UNIT 4 A CONCEPT OF INNOVATIVE BUSSNESS
IDEAS AND BUSINESS OPPORTUNITIES
CONTENTS
1.0 Introduction
2.0 Objectives
Main Content
Defining An Idea
What is an opportunity?
What is a business idea?
Business Opportunities
Means to discover business ideas
4.0 Conclusion
5.0 Summary
6.0 Tutor Marked Assessment
7.0 References/Further Reading
1.0 INTRODUCTION
In the previous unit, we discussed about the need for small business enterprises. The
funny thing is that many budding entrepreneurs don‘t even know the differences
between a business idea and a business opportunity; and as a result, they use both
terms interchangeably. A blunder that makes you sound dumb! I mean, what‘s more
ridiculous than not knowing the in-depth meaning of terms that are used every day and
you are gearing up to start your own business? In this unit, we will be talking about
the concept of business ideas and business opportunities.
OBJECTIVES
At the end of this unit, you will be able to:
explain an Idea
discuss is an opportunity?
describe business idea?
Explain Business Opportunities
Describe how to discover business ideas
MAIN CONTENT
DEFINING AN IDEA:
Look within ourselves and examine your skills, talent, passion In fact, one of the first
places to start when looking for business ideas or opportunities is to look within
yourself. Most people miss this greatest source of business ideas because of
ignorance, laziness and self-doubts. Keep up with current events and be ready to take
advantage of business opportunities Social happenings, events and parties are also
sources of business ideas. If you are expose to reading and watching news regularly
and having the conscious intent of discovering business ideas, you will be amazed at
how many business opportunities that your brain will generate. Keep up with current
events because it will assist you to identify market trends, new fads, information
about industries and sometimes new ideas that have business possibilities and
potentials. Invent a new product or service Do you possess a creative mind? Then you
can invent product or services that have never existed in the past. The key to arriving
at business ideas for a new product or service is to identify a market need that has not
being met. Add value to an already existing product the uniqueness between raw
wood and finished lumber is a nice instance of putting a product through an additional
process which maximizes its value, but additional processes are not the only way that
value can be added. You may as well add services or combine the product with other
related products. Bottled water has been in existence in Nigeria but it was on the high
side with respect to price. However, somebody sat down and thought up the ―sachet
water‖ which comes at an affordable rate. Franchising A franchise is just an
arrangement whereby the manufacturer or the sole distributor of a trademark, product
or service grants exclusive rights for local distribution to independent retailers in
return for their payment of conformity and royalties in order to standardize operating
procedures. Franchising may take several forms, but the most interesting one is the
type that offers a name, method of running business, image and operating principles.
How can franchising become a source of business opportunities? You can look at
good companies or products that exist in other countries but are not operating your
country. Then you can purchase a franchise to that product and become a pioneer in
your country. Mass media - the mass media is a wonderful source of information,
ideas and often opportunities. Magazines, TV stations, Cable networks, radio,
newspapers and internet resource sites are all instances of mass media. Also, articles
in the printed press or on the net or documentaries on television may report changes in
consumer needs or fashions. For instance, you may read or hear that people are now
highly interested in healthy eating or physical fitness. You may as well discover
advertisements calling for the provision of certain services depending on skills.
What is an opportunity?
Opportunity
The word opportunity is used to discuss about a situation in which one can do
something that he/she wants to do. Opportunity is an exploitable set of circumstances
with uncertain outcome, requiring personal commitment, resources and involving
exposure to risk. Opportunities arise from a wide variety of circumstances ranging
from change, chaos, confusion, inconsistencies, ambiguity, uncertainty, etc. When
seeking for opportunities it is better to look for opportunities that are recently created
and have not been exploited.
Opportunity begins as an initial idea that entrepreneurs develop. Development of
opportunities requires initiative, effort and creativity. Most business opportunities do
not occur suddenly but they are results of the entrepreneur's attention, which he/she
devotes to these opportunities. The decision-making on which area a business shall be
carried on usually requires careful consideration. Entrepreneurs can pursue the
opportunities in any field because the opportunities are arising from the complex of
the changing conditions of economic, legal, social, demographic and even from the
changing conditions in the area of technology. Interaction of factors produces business
opportunities at given times.
Therefore it is important that the entrepreneur knows which factor creates opportunity
because regardless of the source of origin every opportunity shall be carefully
examined and evaluated. Opportunity must also match the personal qualities and goals
of the entrepreneur.
What is a business idea?
A business idea is a concept that can be used to make money. Usually it centers on a
product or service that can be offered for money. An idea is the first milestone in the
process of founding a business. Every successful business started as someone‘s idea.
Although a business idea has the potential to make money, it has no commercial value
initially. In fact, most business ideas exist in abstract form; usually in the mind of its
creator or investor and not all business ideas, no matter how brilliant they may seem,
would end up being profitable. To find out about an idea‘s chances in the market and
check its innovative content and feasibility, you need to conduct a plausibility check.
The acceptability and profitability of a business idea hinges largely on how innovative
the idea is. Being innovative means using conventional production or distribution
methods that have rarely been adopted before. In fact, the entire business system could
be innovated. For example, FedEx revolutionalized mail post services through 24-hour
operation and very quick delivery worldwide. The company therefore adopted an
innovative system, which eventually spurred it to becoming one of the world‘s leading
mail and parcel delivery services. However, even more important is the benefit that a
business idea promises to offer customers. Such benefits could be passed on to
customers in the form of reduced costs. (We all like to buy quality for less). So, any
business idea that, at least, focuses on lowering costs would most likely be profitable
in the long term.
Business Opportunities
In general sense, the term opportunity implies a good chance or a favourable situation
to do something offered by circumstances. In the same vein, business opportunity
means a good or favourable change available to run a specific business in a given
environment at a given point of time (Shinha 2015). Agu (2011) defines business
opportunity as an attractive idea or proposition that provides the possibility of a return
for an individual who takes the risk of using the idea to solve an identified problem of
individuals or society.
Business opportunities have received considerable attention in recent years, owning to
unemployment, the decline of job security and the increasing number of individuals
who have lost jobs due to corporate downsizing. Still others seek second jobs in order
to satisfy their needs.
Definition of business opportunity varies because the term means different things to
different people. A business opportunity can also involve the sale of foods or services
that enable the entrepreneur to begin a business (Perez, 2016). Under some countries
federal law, the promoter of such business opportunity is required to provide potential
investors with complete pre-sale information in the form of a disclosure document.
Some countries impose additional licensing and disclosure requirements.
Means to discover business ideas
Exhibitions, Expos and Trade show another means to discover business ideas and
opportunities is to attend exhibitions and trade fairs. These are usually advertised on
the radio or in newspapers. By visiting such events regularly, you will not only find
out new products and services, but you will as well meet sales representatives,
wholesalers, distributors, manufacturers and franchisers. These are always excellent
sources of ideas in business. Industrial Surveys
The main point for a new business idea should be the customer. The needs and wants
of the customer, which will provide the rationale for a product or service, can be
analyzed or ascertained through a survey. Such a survey may be conducted formally
or informally by speaking to people; usually through interviews or using a
questionnaire or through observation. Listen to customers complaints Complaints and
frustrations on the part of customers have led to many new products or services.
Whenever consumers complain badly or bitterly concerning a product or service, or
when you hear someone saying ―I wish there was … ―or ―If only there were a
product/service that could … ―, then, you have the potential for a business idea. The
idea can be to set up a rival company offering a better product or service, or it may be
a new product or service which can be sold to the company in question or to others.
Brainstorming
Brainstorming is a creative problem-solving technique, and also a source for
generating ideas. The object is to arrive with as many ideas as possible. It usually
begins with a question or problem statement. For instance, you may ask ―What are the
products and services required in the home today which are unavailable?‖ Each idea can
lead to one or more additional ideas, resulting in a good number.
4.0 CONCLUSION
In this unit, we have explained the business idea and business opportunities, the
world is filled with brilliant ideas but the world lacks entrepreneurs who have the
capacity to turn such ideas to profitable business opportunities. It is one thing to
develop an idea, but it is an entirely different ball game to turn an idea into a business
opportunity.
5.0 SUMMARY
This unit has treated the explained an Idea, discussed is an opportunity, described
business idea, explained business opportunities finally the describe how to discover
business ideas.
TUTOR-MARKED ASSIGNMENT
1. Discuss an Idea?
2. What is an opportunity and business opportunities?
3. What business idea?
4. List and explain how to discover business ideas?
7.0 REFERENCES/FURTHER READINGS
Ajonbadi, H.A (2000) Applied Business Management Theory, Vantage Publishing,
Lagos
Agu, R.A (2011). Entrepreneurial Development and Small Business Management.
EBS Lecture pack.
Arkanass, Small Business Development Center (2014). Five steps to :
evaluating business opportunity retrieved from https://www.atu.edu/asbtdc/
Elgin, J. (2016). Buying a Franchise versus a Business Opportunity retrieved from
https:llwww.entrepreneur.com/article/181212
International Training Centre of the ILO (2005). Know about business.
Entrepreneurship Educational Schools and Technical Vocational Training Institutions.
Module 5. How do I find a good business idea? Tomlinson, P. and Haftendorn, K. ed.
Musselman. V.A and Ughes, E.H (1981). Introduction to Modern Business Analysis
and Interpretation. Englewood Cliffs N.J.: Prentice Hall Inc.
Okechuwu, E.U(2017). Identification and evaluation of business opportunity, in Onoh,
B.C.E.C., Orga, C.C and Abraham, D. Introduction to Entrepreneurship Development
(Theory).Entrepreneurship Development Centre(EDC), ESUT, Enugu.
Otokiti, S.0(2005) Business Management, Pumak Publishing, Lagos
Oyedijo, A., Oladele, J. and Olumoko, Y. (2008) Entrepreneurship and Small
Business. Strategic-international press ltd, Lagos.
Perez, J. (2016). Business Opportunity Fraud. In Connecticut Department of
Banking's online resource retrieved from
http/www.ct.gov/dob/cwp/view.asp?a=2235&q=297906
Ray, L. (2015). 5 Steps to Evaluating Business Opportunities retrieved from
http://smallbusiness.chron.coml5-steps-evaluating-businessopportunities-446 73 .html
Shinha, D.K. (2015). Identification of Business Opportunity: Idea Generation and
Opportunity retrieved from http/www.yourarticlelibrary.comlbusiness/identification-
of- business-of-opportunity-idea-generation-and-opportunity/4073
Unamla, P.C. and Ewurum, U.J.F (1995). Business Administration. Precision Printers
and Publishers. Business Ideas vs. Business Opportunities: What is the Difference
UNIT 5 DIFFERENCE BETWEEN BUSINESS IDEAS
AND BUSINESS OPPORTUNITIES
CONTENTS
1.0 Introduction
2.0 Objectives
Main Content
The Difference Between Business Ideas And Business Opportunities
An Opportunity Is Regarded As One After It Has Been Found To Meet
The Following Criteria:
Characteristics of Business Idea
A Successful Business Idea Must Meet the Following Three Conditions
How Do You Turn A Business Idea Into An Opportunity
Five Basic Elements Of The Recipe To Turn Ideas Into Tangible
Opportunities
4.0 Conclusion
5.0 Summary
6.0 Tutor Marked Assessment
7.0 References/Further Reading
1.0 INTRODUCTION
In the previous unit, we discussed about the need for small business enterprises. The
funny thing is that many budding entrepreneurs don‘t even know the differences
between a business idea and a business opportunity; and as a result, they use both
terms interchangeably. A blunder that makes you sound dumb! I mean, what‘s more
ridiculous than not knowing the in-depth meaning of terms that are used every day and
you are gearing up to start your own business? In this unit, we will be talking about
the difference between business ideas and business opportunities.
2.0 OBJECTIVES
At the end of this unit, you will be able to:
Differentiates between Business Ideas and Business Opportunities
Explain how an Opportunity Criteria:
Describe characteristics of Business Idea
Explain the three conditions a Successful Business Idea Must Meet
Describe how do you turn a Business idea into an Opportunity
Mention the five basic elements of the recipe to turn ideas into tangible
opportunities
MAIN CONTENT
The Difference Between Business Ideas And Business Opportunities
Now for those who are yet to identify the difference between a business idea and
opportunity, I want you to know that they are not the same; and this article will help
you understand the difference.
A business opportunity on the other hand is a proven concept that generates on-going
income. In other words, a business opportunity is a business idea that has been
researched upon, refined and packaged into a promising venture that is ready to
launch.
While multiple business ideas may strike you on a daily basis, only few of them will
be profitable in the long run based on market research and feasibility study conducted.
These few are the real business opportunities.
Major difference between an idea and an opportunity is that you can sell a business
opportunity, but you cannot sell an idea (it is not entirely impossible but it’s difficult).
Colonel Sanders tried for many years to sell his chicken recipe idea but no one
listened to him until he repackaged it and KFC (Kentucky Fried Chicken) was
born. The moral of this lesson is that investors invest in business opportunities and
ventures, not business ideas.
An opportunity is regarded as one after it has been found to meet the
following criteria:
It must have high gross margins.
It must have the potential to reach break-even cash flow within 12 months – 36
months.
The startup capital investments must be realistic and within the range of what
you can provide.
You must have the strength and ability needed to drive the business to success.
Your level of enthusiasm for the business must be very high.
It must have the potential for residual income.
It must have the potential to keep on improving with time.
It must have a low level of liability risk.
After you have refined and packaged your business opportunity in your mind, you can
have it documented by writing a business plan. You can then either implement on
your own or sell it to someone else for profit (probably because you cannot afford the
capital required to flag off the business).
CHARACTERICSTICS OF BUSINESS IDEA
A promising business idea must have the following characteristics:
Relevant (must fulfill customers‘ needs or solve their problems)
Innovative
Unique
Clear focus
Profitable in the long run
The acceptability and profitability of a business idea hinges largely on how innovative
the idea is. Being innovative means using conventional production or distribution
methods that have rarely been adopted before. In fact, the entire business system could
be innovated.
For example, FedEx revolutionalized mail post services through 24-hour operation
and very quick delivery worldwide. The company therefore adopted an innovative
system, which eventually spurred it to becoming one of the world‘s leading mail and
parcel delivery services.
However, even more important is the benefit that a business idea promises to offer
customers. Such benefits could be passed on to customers in the form of reduced
costs. (We all like to buy quality for less). So, any business idea that, at least, focuses
on lowering costs would most likely be profitable in the long term.
A SUCCESSFUL BUSINESS IDEA MUST MEET THE FOLLOWING
THREE CONDITIONS:
1. It must offer benefit to the customer by solving a problem or fulfilling a need.
Customers buy products and services for just one reason; to satisfy a need. So,
if your business idea cannot satisfy customers, it won‘t be successful. Every
successful business idea must have a unique selling proposition.
2. It must have a market that is willing to accept it. A promising business idea
must offer a product or service that would be accepted by a large market. It
must also have feasible arrangements for catering to that large market as well
as unique values that differentiates it from the competition.
3. It must have a mechanism for making revenue. A successful business idea must
show how much money can be earned from it and how the money will be
earned. Having discussed in full detail what a business idea means, let‘s now
look at ―business opportunity.‖
HOW DO YOU TURN A BUSINESS IDEA INTO AN OPPORTUNITY
Now how do you turn a business idea into an opportunity? Well, you can turn a
business idea into a business opportunity by conducting market research and
feasibility study on your idea, writing a business plan and assembling a business team
that will work with you on your idea. Only then will such idea become an opportunity
that will attract investors and probably get the needed financing.
'A business idea may or may not be a business opportunity'
Startups may fail and even tall businesses may fall. While there are many factors that
decide the fate of big and small companies, identifying ideas and opportunities is what
makes it worthwhile to run a business.
Let us try to understand the difference. An idea is like a seed, an impression of a
concept or a notion that revolves around seemingly successful product or service. A
thought that needs some amount of commercial validation before it shapes self into an
opportunity. Opportunity is the care and nurturing that a gardener has to endeavor for
to turn the seed into a sapling and then allow it to grow into a tall tree. The gardener
ensures that it gets good soil, sunshine, proper environment and protection from harsh
rains or weather conditions.
A business idea may not necessarily be a business opportunity; one needs to filter and
sift through these ideas to realize whether they are real opportunities. Most of the
times, these ideas remain dormant because of the lack of courage, resources, time and
money or mere inability to take action. And those who show courage to take action
generally see their dreams go off track due to lack of far sighted vision or lack of
preparedness. The business owner or the management must own the responsibility of
its success or failure regardless of the circumstances. Successful entrepreneurs are
good at turning ideas into opportunities. They act. They execute to make it all
happen. It takes time, resources and hard work. The canvas to paint your idea is large
and enormous. You can take an idea from a secret pickling recipe to space tourism,
and use the five basic elements of the recipe to turn ideas into tangible opportunities
that further allow you to make work plans.
FIVE BASIC ELEMENTS OF THE RECIPE TO TURN IDEAS INTO
TANGIBLE OPPORTUNITIES
The five basic elements of the recipe to turn ideas into tangible opportunities that
further allow you to make work plans are:
1. Strategic Fit: To understand what the market needs and realistically take
account of capabilities you have to be able to provide it.
2. Business Plan: The process of writing a business plan actually helps develop
an idea into an opportunity. It forces you to ask and answer hard questions and
explore your options.
3. Team: An idea rarely becomes an opportunity without a team. No individual
has all the knowledge and skills necessary to make the transformation.
4. Leadership: Once you have a team, the right leadership is essential to guide
the development from idea to opportunity.
5. Resources: The planning process will give you a good idea of the resources
that will be required to turn your idea into an opportunity.
To make it more relevant, let us consider the example of Uber Cabs. There was an
innate need of taxis with best affordable prices across the world. Here in Nigeria
(Lagos and Abuja), the capital city needs a lot of both public and private transport
options all the time. Uber and Tasifier had the idea to fill this void with its very uber
and Tasifier cool android based application available on Google play and it is
changing how technology can be put to everyday use. Globally business plans must
have been written well in tandem with market specific feedback. Creation of its team
and the availability of drivers is what they had to quickly sort. The visionary team also
invested to make the application more robust yet easy to use. We may expect in
sometime to hear if they plan to add their own fleet of cars like Ola to keep utilizing
the opportunities.
4.0 CONCLUSION
In this unit, we have explained the business idea and business opportunities, the
world is filled with brilliant ideas but the world lacks entrepreneurs who have the
capacity to turn such ideas to profitable business opportunities. It is one thing to
develop an idea, but it is an entirely different ball game to turn an idea into a business
opportunity.
5.0 SUMMARY
This unit has treated the Difference between business ideas and business
opportunities, an opportunity is regarded as one after it has been Found To Meet The
following criteria, characteristics of business idea, a successful business idea must
meet the following three conditions, how do you turn a business idea into an
opportunity and five basic elements of the recipe to turn ideas into tangible
opportunities.
6.0 TUTOR-MARKED ASSIGNMENT
1. Differentiate Between Business Ideas and Business Opportunities.
2. List and explain Criteria an Opportunity found to meet.
3. Mention and discuss Characteristics of Business idea
4. Discuss successful business idea conditions must meet
5. How do you turn a Business Idea into an Opportunity discuss?
6. List and explain five basic elements of the recipe to Turn ideas into tangible
Opportunities.
7.0 REFERENCES/FURTHER READINGS
Ajonbadi, H.A (2000) Applied Business Management Theory, Vantage Publishing,
Lagos
Otokiti, S.0(2005) Business Management, Pumak Publishing, Lagos
Oyedijo, A., Oladele, J. and Olumoko, Y. (2008) Entrepreneurship and Small
Business. Strategic-international press ltd, Lagos.
Unamla, P.C. and Ewurum, U.J.F (1995). Business Administration. Precision Printers
and Publishers. Business Ideas vs. Business Opportunities: What is the Difference
MODULE 2
UNIT 1 IDENTIFICATION OF BUSINESS OPPORTUNITY
CONTENTS
1.0 Introduction
2.0 Objectives
Main Content
Identification of Business Opportunity
Sources of idea
Prospective entrepreneur can get ideas for establishing his/ her enterprise
from various sources.
4.0 Conclusion
5.0 Summary
6.0 Tutor Marked Assessment
7.0 References/Further Reading
1.0 INTRODUCTION
In the previous unit, we discussed about Differentiates between Business Ideas and
Business Opportunities, explain how an Opportunity Criteria, described characteristics
of Business Idea, explained the three conditions a Successful Business Idea Must
meet, described how do you turn a Business idea into an Opportunity and mentioned
the five basic elements of the recipe to turn ideas into tangible opportunities. In this
unit, we will be talking about the identification of business opportunity.
2.0 OBJECTIVES
At the end of this unit, you will be able to:
Identifying Business Opportunity
Describe sources of idea
explain how Prospective entrepreneur can get ideas for establishing his/ her
enterprise from various sources.
MAIN CONTENT
Identification of Business Opportunity
Identification and selection of a suitable and viable business opportunity is first thing.
This is because if we ask any intending entrepreneur what project product he/she will
select and start as an enterprise, the obvious answer he/she would give is the one that
have a good market and is profitable. Identification business opportunity starts with:
(i) Idea Generation and Opportunity: Idea generation represents the creative process
of generating, developing, and communicating new ideas, while an idea is understood
as a basic element of thought that can be visual, concrete, or abstract. Opportunity
identification and selection are akin to 'new product development' in marketing
terminology. Product or opportunity identification and selection process starts with the
generation of ideas or ideas about some opportunities or products that are generated in
the first instance. Opportunity identification and selection are like corner stones of
business enterprise. BUl how could one without knowledge about the product know
its market. The problem often lies in the choice of the product or project. To overcome
the problem of product identification and selection is to find out how the existing
entrepreneurs identified the opportunity and set up their enterprises. Shinha (2015)
reveals that entrepreneurs select their products or projects based on some factors:
(i) Their own or partners' past experience in that business line;
(ii) The Government's promotional schemes and facilities offered to run some specific
business enterprises;
(iii) The high profitability of products;
(iv) Increasing demand for the product in the market;
(v) The availability of inputs like raw materials, labour, etc. at cheaper rates;
(vi) The expansion or diversification plans of their own or any other ongoing business
known to them; and
(vii) The products reserved for small-scale units or certain locations.
Therefore, one of the ways employed by most of the intending entrepreneurs to select
a suitable product/project is to firstly generate ideas about a few products/projects.
SOURCES OF IDEA
Sources of Idea: The idea of opportunities or products can be generated from various
sources: internal and external or from formal or informal. These may include the
followings:
i. Knowledge of potential customer needs,
ii. Watching emerging trends in demands for certain products, Scope for
producing substitute product,
iii. Going through certain professional magazines catering to specific interests
like electronics, computers, etc.,
iv. Success stories of known entrepreneurs or friends or relatives,
v. Making visits to trade fairs and exhibitions displaying new products and
services,
vi. Meeting with the Government agencies, Ideas given by the knowledgeable
persons,
vii. Knowledge about the government policy, concessions and incentives, list of
items reserved for exclusive manufacture in small-scale sector,
viii. A new product introduced by the competitor, and
ix. One's market insights through observation .
Also a prospective entrepreneur can get ideas for establishing his/ her enterprise
from various sources. These may include consumers, existing products and
services presently on offer, distribution channels, the governrnent officials,
internet, Research and Development (R&D).
Prospective Entrepreneur Can Get Ideas For Establishing His/ Her Enterprise
From Various Sources.
A brief description on each of these follows:
(a) Consumers: No business enterprise can be thought of without consumers.
Consumers demand for products and services to satisfy their wants. An
entrepreneur needs to know what the consumers actually want so that he/she can
offer the product or service.
(b) Existing products and services: One way to have an enterprise idea may be
monitoring the existing products and services already available in the market and
making a compentive analysis of them to identify thee shortcomings and then,
based on it, decide what and how a better products and service can be offered to
the consumers.
(c) Distribution Channels: Distribution channels known as market intermediaries,
serves as a very effective source for new ideas fly. entrepreneurs. This is because
they deal directly with the consumers an:: can better understand the consumers'
wants. The channel members include wholesalers and retailers who can provide
ideas for new product development and modification in the existing product.
(d) Government: A prospective entrepreneur can also get enterprise idea
from the publications of patents available for license or sale. Besides, there are
some governmental agencies that assist entrepreneurs in obtaining specific
product information. Such information can also become basis for enterprise
formation.
(e) The Internet: The internet provides a means that enables higher levels c':
communication between people, companies and countries throughout the world.
The internet by far is the greatest business opportunity that you caz implore to
grow your business.
(j) Research and Development: Research and Development (R&D) activity can
be carried out in-house or outside the organization. R&D activity suggests what and
how a new or modified product can be produce to meet the customers' requirements.
4.0 CONCLUSION
In this unit, we have explained the identified Business Opportunity, Describe sources
of idea and explained how Prospective entrepreneur can get ideas for establishing his/
her enterprise from various sources.
5.0 SUMMARY
This unit has treated and identified Business Opportunity, Describe sources of idea
and explained how Prospective entrepreneur can get ideas for establishing his/ her
enterprise from various sources.
TUTOR-MARKED ASSIGNMENT
1. How do you Identify Business Opportunity
2. What are the sources of idea?
3. explain how Prospective entrepreneur can get ideas for establishing his/
her enterprise from various sources.
7.0 REFERENCES
Agu, R.A (2011). Entrepreneurial Development and Small Business Management.
EBS Lecture pack.
Arkanass Small Business Development Center (2014). Five steps to :
evaluating business opportunity retrieved from https://www.atu.edu/asbtdc/
Elgin, J. (2016). Buying a Franchise versus a Business Opportunity retrieved from
https:llwww.entrepreneur.com/article/181212
International Training Centre of the ILO (2005). Know about business.
Entrepreneurship Educational Schools and Technical Vocational Training Institutions.
Module 5. How do I find a good business idea? Tomlinson, P. and Haftendorn, K. ed.
Okechuwu, E.U(2017). Identification and evaluation of business opportunity, in Onoh,
B.C.E.C., Orga, C.C and Abraham, D. Introduction to Entrepreneurship Development
(Theory).Entrepreneurship Development Centre(EDC), ESUT, Enugu.
Perez, J. (2016). Business Opportunity Fraud. In Connecticut Department of
Banking's online resource retrieved from
http/www.ct.gov/dob/cwp/view.asp?a=2235&q=297906
Ray, L. (2015). 5 Steps to Evaluating Business Opportunities retrieved from
http://smallbusiness.chron.coml5-steps-evaluating-businessopportunities-446 73 .html
