1. GENERATION, IDENTIFICATION, SELECTION OF BUSINESS OPPORTUNITIES

2. Introduction
Opportunity may be defined as a time when a particular situation makes it possible to do or achieve something.
Opportunity, therefore, relates to creating value and developing new market, hence creating new customers.
Business opportunities are the situations or circumstances the would-be entrepreneur ceases to his/her advantage in order to succeed.
Business opportunities are in abundance in virtually all sphere of life. Just look around you and see what is missing, what is needed in your immediate environment (communities). If you provide a real product/service and fill a real need, you are bound to succeed.

3. The process for Business Opportunity
ENTREPRENEUR
Social Economic
Profile
Back ground
Interest
Preference
Resources
Skills
ENVIRONMENT
Location peculiarities
Infrastructure
Competition
Social Cultural factors
Resource availability
Economic conditions i.e government policy failure.
local market potentials
ENTREPRISE
Types of Economic Activities
Nature of activity i.e manufacturing, servicing, waste, linked to existing business, product based on specialised skills, trading
Size of investment
Product
Technology
Situation that makes it possible to do and achieve. Transport in Abuja

4. How many horses in this picture?
Opportunities abound
Ideas are everywhere but they are not necessarily opportunities. Nobel prize winner Linus paulings said keep a journal of good ideas.if a customer wants it and is willing to pay for it then is opportunity. Empasis the cutomer not you
How many horses in this picture?

5. The Search for a Good Business Opportunity
There are mainly two ways to generate business ideas:
I. Generate your own ideas
2. Develop other persons ideas
Other sources of business ideas:
Poor delivery of a product or service
Advances in technology
Failure of a product or a company
Monopoly
adaptation or imitation

6. Generation of Business Ideas
The generation and selection of business ideas ( opportunities) start with the environment
The key to entrepreneurship is the ability to generate, pursue and capture the value from venture ideas
No one can call him/herself an entrepreneur until he/she has generated and at least begun to pursue a venture idea
Idea may be defined as a business concept that is turned into a tangible product or service offered by a business enterprise that will result into financial profit
Idea, therefore, is related to creating value and developing new market, hence creating new customers
In search of a good business opportunity, the entrepreneur needs to enlarge his/her coast; that is like the Politician, the entrepreneur must reach out to the masses. Press the flesh and talk to people.

7. Sources of Business ideas
literature
thought
inspiration
observation
Hobbies
talent or gift
media

8. Sources of Business Opportunities
The sources of business opportunity to an enterprise may be broadly classified as:
Internal
External
Drucker argue that opportunity identification can be systemized and opportunities can be by monitoring seven basic sources: demographic changes, new knowledge, incongruities (gaps between reality and expectations) industry or market structure, unexpected successes or failures, process , needs and changes in perception

9. Evaluating Business Opportunities
A new business opportunity should only be pursued after it is assured that it is both valid and right for the enterprise or individual.
The enterprise or individual has a business strategy and plan to which they are committed.
Is the opportunity consistent with the organization's strategy or the individual’s aspiration?
The entrepreneur must be consistent, persistent, and committed to their objectives, so as to see the potential of the market and evaluate the business concept.

10. Evaluating Business Opportunities Contd
The following questions should be asked and answered about any new business concept to properly evaluate its worth:
What Produces the Opportunity?
What are the Character and Size of the Market?
Is it worth the Effort?
Is the Opportunity Feasible?

11. Root of opportunity PROBLEMS YOU CAN SOLVE
CHANGES IN TRENDS, SITUATION, LAW
COMPETITION- price, quality, service delivery, time, location
TECHNOLOGICAL INVENTIONS
UNIQUE KNOWLEDGE

12. Available Major Raw Materials in Nigeria
Nigeria is blessed with abundance of raw materials scattered all over the states of the federation. The would-be entrepreneurs should explore the tremendous business opportunities in Nigeria.
The Raw Material Development and Research Council has been mandated to identify the raw material location in Nigeria and make them available to both local and foreign entrepreneurs

13. Available Major Raw Materials and Location in Nigeria
Cattle, Goats and Sheep: Borno, Bauchi, Gombe, Yobe, Kano,Kaduna, Katsina, Zamfara, Kebbi and Sokoto
Domestic Fowls, Chicken, Ducks and Turkey: Most parts of Nigeria
Tomatoes, Oranges, Pineapples, Mangoes,etc: Mangrove Swamp, lake chad, main rivers in Nigeria and Nigerian Territorial waters
Cotton seeds, groundnuts, coconut, palm kernel, palm oil, soya bean: Anambra, Enugu, Rivers, Cross River, Akwa Ibom, Edo, Delta, Imo, Abia, Ondo, Ogun, Ekiti, Osun, Adamawa, Yobe, Oyo, Kwaara Kogi

14. Available Major Raw Materials and Location in Nigeria Contd
Maize, Guinea corn (Sorghum), Millet: Ogun, Ondo, Ekiti, Osun, Oyo, Edo, Delta, Benue, Adamawa, Yobe, Kaduna, Imo,Akwa lbom,Kogi, Plateau, etc
Rice: Niger, Enugu, Ebonyi, Kebbi, Nasarawa, Edo, etc
Cocoa: Oyo, Ogun, Ondo, Ekiti, Osun,Edo, Delta and Lagos
Yam and Cassava: Benue, Adamawa, Oyo, Ebonyi, Kaduna, Katsina, Edo, Delta, etc
Ctton: Kano, Katsina, Kebbi, etc
Wood: Anambra, Edo, Delta, Ondo, etc

15. Available Major Raw Materials and Location in Nigeria Contd
Coal: Enugu and Plateau
Lignite: Edo and Delta
Crude Petroleum: Bayelsa, Rivers, Cross River, Akwa lbom, Imo, Abia Edo, Delta and ondo
Natural Gas: As in Crude Oil
Clay (Kaolin): Kaduna, Ogun, Osun, Abuja etc
Glass Sand: Enugu, Anambra, Edo, Kano, etc
Salt: Ebonyi, Cross River, Akwa lbom, Gombe, Bauchi, Kwara, Kogi, etc

16. Government and Business Opportunities
Business opportunities are in abundance in Nigeria.
Government should strive to make the environment entrepreneurship friendly by providing the basic infrastructure for private business to flourish
Good Regulatory and Legal Framework
Effective Facilitatory Role
Protection of Life and Property
Comprehensive and total Government Support and commitment

17. Business Opportunities Profile
Agriculture (Farming)
Service Industry
Agro- Allied Ventures
Chemical and Allied Ventures
Metal and Non-metal Fabrication and Products
Mining

18. Factors Militating Against Your Exploring The Opportunities
Fear is a giant and only a human colossus and a giant killer can survive in today’s galloping business environment
Entrepreneurs are giant killer
You must first acknowledge that fear is real
Immediately you acknowledge fear, do something about it.
Do not Waite for tomorrow
Learn how to pray and mediate- remember the Lord has not given you the heart of fear, but the heart of love, power, and sound mind
Be persistence
Avoid telling lairs to yourself and others
Always be positive

19. The selection process Is it practical? Is it legal?
What service or product will I sell?
Does it satisfy the need(s) of other people?
Are they willing and able to pay for it?
Am I ready to produce the right quality and sufficient volume to earn economic returns?
Are there opportunities for linkages with bigger firms and cooperation with peer firms?
How quickly can I adapt to meet changes in users’ need and taste?
Is there a prototype of the product?
What is my business advantage over existing firms?
Can I create a special demand for my business output?

20. Conclusion
There are a lot of business opportunities ahead for would-be entrepreneurs.
There are opportunities around every corner
There are many opportunities for smart people to provide great hands on service, especially in areas that improve the quality of life for today’s dual income families.

21. Conclusion Cont’d
We can see great opportunities in applying creative thinking to solving mankind’s crying need for every basic support service- better homes, better jobs and better way of life.
THE ENTREPRENEUR SHOULD NOT BE IN A HURRY
THINK DEEP AND WIDE
THEN ACT TO BE SUCCESSFUL

22. THANK YOU AND GOOD LUCK
THE DISCUSSION CONTINUES IN YOUR PRIVATE JETS