5 CONDITIONS THAT MAKES A BUSINESS OPPORTUNITY FEASIBLE
- ARE
- Mar 14, 2020
- 2 min read
1. Real demand
The first condition that makes a business opportunity viable is market demand. Your business idea or opportunity must have real market demand. Your business opportunity must either satisfy a need or solve a problem.
2. Good return on investment
The next condition that makes a business opportunity feasible is the ROI. Any business opportunity you intend to pursue must show a strong possibility of yielding a good return on investment. Moreover, all a business is meant to do is to either satisfy a need or solve a problem for a profit.
3. Competitive
The third condition that makes a business opportunity feasible is its competitiveness. Except your business idea is the first of its kind, there is bound to be competition. If your business idea or opportunity is not competitive, just forget it because it will never stand a chance.
4. Meet the objectives of the entrepreneur
This point is very clear and easy to understand. Before ever starting a business, there are certain aims and objectives you intend to achieve using that business as leverage. For a business opportunity to be viable, it must meet your objective.
5. The competence of the entrepreneur and his team
Lastly, the most important factor that makes a business opportunity worth pursuing is the competence of the entrepreneur and his business management team. A business opportunity will only be feasible if it is backed by a strong business team. I say this because I have seen good and solid business opportunity fail to breakthrough because of the incompetence of the team.
In conclusion, these are the five conditions I use to determine the preliminary feasibility of any business opportunity I intend to take advantage of and I hope they will serve you as well.
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