How to Recognize Business Opportunities?

A key question that bothers every entrepreneur is, whether he or she can spot the most promising opportunity and would that be right for them or not.

How does one recognize the next big thing when they see it? Should the business be focused on bringing in a new product to the market or should it revamp an existing product to a new market? Should it be a service business fulfilling the unmet needs or should the business function on tried and tested formulas? These are just some of the questions that haunt entrepreneurs.

Several of us will come across some great opportunities. But just like most people would respond, you’d probably as well overlook these prospects just because you couldn’t identify them as the path to success. There is no dearth of opportunities, but it is often difficult to determine whether it is a promising opportunity or just a farce. However, every entrepreneur’s goal is to identify the good opportunities at the right time with all the necessary resources that would be needed.

To be a successful entrepreneur, you must be willing to explore opportunities that perhaps others might not consider and turn that into a fortune with your hard work and passion. And so, to discover the business opportunities here are some of the ways that you can toil with to make the best.

Work with the Market Inefficiencies

Take into consideration a market and identify the gaps that are present in it. Do you have an idea that could bridge this gap and make the process more efficient? If yes, then there you have your business idea.

RedBus.in emerged just by identifying these market inefficiencies where there was no perfect way of booking a bus ticket. People had to visit the travel agents or the main offices of bus operators to book the tickets and rarely had a choice to select from. Additionally, as the fares were never published, there would be no fixed fare for the customers. This inefficiency in the system encouraged Phanindra Sama, Charan Padmaraju and Sudhakar Pasupunuri to startup RedBus.in. They aimed to fill the gap in the existing market and are now running the most successful online bus ticketing company in India.

Inspirations Stimulating the Business

There are several inspirations around us but very few take a cue from them and turn it into a successful business. Who would have imagined you could meet new and old friends and maintain existing relationships through the internet? It was an inspiring idea that gave birth to one its first kind of social networking sites, Orkut. It was owned and operated by Google and was the most visited website in the year 2008 in India and Brazil. Another success story that reflects the same emotion is that of eBay. Taking the real concept of flea market and turning it into a financial success is something extraordinary. Was the idea novel? No, but using the simple idea of flea market and providing a platform for buyers and sellers gave people convenience that helped eBay take shape and cater to its present market.

Differentiating your Products

There are dozens of smartphones in the market but Apple iPhones are what everyone craves for. Even though the phone does the same functions as would any other smartphone do, it is the product differentiation that has got iPhone its market share. Creating superior products or services are important for winning. The factors that set your product apart from the rest is what will make it sell. If your business idea has no such differentiating factor and it is just an alternative that people would consider then it might be difficult to convince your potential customers, as they might just feel safe with their existing product.

Taking Challenges Head on

It would not be true if I said businesses have no challenges because it is the challenges and risks that are the lifeline of entrepreneurship. Those who fear failure can never become entrepreneurs because it is only when you prepare yourself to face these obstacles that you can become successful. If you take a step back because of the fear of failure, it would then never let you succeed in the world of business. It is that difference of taking a step ahead when you are on the verge of a breakthrough that differentiates the great entrepreneurs from the rest. There would be no opportunity without risks, and it is up to you to examine them to identify the incredible opportunities. There would be times when doing the logical thing or doing what the rest of the world is doing won’t do the best for you. Because these are the times when you must give your best and fight your way up to achieve that success which only a few great entrepreneurs enjoy.

Removing Hassles

One of the best places to look for great ideas is to talk to your customers. Take a look at the problems that your customers face when buying or using a product or service. It is okay if you don’t yet have the product or service but envisioning how it can improve the lives of people can work for you. Develop a prototype and use it yourself. Are you impressed by it, and would you pay for what it is? You must simply understand what the actual users want and get inputs from them for their trouble points. It is then that you can determine whether you have encountered a great opportunity or not.

Do Things Differently

When you are working in an industry you tend to follow and do what others as well are doing. But for once, if everyone is going left then make a wild turn and go right. Doing things in the same way as the rest are doing will yield the same results, but if you want to achieve something more, then your acts must also reflect that. If you commit yourself to what no one else is doing, then you would likely embrace different results, which may or may not be pleasant. However, unless you take the calculated risk you would never know whether there was an opportunity or not.

Just remember that you have what it takes to be exceptional, it is only how you determine to look out for these opportunities which will define whether you succeed or not!

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<p>I’m a self confessed foodie, king of the kitchen, wannabe anthropologist, technology evangelist , curious, inquisitive & experimental entrepreneur at @DigiLands and an adrenaline junkie. Love spending time with my wife & two young children and faulty KitKats that consist purely of solid chocolate.</p>