Identifying

Opportunities
for
Business at
Home and
Community
 Words for Study
1. Opportunity - a convenient time or occasion. In this lesson
it refers to an opportune time to open a business.
2. Business - an employment, trade, or profession. In this
lesson it refers to a trade or economic activity for the
purpose of earning.
3. Needs - something necessary or indispensable.
4. Wants - what is desired but not necessary or
indispensable.
5. Demand - a much sought after or a state of what is
needed.
6. Supply- to provide what is needed.

7. Product- something produced or manufactured. It also

refers to goods or commodities.

8. Service- refers to work or to the discharge of one’s

occupation or
profession in exchange for a monetary value.

9. Technology- the science of developed technique or skill in

industrial processes or in trade.
6. Supply- to provide what is needed.

7. Product- something produced or manufactured. It also

refers to goods or commodities.

8. Service- refers to work or to the discharge of one’s occupation or

profession in exchange for a monetary value.

9. Technology- the science of developed technique or skill in

industrial processes or in trade.
 How to Effectively Identify Opportunities for
Business

By this time, you may have an idea about

the type of business you maybe interested in
whether this is a product or a service. Remember,
good business does not depend purely on intuition
or
suggestion from others, but is a product of
good business analysis. You should also
remember that being in the business
involves a lot a risks. That is why a
successful entrepreneur is, above all other
traits, a risk-taker.
 It is important to analyze
carefully the skills you have and
the nature of the business you
want to have. Be sure that your
skills match the type of business
products or services you want.
One of the first thing you should
remember in identifying business
opportunities is that most
businesses have two things in
common and that is the human
needs and wants.
How To Spot Opportunities for Business

You can start by studying your own

community, which includes the subdivisions,
villages, and barangays around you. Study if your
community is self-sufficient to the needs and wants
of the people living in it, or if the people in your
community still have to go out of their
 way to buy their needs and wants like
eating outside and buying food, buying things
or services they need for their work, schools,
their own house, or when they want to get
their cars washed, to go find someone to get
something fixed etc.
Study the demand and supply gaps. Find out if
the demand for certain products or services in
the community are being met. Find out if the
demand for some products and services is being
filled sufficiently by the local suppliers and
producers. Find out whether or not local
supplies can cope with the demand in the
community.
 The availability of resources in a particular
are can also suggest business opportunities . These
resources may be in the form of skills or services. You
should always grab the opportunity to develop these
resources into highly marketable products.

Technology also largely helps in the production

of new products. It is an aid in the growing needs of
the people in the community. Through research, it
provides many business opportunities by providing
ideas on how to develop a product in the fastest way.
THANK YOU AND
GOD BLESS YOU
KIDS