After fulfilling the legal and other obligations required in starting and running a business, an entrepreneur must understand and foresee the future of his/her venture and also plan, lead, create and innovate in order to be able to avert/minimize impending failures.

The following are few ways to assess the potentials of your business and determine the best action plan(s) to adopt to forestall failure or achieve success:

Acceptance

When a product/service is widely accepted as solution to problem, the first hurdle in the business will be behind the entrepreneur. Sometimes a great deal of convincing needs to be done so as to help the potential client understand the propose value inherent in the offering and the importance compared to other existing product/service.

Revenue

When a business is able to generate revenue to break even and yield profit for its owner, there will be stability in its running and activities. Revenue also gives a business the opportunity of growth, expansion and also helps it compete favourably against others in its industry.

Feedbacks

When the opinions of your customers about what you offer are positive, you tend to work on sustenance and improvement but when they are otherwise, you have to improve in order to meet their expectations.

Future relevance

It is very important to visualize the future of your business, understand the strength, weaknesses, opportunities and threats (SWOT) surrounding the business. This will provide the insight for divestment and other decisions.

Structure

Assessment of the structural make up of a business reveals the placement of roles and responsibilities in whose hands and how these roles and responsibilities are being carried out with competence. With proper structuring, a business can achieve its goals easily and record great success

Competition

Assessing your competition and devising how to better your product/service and stay ahead is crucial to the survival of every business. Adopting efficiency, quality, location and strategic positioning as competitive styles can help a business gain more market share and customers loyalty.


Source: http://tushmagazine.com.ng/6-ways-assess-potentials-business/

Thanks. It's really helpful!

FTC this Monday morning, a sign of God's favor and blessings.

I'll rather use the money and buy snake. That's the surest business now.

Business can only grow base on the attitude and hard work you put into the business. You can sleep day and night and expect the business to grow over night. Now way.

9ice

Good thread....

Umm...

Cool

OK. Thanks

Good write up

Nice one

Thumbs up, Op.
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Well outline, i place more attention on the SWOT analysis.

valid points, nice one..

Hmm..

Webman007:
Good points...

Your online compitiveness and relevance is also important...

Nice one. U used the opportunity to advertise your services.. I like that.

Kennycyphers:
Nice one. U used the opportunity to advertise your services.. I like that.

Hustling things bro

Webman007:


Hustling things bro

I understand. I dey that line too. U just gave me an idea. Thanks.

Oh

Oshe op. really make sense

ShitHead:
I'll rather use the money and buy snake. That's the surest business now.

You want to buy snake when all your mates are just catching them in the bush. Lazy man.