Where To Spot Business Ideas And Opportunities
Entrepreneurs are described as risk takers who are ready and willing to seize opportunities.
That description aptly fits Boaz Mak’ Abongo. After quitting a high profile job with a multinational company to set up a tour firm, Zytec Tours and Travel, in 2006, it didn’t take him long to spot more opportunities.
To Mak’Abong’o, this was an opportune time to diversify.
“One needs to be alert and on constant look out for new opportunities, and immediately move to cash in on them,” he says. And so he set up Zytec Metalink, a stock agency. The new venture would provide him with a soft landing if the tour business went under.
In a free enterprise system, like Kenya, markets arise for new products and services from wants and needs of consumers.
Entrepreneurs are always alert to profit from opportunities. They are able to perceive them and take advantage of them.
How does one take advantage of an opportunity? The first step is to identify it. An opportunity has been defined as doing something in a different style or manner. That requires asking critical questions on how to improve a situation. It may start by questioning the status quo.
There is an abundance of opportunities in the local market . For example, the Government and its agencies regularly publish ideas that have evolved from research.
For individuals with financial resources, on a typical good day there will always be investors, willing to sell out an enterprise wholly or part, quickly. Then there are those who lack money or entrepreneurial drive to pursue their ideas, and therefore may advertise, or publicise them in the media.
How can entrepreneurs identify opportunities and take advantage of them?
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