Geography & History Notes | KCSE, NECTA, ZIMSEC & GCSE

  Going into business is deceptively simple but staying in business and making a success of it is not. Success or failure are not the chance results of a toss of a coin. Being in the right place at the right time is partly luck but more so to do with good planning. Therefore setting up a business for the first time or expanding an existing business can be the road to riches and personal fulfillment. It can also be the road to financial ruin and personal misery. Successful businesses are a result of careful research, planning, enthusiasm, self confidence and commitment. If an entrepreneur identifies a business opportunity, it is ideal to carry out a feasibility study in order to ascertain whether the opportunity is viable/profitable. It also acts as a basis upon which financial assistance can be sought from the financial system. It can be broken into 3 categories, i.e market feasibility study, technical feasibility study and financial feasibility study. 1. Market feasibility study (...

 HERE ARE 7 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 commu...