What are the best business opportunities with the highest return on investment? Which business opportunity has the potential for rapid growth? Which business opportunity has the potential to help me become a billionaire like Bill Gates, Larry Ellison or Warren Buffett? If any of these questions best describe your thoughts, then please read on.
Most aspiring entrepreneurs are usually confused when it comes to starting a business because they can’t figure out the best business opportunity to invest in. Just recently, I got an email from a reader on this business blog and this was the reader’s message.
“Respected Sir, how are you? This is (name withheld) from London, United Kingdom. Now I am doing MBA and ACA as well. Sir, I am very interested in business but I am very confused about the field. Which field is more suitable for business, for growth? Would you like to suggest me something? Thanking you.”
I receive such emails on a daily basis so I decided to do a piece in reply to this email. What’s the best business opportunity with the highest returns on investment? Well, you are going to find out soon.
In this article, I am going to explain in detail the best business opportunity and how to find such opportunities. If you are an aspiring entrepreneur or an employee with a strong desire to start a business? If you are looking for a business opportunity that will help you make a million dollars or become a millionaire, then please read on because this article is for you.
What are the Best Business Opportunities with the Highest Returns on Investment?
Well, before I reveal to you the best business opportunity of the moment; I want you to take a careful look at the list below.
1. 1900 – Andrew Carnegie made his money from steel – $475 million
2. 1910 – John D. Rockefeller became a billionaire in oil – $1.4 billion
3. 1920 – Henry Ford became a billionaire in the auto industry – $1 billion
4. 1940 – Howard Hughes became a billionaire with military aircrafts, contract, tools and movies – $1.5billion
5. 1957 – J. Paul Getty became a billionaire in oil – $1 billion
6. 1962 – Henry Ross Perot became a billionaire with EDS – $3.8 billion
7. 1970 – Sam Walton took retailing giant Wal-Mart public and became a billionaire – $22 billion
8. 1980 – Ron Perelman made fortune as a Wall Street deal maker – $3.8 billion
9. 1990 – Jerry Yang founded Yahoo! – $3.7 billion
10. 2008 – Aliko Dangote became the richest black man in the world as a manufacturer – $3.3 billion
11. 2010 – Mark Zuckerberg became a billionaire with FaceBook.com – $6 billion
Some of the successful entrepreneurs mentioned in the list above were school drop out billionaires. Is this list exhausted, my answer is no. Oprah Winfrey became the richest black woman in the world with television show productions. J, K. Rowling joined the billionaires list with her book “Harry Potter Series.”
Debbi Field’s became a multi millionaire selling cookies; and Mary Kay Ash became a billionaire with her company “Mary Kay Cosmetics. Rupert Murdoch and Ted Turner became billionaires by running their own cable network channel company; “Fox Broadcasting Corporation” and “CNN” respectively. I will advice you read the article below to further understand the point I am trying to buttress.
Now what’s the best business opportunity? My answer to the question above is this: “The best business opportunity with the highest returns on investment does not exist.” Are you surprised? Please don’t be. I know you might be expecting me to make a list of businesses ranging from oil and gas to web based businesses. I am sorry to disappoint you because there is no stipulated best business opportunity with respect to the illustrations I cited above.
However, there’s a contradictory twist to my answer. I believe the best business opportunity exists but you have to create it or make it a reality yourself. Now what am I trying to stress? The point I am trying to stress is that becoming a successful entrepreneur does not depend on the business opportunity; it depends on you. So if you successfully go through the entrepreneurial process, you will find your own best business opportunity.
How to Find the Best Business Opportunities
Well, instead of telling you to start an oil and gas supply business or an internet business; I am going to reveal to you five criteria to creating your own best business opportunity. If you are still willing to learn, then below are five criteria to choosing, creating or finding your own best business opportunity.
1. Your Entrepreneurial Mindset
The first key to successfully creating or finding the best business opportunity is you because building a successful business starts with you, the entrepreneur. Are you in the right mindset? Do you have what it takes to build a successful business? I listed the entrepreneurial mindset here because it the fundamental key to starting, building and growing a business. The state of your mindset will determine how far you will go in the entrepreneurial process of building a business. Choosing the best business opportunity begins with you answering the following personal questions.
- What is your risk bearing capacity?
- Are you prepared to face business challenges?
- Are you prepared to handle business failures?
- What’s you perception towards making mistakes in business and life?
These are the type of questions you need to ask yourself before starting a business because these questions will reveal your mental preparedness for the entrepreneurial journey at hand. I definitely can’t explain in details how to develop your entrepreneurial mindset but I believe the following articles will help.
2. Your Startup Capital
The startup capital you have access to, is another factor that will determine the best business opportunity for you. The best business opportunity for an entrepreneur with access to a $1,000 business startup capital will be quite different from that of an entrepreneur with a million dollars in startup capital. The entrepreneur with a $1,000 startup capital may consider starting a blog while the entrepreneur with the million dollar capital will feel that starting an oil and gas distribution business or a manufacturing firm will be the best bet. So take note that your startup capital is a predominant factor when seeking the best business opportunity.
3. Your Business Team
The competence of the business management team you have on board will determine the best business opportunity to pursue. If your business team has a track record of successes; then raising capital to pursue big projects will be a piece of cake. But if you are a solo entrepreneur, then your best business opportunity will be quite different.
4. Your Business Plan
If you have the right plan, coupled with the right team and the right mindset; then you can pursue mega projects. But an entrepreneur who lacks the orientation of the use of a business plan will just bootstrapped his or her business on a shoestring budget. The extensiveness of both your personal and business plan will determine the kind of business opportunity you will pursue.
5. Your Business Idea
Lastly, the best business opportunity varies from entrepreneur to entrepreneur based on the ideology of the entrepreneur and the prevailing circumstances. Your best business opportunity may differ from mine based on prevailing circumstances such as trend, your passion, hobby, skill, geographical terrain, demographics, psychographics, demand, supply, economic policy, etc.
The best business opportunity for someone in Nigeria or China will differ from that of someone in United States, Canada or India. And most importantly, I listed the “startup business ideas” last because it is the least important necessity to starting a business. Remember, the world is filled with brilliant, million dollar ideas but the world lack savvy entrepreneurs.
An average business idea with the right mindset, a strong business management team and the right business plan will outperform an excellent million dollar idea with a poor mindset and a weak management team. So when analyzing a business opportunity, make sure you do your preliminary feasibility study. Also make sure that the right combinations are in place and when contemplating on the best business opportunity to take advantage of; take into consideration these five criterion and I will see you at the top.