How Unemployed Youths Can Identify Business Opportunities

 

 

In my previous articles, I have looked at some of the facts that you need to know about entrepreneurship but in this article, I want to talk about some of the ways by which unemployed Youths can identify business opportunities and stop running after white-collar jobs. Follow me as we are going to look at that together in this article. 

Business Opportunities are identified from the business environment, customers, government institutions, mass media, schools among others.

Most societal problems are opportunities for the entrepreneur to provide a solution, that is a product or a service.

It could be a new drug to solve a health problem, new farm equipment, or pesticide, a multimedia system that is used to impact knowledge in schools, a new course in the university, a new perfume that prevents body odour, an accounting problem among others. 

 

This shows that the entrepreneurial process requires and involves improving existing products and commercialising untried technology. Entrepreneurship is neither a science nor an art. It is more of a practice, however, as in all practice, such as accountancy, Engineering, Medicine, knowledge is vital as a means to an end. 

 

The practice is what really defines who is actually an entrepreneur. Drucker (1985) explained that every practice rests on a theory of economy and society. Intending entrepreneurs get their knowledge, skills and passion through informal education and experience in the family business, apprenticeship or on the job, practical training in small or large organisations. 

 

Formal training can also be obtained in educational institutions. Entrepreneurship is increasingly becoming a discipline and course of study in universities, professional institutions as well as technical and vocational schools. 

 

The emergence of a free-market economic system in hitherto to state-controlled economies of Eastern Europe, defunct Soviet Union, China etc. and developing economies in Asia, Africa, Latin America among others has given an increasing rise to global entrepreneurship.

 

The free market system encourages competition in the marketplace among entrepreneurs.

To remain in the market and be relevant to society, the entrepreneur must be very innovative and continually developing new products with greater value to their customers.

 

Innovations have been the bedrock and driving force of modern entrepreneurship. Business ventures that are not willing to invest in innovation are soon forced out of the market. This is a pointer to business failure.

 

Through innovation, new industries are built and existing ones changed. Innovation is usually in all aspects of a business; in product design and development, in production process and techniques, in managing staff, finance, marketing, sales, distribution, customer services and so on. This invariably means that entrepreneurship has also gone beyond just starting a new business venture or owning a small business.

 

To be entrepreneurial, specific characteristics are required of an individual.

These are abilities to create new things, something different with added value. Entrepreneurs strive to do things better, creatively destroying existing orders and introducing new and better ones.

 

Entrepreneurship is not only found in business organisations but also in non-profit making organisations. It is found in government, non-governmental organisations and even religious organisations.

 

 Many government establishments also innovate, create new things, change and add value to their products and services.

 

Take, for example, the activities of many Nigerian government regulating agencies and research institutes and proactive government officials who attempt to bring some innovation into the government.

 

An example can be found in NAFDAC and NIPOST that made themselves very relevant to society with their various products and services. 

 

NGOs develop various ways of offering services as well as assessing funds from donor agencies. Once their proposals are creatively written to be responsive to core development intervention areas such as health, basic education, gender issues, conflict resolution, microfinance among other development financial institutions and donor agencies will be willing to provide funds. 

 

Proposal writing and project execution require foresight, creativity and innovation. Many churches and other religious organisations, especially the charismatic ones are also very entrepreneurial.

 

A number of clergies are engaged in a lot of entrepreneurial activities. They create new and different approaches of worship, ceremonies, as well as novel approaches to evangelism or missionary, works to satisfy the needs of their members as appealing to new members. 

 

There are innovations in their obvious products such as the regular church services offered ion Sundays, Bible studies, evening services, find raising services like bazaars and special services such as being ceremony, baptism, marriage, funeral among others.

 

Others even go as much as to introduce other products like daycare services, medical care, basic and higher education  etc Schools, hospitals, publishing houses etc established by churches are among the best in the world. 

 

The church is also one of the best mobilisers of funds for community development. Clergies who are able to introduce acceptable innovation in their churches are great achievers today.

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