Non born entrepreneurs understand that Business is synonymous to risk because of elementary business risk theory which states that business with high risk generate high Return.
Risk averse people seldom thinks of any business. After consulted for people as a Small Business consultant,
I discovered that the biggest puzzle is RISK.
Most people I consulted for always want me to partner with them.
The second weakness I discovered is lack of self confidence. Even when they have the best idea, the fear that the idea might not work wouldn't make them to start the business until they see some one doing well with similar idea.As a principle, I don't give people business idea because even when I give them, they have hundred reasons why the idea wouldn't work.
How to Identify business with low risk
Risk analyst and managers helps business to reduce their risk. However, individuals may not afford such service. The best way to analyze risk are
Risk analyst and managers helps business to reduce their risk. However, individuals may not afford such service. The best way to analyze risk are
1. Consider the demand of the product
2. Consider how perishable the product is
2. Consider how perishable the product is
With careful research, some small business actually has Low Risk with high Return potential. These small business ideas are in Nigeria.
The egg Business
The demand for egg is ever increasing especially in lagos. Over one million egg is consumed in Nigeria daily. Car is required for daily supply.
The demand for egg is ever increasing especially in lagos. Over one million egg is consumed in Nigeria daily. Car is required for daily supply.
Yam supply business
The demand for yam is also highest in Lagos. A bus or truck is required for maximum profit. States that produce yam in commercial quantity includes Benue, Ekiti and ogun.
The demand for yam is also highest in Lagos. A bus or truck is required for maximum profit. States that produce yam in commercial quantity includes Benue, Ekiti and ogun.
Indomie wholesale business
Indomie noodle is a household product in Nigeria. The emphasis should be on the total sales not price.
Garri business
Garri is demanded in commercial quantity by restaurant and household. It is considered low risk because of the excess demand.
Football Viewing Centre business
People are passionate about football. There can never be too many viewing centres. However, the business thrive more in a highly populated low income area and strategic location.
Recharge card business
Many people has wrong notion concerning recharge card business. People makes lot of calls on their phone daily. Recharge card wholesale business is always a multi million naira business.
These are the few examples of low risk high Return Businesses. My attempt here is to give an instance of low risk business.
All these businesses has a single similarity- High Demand. At worst, the owner recoup the startup capital.
