An idea for a business is the first step for any potential entrepreneur who wants to start a business. Selection of a business is arduous task and an entrepreneur normally oscillates among opportunities. For the advantage of aspiring entrepreneurs let us visit some of the business opportunities worth considering.
Business opportunity basically exists in three sectors viz., Manufacturing, Service and Trade. A naturally available basic material put into a process through machines undergoes conversion to become a finished product is manufacturing. Sand becomes bricks. Iron becomes nails or sheets. A product to which value is added through a process using equipments are classified as service. Adding value by painting a product, making a lady beautiful in a parlor etc are in the services sector. Simply buying and selling is called trading. A wise and initial step will be to decide which of these sectors one has to choose.
Basic needs of human beings are Food, Shelter, Clothing. Today added to this list is Education. A business in any of these needs is a sustaining model. It is also true that this area faces stiff competition. A model with innovative idea, with value added products, with high standard and quality and with a competitive price may survive as the fittest.
A broad classification of business will be Agriculture and Non-Agriculture. Agriculture again could be sub-dvided as Direct Agriculture and Indirect Agriculture. Direct Agricuture is in the actual fields. Growing and cultivation of agri products of all nature. The support system to direct agriculture is indirect agriculture,such as machineries and equipments for agri, cattle and cattle feed etc. Some business suggestions in these areas though not an exhaustive list and indicative one as follows:
Growing vegetable, fruits, greens, herbs etc
Agriculture machineries for ploughing, harvesting and cutting etc.
Cultivation of crops like rice, sugarcane etc
Water supply machines
Cultivation of commercial crops like cotton
Coconut and allied farms
Under Non-Agriculture we can find plenty of opportunities sector wise, such as, Engineering,Civil, Mechanical, Electrical, Chemical, Information technology, Communication, Education, Publications, Viusal media and so on.
One can look for opportunities in new sunrise areas such as energy conservation, healthy/organic/natural foods, waste conversion to wealth. More awareness is being created in enrgy converstion where you may look for business opportunities in solar technology, LED lights and products. Organic farming and supply of organic food materirals where plenty of opportunity exists. Waste to wealth is a social need and where not more have ventured into though opportunities are plenty.