Andrew Ayiku, a lecturer at UPSA spoke on ‘How to Spot & take Advantage of Local Business Opportunities’ on this episode of the Effective Living Series.
He explained that an idea is not an opportunity.
“An opportunity needs to create demand, needs to create something new, needs to solve a problem.”
He also noted that opportunities must have staying power.
“An opportunity needs to be durable, should be able to withstand time, should be able to hold on to the risk involved in running a business.”
In addition, opportunities must create a value proposition, respond to gaps that transform prospects into potential.
“There are certain areas of the market you should never even think about because when you think about it, you can’t compete, so you should go for a niche market.”
Mr. Ayiku also stressed the importance of location.
“Your location will lead you to the purchasing power of the people, so where you are located depends on where you price.”
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