tax holidays, e.t.c for a business to be viable.

7. Availability of good infrastructure (support services). This takes the form of good transport, communication, power, banks, insurance companies, ware houses, e.t.c.

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