Qualities of good business opportunity

Entrepreneurship-and-Communication-Skills-notes

For an idea to be a good opportunity, it should add value for the user ie the customer. Converting an idea into value requires creativity and innovation. Some of the salient characteristics of a good business opportunity include:

1. Legality-the business opportunity should be capable of operating within the rules and regulations of its domicile

2. Growth potential- it should show dynamism having growth potential to guarantee the business increase in customer base operations, market shares and eventually profitability. A good business opportunity is one that occupies a growing sector of the economy and not a shrinking one.

3. Uniqueness- It should stand out in the industry and market to capture the attention of all stakeholders

4. Marketability. A good business idea should appeal to the target market

5. Competitiveness –A good business idea should be able to stand the competition in its market

6. Protect ability- a good business idea should provide the owners with the capability to own the intellectual property of the products or services in existence

7. Social acceptability- It should be acceptable not only legally but also within the social norms and practices of the society

8. Operational feasibility- a good business opportunity should be compatible with its reinforcing infrastructure



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