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04:11
Mindset
The following ways of discovering a business opportunity are
used by many entrepreneurs:
Filling the gap:
You may study the existing businesses, what they offer
against what the market wants. Learn their weaknesses or what is missing from
the side of customers then you can come up with a solution for that gap you
see. This can be a very good business opportunity. A business opportunity of
this type may require high investment or small investment; all depend on the
type of gap you discover. This is a
better way of doing business which already exists in a particular area, instead
of just doing the same business in the same way as what the existing business
people are doing.
Copy and Paste:
You may have seen a product being offered at one place and
wish to offer it to another place where it is not currently offered. You should however understand your market if
it really has demand for the particular product. Don’t just copy and paste.
Franchises:
The already established and well performing businesses may
be a good opportunity for you if they offer franchising opportunities. Examples
of companies that offer franchise include KFC-a fast food chain business.
Invent the wheel:
Careful study of the community’s challenges, personal
challenges, past innovations and mistakes are some of the ways to help you come
up with a new product that has never existed.
Listening:
Listening to your current customers and employees may result
into insight on how you can improve your business, hence creating for yourself
a better business opportunity.
You can learn from the above outlined points, there a different ways you can use to come up with right business opportunity for you.
Once you discover a business opportunity, don't just run to start a business. There are other factors to consider. To find more about how to run a successful business, Read our post : 9 TOOLS FOR CREATING A SUCCESSFUL BUSINESS and this TOOLS FOR BUSINESS SUCCESS
All the Best !
