a. Liquid Soap
b. Yoghurt/Sachet water
e. Air freshener
f. Fish Farming
g. Cold starch
Soap is an essential commodity. It is a necessity for every home. Economist would define the demand for it as perfectly inelastic. Just the way we need salt to taste in our foods so also we need soap to make our homes, fabrics, plates and gadget clean.
As an entrepreneur who wants to go into the commercial manufacturing of liquid soap, you do not have to worry about the demand because there is an outstanding demand for it already. All you need to do is to produce good quality soap by following strictly the procedure outlined for you.
1. Courageous: this is the fuel that drives your desire to bear risk and turn problems into opportunities. Just like the automobile engine need to overcome the weight of the vehicle in order to move the vehicle forward so also entrepreneurs need courage to overcome any suspected fear such Low patronage, harsh economic conditions, risk of losing one’s investments etc.
2. Business consciousness. This is a virtue of a successful entrepreneur that sits next to courage. Observations have shown that most Nigerian young school graduates are not business conscious people. This is due to nature of training they acquired from their various institutions. Training that focus mostly on seeking for paid job after graduation from school.
3. Agile: Apart from mental strength, agility is the physical strength that you may need in order to push your ideas forward. As an entrepreneur you need to direct your human and material resources right in order to achieve your goal.
4. Dynamic: When a successful entrepreneur sees opportunities, he immediately creates values. A story was told of a marketer who was sent to a village to go and market a brand of shoes. When he got to the village, he noticed that none of the villagers had shoes on. After making some inquiry; he noticed that the people in that village don’t wear shoes and hence he drew the conclusion that they cannot buy shoes.
But when another marketer was sent to that village, after noticing that none of the villagers had shoes he saw a very good opportunity to sell shoes to them and teach them how to wear shoes.
5. Enterprising: The heartbeat of a successful entrepreneur is creating new ideas every day. He introduces new ways of doing things. Take for example, most of the car wash spots do not have conducive and comfortable area where customers could sit while they wait for their car to be washed. A good entrepreneur sees that opportunity to create a car wash spot with a well-built air conditioned room with wall television, current newspapers and magazines so that customers get entertained while they await the washing of their cars.
6. Profit making: Before he even makes any move after conceiving the idea, he evaluates his progress from the time he takes an appropriate step.
7. Availability of Market: this is a very important factor that a successful entrepreneur must be very sure of as he plans for his business. He must look out for target customers of his goods and services.
8. Leadership skills: one major role an entrepreneur must play apart from taking and managing risk is to direct both human and material resources in order to achieve the laid down goals. You don’t have to be a born leader but it is necessary to acquire leadership skills in order to equip yourself for the task of managing both the risk and the progress of the business.
9. Able to organize: One very important skill that an entrepreneur need is the ability to organize both the human and material resources by assigning task and allocating resources. He also establishes procedures for accomplishing goals.