Once you’re able to identify what the characteristics of a business opportunity are, the next step involves knowing how to identify business opportunities so as to start a business.
Although knowing how to identify business opportunities comes as a 6th sense to some, there are many entrepreneurs out there who find it a bit challenging to venture into business not because they don’t have what it takes, but because they don’t really have a grasp on how to identify business opportunities.
We’ll therefore be looking at a couple of the most effective and super easy ways on how to identify business opportunities so as to give would be entrepreneurs an idea as to how to go about venturing into business.
How To Identify Business Opportunities
How To Identify Business Opportunities #1: Observation
This is my personal favorite way on how to identify business opportunities and all what it requires is for one to identify the problem or opportunity in their environment so as to come up with ideas as to how they can come up with a product or service that can add value to the lives of others e.g. a while back I observed that most of the “make money” blogs offered “tips” on how to make money online but they really didn’t teach people the science behind it which is entrepreneurship and that’s why I decided to come up with Scopegater, a blog where Entrepreneurship is for the
foundation, Blogging is for the business and Inspiration is for the strength to carry on.
How To Identify Business Opportunities #2: Association
Association simply means that you interact with like-minded people though it would be more beneficial to associate yourself with people who are more successful than yourself as they will open up your eyes to a whole new world of possibilities e.g. if you want to venture into internet marketing or you happen to be a newbie then it would be best to subscribe to the blogs of other successful bloggers since their updates, tips and tricks can go a long way in helping you come up with a business opportunity of your own.
How To Identify Business Opportunities #3: Customer Complaints
If there’s a business in your environment that offers mediocre services to its customers (you included), then you can list down what makes it “suck” and come up with innovative ways to do a better job than they are.
Remember that a business that puts a smile on its customer’s face is the one that wins the war.
How To Identify Business Opportunities #4: Reading About Other Successful Entrepreneurs
If you’re really serious about wanting to venture into business then you need to cultivate within yourself the culture of following up on what other successful entrepreneurs are doing and this can be in the form of reading business magazines, reading business books or even watching their documentaries. Doing this will train your mind to start identifying business opportunities as well.
How To Identify Business Opportunities #:5 Research
It is also important to research about existing gaps in the market when looking for business opportunities as this will aid you in identifying what’s lacking in the market. The internet has transformed the world into a small “global village” so I’m pretty sure it’ll come in handy to help you do your research.
Last Word On How To Identify Business Opportunities
Irrespective of whichever business opportunity you come up with (after utilizing the above tips on how to identify business opportunities :)), you need to ensure that it “fills an existing gap” in the marketplace or you might risk investing in something that won’t have any returns.
From experience I can say that the best business opportunities present themselves in a natural way and as such you shouldn’t try to force them, they’ll present themselves before you one after another.
The above ways on how to identify business opportunities are meant to be catalysts hence they make the process a little bit faster.
As always, feel free to share what your thoughts are on how to identify business opportunities; I’d certainly love to hear from you!