How to identify a viable Business Opportunity in Nigeria in 2022

How to identify a viable Business Opportunity in Nigeria in 2022

ldeally your idea should have a unique selling propostion, this means making your idea different from your competitors by providing a variety of products, assorted designs and attractive
packaging.

It means providing a personalized service to enable your business idea to look attractive to your customers To be in this unique position you have to carry out a number of activities which are listed below

Market Research:

As an entrepreneur you must identify the needs and wants of customers which are not being met by the existing
businesses in your catchments area.

You must be able to establish what your competitors are offering in terms
of quality. quantity and packaging of goods delivery costs  and advertising.

It is important to note that packaging as a marketing strategy is of paramount importance as your goods have to be attractive to the buyer.

This means that
the entrepreneur needs to be creative.

Investigation of the Economy:

A thorough investigation of the economy has to be made to try and identity emerging business opportunities. Most
iberalized economics in Africa have a lot of offer but how many of us are aware of what is actually obtaining in the various sectors of agriculture, commerce and industry tourism, etc.?
What policies are in place? What items can be imported and how much duty has one got to pay?

Adapting and adopting ideas
it is a common feature for many of us to keep business
ideas to ourselves for fear of other people doing better than
ourselves.

How do we know that our idea is the best and does not require modifying or adapting. Perhaps it requires replacement which is actually adopting a completely new idea. We can only do this when we are able to talk about our business idea with others and listen  to ideas/suggestions for comparison so as to whether or not to adapt or adopt another idea to improve on your original idea.

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