Business Opportunities: Meaning And Types Of Business Opportunities

Table Of Contents

  • What Is Business
  • Meaning Of Business Opportunities
  • Types Of Business Opportunities With Examples
  • Conclusion

What is Business ?

Business is any activity which is lawful, through which an individual makes a living. That is, any engagement which is socially and lawfully accepted, which provides money or opportunities to satisfy human wants.

MEANING OF BUSINESS OPPORTUNITIES

Business Opportunity refer to opportunities for self development through trade or commerce. It also refers to opportunities to improve on one’s business growth and expansion.

Business opportunities are opportunities which open new windows for money making and self actualization.

In a world of tough competition for available scarce resources and employment opportunities, individuals, our young school leavers, graduates and professionals must begin early to search for and exploit business opportunities. This will gradually reduce the dependency syndrome on paid employment or white collar jobs.

There is dignity in labour, There is no food for the lazy man.

TYPES OF BUSINESS OPPORTUNITIES

Business opportunities can be classified under:

  1. Local Business Opportunities.
  2. National Business Opportunities.
  3. International Business Opportunities.

1. Local Business Opportunities

A variety of business opportunities exist at the local level of society. They include: trade which is buying and selling; farming to produce food items for domestic use and commercial purpose; skill acquisition and training, which is the major key to self employment and wealth creation.

Farming: farming and agricultural production has always been there but is always neglected or looked down on. School leavers can engage in farming to produce food items on a commercial scale. Included here are Poultry, Piggery, Snail farming, Vegetable gardening, Cash crop production etc. The important factors for success are determination, endurance and focus.

Trade And Commerce: This is buying and selling household items especially those found in retail shops and of course, GSM products, recharge cards, phones, chargers etc would make good sales.

Again self discipline, honesty, courage and perseverance are the root factors for success.

Skill Acquisition And Training: Some people are talented in certain skills. It is important to discover one’s talent and endowment. So there is need for skill training and development. The person can train as Computer operator, Motor mechanic, driver, welder, tailor, carpenter, seamstress and fashion designer etc. Skill acquisition is the key to self employment, wealth and job creation.

2. National Business Opportunities

From small scale business to the large scale business enterprise. A small beginning can grow and mature into a business concern of national, as well as international stature. It is possible for a local petty trader to transform into a producer of goods and services. Much depends on entrepreneurial ability and other factors like finance and favourable business environment.

A local commercial motorcycle rider can grow into a commercial car owner and later a big transporter…

Local farmers can play at the national scene producing raw materials for industries. The cocoa, groundnut, cotton, soybean farmers can produce and market their products for local industrial production and for export.

3. International Business Opportunities

At the international level, business opportunities are those that have to do with import-export activities. The import activities involves bring in goods and services from foreign countries. This requires a lot of money. It also requires compliance with the in laws of the customs and excise authorities. Such in laws includes: Payment of duties and dealing on goods that are not banned.

Items of trade can be :

Cars and used vehicles popularly called “Belgium” vehicles, ICT equipments like phones and accessories, machines and spear parts, equipments, generators, electronics-TV, radio, fridges, air conditioners etc., Manufactured foods and health products, cosmetics, agro chemicals etc…

Business opportunities connected with import activities includes the following: Insurance, Buying and selling, Transportation, Clearing Agents, Warehousing, banking etc..

CONCLUSION:

Business Opportunities exist and are numerous at the various levels of society. It is important to identify them. It also takes a lot of courage and determination to get involved. The beginning can be tough but one need to persevere. It takes lot of hardworking, determination and discipline to achieve and sustain success.

At whatever level, citizens are encouraged to be enterprising and self reliant. The days of white collar jobs are over. There is no food for the lazy man.

A small beginning today can transform into something great tomorrow, so do not give up when the going gets tough.