6 Important Processes In Exploring Business Opportunities

In this article, I'm going to analyze the six important processes in exploring business opportunities. 

A willing entrepreneur must and should go through the following process in order to capture attractive investment opportunities. 

1). RECOGNIZE NEED FOR RUNNING A VENTURE.  A venture must be fully recognized,  I.E you must know the reason for the establishment of the particular enterprise. The propelling influence,  need, drive or motive responsible for running of the enterprise. 

2). CONDUCT SELF APPROVAL. Secondly, you need to Examine yourself to know if you have all the necessary requirements/qualities needed for running that particular enterprise. 

3). SCAN THE ENVIRONMENT AND INDUSTRY. This process will enable you to access and understand the environment ie the advantages and disadvantages of running an enterprise in the environment. 

      That can be achieved using 
    * Environmental scanning 
    * Environmental forecasting 
    * Environmental change 

4). ANALYZE BUSINESS IDEA. This can be done by the use of proper pre-feasibility study and comprehensive feasibility study.

5). SELECT THE BEST IDEA. This stage is very important because it is an investment decision stage. Here you need to select the best idea from the one analyzed in No 4.

6). IMPLEMENTATION OF THE SELECTED IDEA.  This is another important stage because without the implementation the above stages will be a waste.  In the stage you need to start with proper business planning in order to meet your goal. 
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