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Identifying Business Opportunities (Part 2)

We will be continuing with our discussion on Identifying Business Opportunities..

Working as an employee is a form of slavery because it does not afford you the opportunity of exploring the fullness of your potentials-your dreams,goals, and desires.
Being an entrepreneur makes you independent but you can’t afford to be a lone ranger in the pursuit of financial independence.
You shouldn’t just live for today but put tomorrow in view, and build transgenerational wealth.

Today, I want to share with you some tips that if followed closely will enable you to identify business opportunities.

We’ll looking at the following questions:

• How do I identify a good business opportunity?

• Where do I start from?

• Is there something else I can do?

You must have a trade…learn the skills of buying and selling
You must have a craft, a handiwork. Be an apprentice and be humble to learn. Apply your heart to wisdom. Pay the price of practice
You must have a profession..Get an education, literacy builds development.

You must understand importantly that you need God to identify opportunities.

Time is a resource available to everyone. Don’t waste yours.
Locate an industry and research different opportunities you can activate within it.
Have an enquiry mind- Ask questions. Ideas come by asking questions.Confirm what can be yours. Ideas are birthed because you are provoked to learn more.
You must learn to manage your breakthrough. “Go to the ants”, learn from the ants who are known to be wise in storing and saving for the future.
Discern the times. Be led by the Spirit of God.
Don’t use your goodwill to ask for peanuts, ask for something that will also make you a blessing.

Personal Innovation Pipeline(what can I do two to three years from now?
Activate your Innovation Pipeline
Innovation Pipeline is a think tank of your next planned project. Heb 11:5

Be mindful of your vision. You must SEE where you’re going. It will make you focussed and successful. Be mindful of the big future.

For your personal survival as an individual, you require at least 4 sources of income.

What is your potential? God put it in you for a reason. He wants you to use it to help yourself as well as help others.

Listen to your current and past lead-what did God tell you years ago? Take action on it now.

Divine location is the best place to be fruitful.

Study about the area of your interest exclusively.
Attend tradefairs, attend professional conferences.
As a business owner, Listen to your customers and satisfy them. Look at your competitors. Look at industry trends

Brainstorm on alternative options
Consult with superior minds.

Don’t be limited by your locality.

The Management Dimension(mentioned in the last post)
Have a diversification plan
Think of partnership options…ensure you factor in legal representation in partnership
Take apprenticeship options.Ask “can I work for free?” and then learn all you can.
Seek excellence and pursue it.
Ideas and Creativity will come as you pursue excellence. 1 Cor 13:12
Confirm proactively your vision enablers
Do a SWOT analysis- Strength, Weakness, Opportunity, Threat
Risk Management- never go into an initiative where you can’t control 70% of the risks.
Learn to buy and sell your knowledge and experience
Understand the buyer’s journey…go two years ahead
Keep preparing in advance for the next new opportunity. The first mover always takes the maximum advantage.

See you in the next post.

Author: Pst Fidelis Umukoro
References: Joshua 5:9, Prob 15:22, 2 Tim 2:15

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