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Ways of choosing a good business opportunity;
1. Making an honest evaluation of one’s self and abilities
Here the entrepreneur will assess his areas of interests and make a decision as to what exactly he would want to do with his talents. What drives him to go into business is something he will want to examine more keenly and make the first decision.
2.Running the business enthusiastically
If the entrepreneur is introducing something new into the market that is unknown to the general public he should muster all his efforts to enthusiastically convince his potential customers of the need for the product service he is bringing into the market.
3. Having a complete knowledge of the product or service
The entrepreneur should carry out a thorough research into the product or service he wishes to introduce. This will enable him convince his customers and potential investors.
5. Making a market evaluation of the product or service to be offered
The entrepreneur should find out whether the time is right to introduce the product to the public. He should consider whether there is a need for this type of item, and what is its potential in relation to competition.
6. Checking the training and experience required to run the business properly
If running a particular line requires training, the entrepreneur should consider attending a course that will enable him have relevant skills required for the business he has chosen.
7.Financial strength and strong credit behind the business opportunity
Where the entrepreneur is running the business under a parent company, he should find out whether the licencor-seller will provide an escrow agreement to deliver a building, equipment, leasehold improvements, inventory etc.
8.Visit the headquarters of the licensor-seller
Tine entrepreneur should talk to the personnel and the training director of the parent company. He should visit the original prototype of the business being sold and evaluate other outlets.
marto answered the question on January 30, 2019 at 08:22
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