4 Types of Business Opportunities in Entrepreneurship

Do you wish to become a successful entrepreneur? Are you currently working as a full-time employee, and are keen on trying a new venture? If yes, you need to understand that businesses come in different forms. And, businesses are known for imposing heavy challenges on potential candidates. However, you need to seize the right moment and grab a business opportunity that can work well for you. Fortunately, the number of business opportunities in entrepreneurship is increasing on a daily basis. This means you have so many types of business opportunities to choose from, ranging from federal to online to home to many more!

A Basic Definition

By definition, a business opportunity is a well-thought-out idea that needs to be developed. It should never be confused with “generating a new idea”. Instead, you need to accept the fact that the idea is already present. And, as an entrepreneur, you are responsible for working on this idea. Of course, the development phase doesn’t happen immediately. The gap between inception, and development – even with a business opportunity at hand will be big. Mainly because the “idea” has to be shaped, refined, well-researched, and eventually tested.

If you are planning to become an entrepreneur, you can make use of the business opportunity to kick start. After all, this is a packaged investment.

Types of business opportunities

As mentioned previously, business opportunities can be categorized into multiple types. It is crucial for you to understand that every business opportunity has a few common functioning principles. Here are four common types of opportunities you can “try”.

#1 Franchising

First things first, this is one of the most commonly found business opportunities in the industry. If you are not interested in experimenting with new ideas, this could be one of the finest choices for you.

With franchising, your business plan and roadmap will be prepared ahead of time. When you handpick a reputed brand, it is important for you to follow their protocols. Fortunately, adhering to the existing “policies” and “workflows” of a successful brand will only do good.

Famous examples of franchising would be Anytime Fitness, Dunkin Donuts, and McDonald’s.

#2 Distribution and Deals

Next in line would be the distributors. This is a business model where the entrepreneur decides to serve as the distributing hub. As the distributor, the newbie business owner agrees to sell the services and products of another company.  The parent company will be responsible for manufacturing the products. A commonly used example of this business model would be Barnes and Noble.

On the other hand, the dealership is also a special kind of business opportunity. This is where the entrepreneur is meant to focus keenly on the products to be sold. A common example of a dealership would be life insurance policies or insurance for cars.

#3 Marketing

Now, we don’t refer to conventional marketing professionals here. Instead, the focus is on network marketers. These are entrepreneurs who put together plans that can be used to recruit fellow marketers. As a result, a huge pyramid of marketers is created. In this network, products, services, and ideas can be sold. Whenever a marketer successfully sells a product or service – he/she would make money. Meanwhile, every distributor above the “successful marketer” will receive a small percentage of the profit.

Tupperware is widely used to explain this business model. Tupperware grew by leaps and bounds by exploiting the business opportunity in network marketing.

#4 Licensing

Last but certainly not least, you have licensing. As suggested by its name, licensing offers the newbie entrepreneur the “license” required to handle a brand name, or trademark.

For example, if you intend to sell leather jackets and shirts with an authentic license from “Harley Davidson”, the process is known as licensing.

How To Unlock Business Opportunities

One of the best ways to unlock business opportunities is training. For instance, aspiring entrepreneurs can gain in-depth knowledge about executive presence, business leadership, and strategic negotiation through training with the help of a negotiation coach, who specializes in boosting your confidence to make deals, resolve conflict, and become successful entrepreneurs in the long run.

Business coaches provide face-to-face and virtual learning sessions. They have the credentials, qualifications, and years of experience as entrepreneurs and consultants for various organizations. Therefore, they’re the best people who can guide beginners to unleash their entrepreneurial potential, from business planning to sales and marketing.

Moreover, aspiring or novice entrepreneurs can also take advantage of digital courses, eBooks, and other online learning resources. These online resources provide concrete expert advice, including tips, key strategies, and steps on how you can become a thriving entrepreneur.

You can purchase and download online learning resources for free. However, paid versions provide more comprehensive discussions and educational materials on different entrepreneurship topics. In addition, many business coaches also offer online courses and digital learning materials, like modules, for their clients.

Takeaway

The above business opportunities in entrepreneurship aim to provide long-term partnerships and revenues. If you desire to become a successful entrepreneur, look for these types of business opportunities for you to gain and hone entrepreneurial knowledge and competency, such as people management and negotiation skills.