From the definition of an entrepreneur, one of the most crucial roles of a businessperson is to identify business opportunities. Franchises can be termed as business opportunities. Not all business opportunities can qualify as franchises. It is imperative to know the above difference before an individual commits oneself to the process of identifying a business opportunity. The paragraphs below will explain nine qualities of a potential person who can qualify for the post.
Opportunity seeking
This quality will enable the entrepreneur to perceive a business idea even in situations that seem unpopular. This trait will also let the employee identify the opportunities for getting financial resources as well as acquiring technical assistance. This aspect is very crucial for the implementation of business ideas.
Communication skills
The ability to communicate is a relevant skill that the employee should have. Economic experts hail the internet terming that the world has become a ‘small village.’ As such, the person who qualifies for the task must show a lot of competence when handling mailing services, as well as having exemplary skill in using social sites such as Twitter and Facebook. These are the key crucial communication channels that have significantly revolutionized business. The individual must be able to communicate using a wide variety of languages or rather have commanding public speaking skills. It will enhance his or her communication skills and widen the scope of noticing a business opportunity. Since the business is technological oriented, the individual should be able to exhibit compelling skills in telecom technology, as well as have confidence in search engine optimization. The listening and hearing capabilities of the entrepreneur are critical for the duty and the employee should be an excellent communicator and listener.
Good at concept formation
The person employed for the post must be good at determining the nature of the existing market and form an idea on how to determine its competitiveness. He or she should be able to assess the business opportunity by asking the right questions that will identify the desires of the employer. For instance, some individuals can start a business to target a section of the market. Others can venture into business because they desire to get free from the daily routine or work under someone. Real answers to the questions will provide a substantial basis for the anticipated growth of the business in the future. In order to determine the economic feasibility of the business opportunity, the entrepreneur should assess the available market size. After that, the capital start-up requirements for the business can be evaluated.
Commitment
The employee must be able to complete the responsibility given to him or her by the customer on time. The business owner expects the employee to respect and honor the contract. Therefore, the employee must be able to do everything possible to fulfill the tasks given to him or her by the employer.
Flexible
This is the ability and the willingness of the employee to change his or her plans. Economic experts warn that rigid individuals are not able to respond positively to some changes. The job entails a lot of traveling, and the employee should be flexible enough. Also, he or she must be able to work under intensive pressure but with minimal supervision. In the event, that the idea fails, then the individual should be able to propose a backup plan.
Informed
This trait is vital; the individual who will qualify for the post must be able to seek the information required. Having information beforehand is crucial foe business opportunity identification. The information that the person seeks must cover the customers and the suppliers as well as the competitors. This will improve the general knowledge of the business.
Good planner
From the business perspective, a good planner is an individual who can initiate a plan that will ease the tasks of monitoring and evaluating the business once it is in progress. A good planner will advise the business owner on how to monitor the business entity effectively. He or she should also develop alternative plans that will ease the responsibilities. Every business entity seeks to reduce costs and maximize profit. Having a good plan will reduce costs in the long run. Excellent planning skills can win the confidence of other business-minded individuals, agencies, and groups. The company will significantly benefit from the contact created, and the link can enable the firm to outsource crucial information
Self-confidence
A self-confident individual firmly believes in oneself. Confidence is the most crucial component. Confident individuals are ready to meet challenges and can as well complete challenging tasks.
Risk-taker
As an entrepreneur, the person who can be considered for the post must be willing to take risks. Before the business owner commits resources, then the risk that will accompany the business opportunity must be assessed well. Once the risks have been ascertained, then the individual should inform the owner accordingly. Every business entity aims at maximizing profit. However, it is worth noting that businessmen will prefer to take those uncertainties that are manageable.