Business Opportunities: Meaning And Types Of Business Opportunities

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

MEANING OF BUSINESS OPPORTUNITIES

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

Business opportunities 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 to search for and exploit business opportunities early. This will gradually reduce dependency on paid employment or white-collar jobs.

There is dignity in labor; 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 buying and selling trade; 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 are always neglected or looked down on.

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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.

Business Opportunities

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

Skill acquisition is the key to self-employment, wealth, and job creation.

2. National Business Opportunities

From small-scale businesses to large-scale business enterprises. A small beginning can grow and mature into a business concern of national and international stature. A local petty trader can transform into a producer of goods and services. Much depends on the entrepreneurial ability and other factors like finance and a favorable business environment.

A local commercial motorcycle rider can grow into a commercial car owner and later a big transporter…
Local farmers can play on the national scene by producing raw materials for industries. The cocoa, groundnut, cotton, and soybean farmers can produce and market their products for local industrial production and export.

3. International Business Opportunities

At the international level, business opportunities have to do with import-export activities.

The import activities involve bringing in goods and services from foreign countries. This requires a lot of money. It also requires compliance with the laws of the customs and excise authorities. Such laws include Payment of duties and dealing with goods that are not banned.

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Items of trade can be:

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

Business opportunities connected with import activities include 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 needs to persevere. It takes hard work, 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.

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