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Showing posts from May, 2020

Identifying Business Opportunities

Entrepreneurs are meant create opportunities from obstacles. Entrepreneurship has therefore often come handy in solving some of the problems our communities face. A successful entrepreneur will therefore be able to spot new opportunities and move in to execute them by offering solutions. Here are some tips on identifying business opportunities to execution. 1.       Identify problems that need to be solved. Opportunities present themselves as problems. It could be as a result of an emerging technology or trend in your surroundings, or it could be a new product in town that people do not have an idea yet how it can be harnessed. An entrepreneur will need to research into the problem to figure out how he/she can offer a solution and create value as a result of the project. Screen and test wants of different people, since demands from people always vary. It’s therefore important to verify how your idea is going to help individuals with different expectations. 2.       Avoid shortcuts, but

Starting a Small Business

In Case you are doubting yourself on starting small, just remember that 98 percent of all businesses in Kenya are Small and medium enterprises (SMEs). You could be having a unique business idea, or you could be working towards financial independence, designing your career or probably just investing in yourself. These are some of the reasons one opts to start a small business. However, staying in business is not a smooth ride for any small enterprise, in fact it is estimated that only two third of businesses survive the second year in operation; and only half of these small businesses survive a fifth year. Therefore, beyond starting a business, one must have a plan to keep it. Here are some steps help you succeed in keeping your business. 1.     Research After identifying the business idea, try to balance it with existing realities. Try validation of your idea through research. Identify if there is need for your product/service, who you are planning to serve, identify other compan