Opportunity counts for so much in the business world. Strong entrepreneurs aren’t afraid to look for openings in the market which means actively looking and going after ideas that can be turned into opportunities.
But how do you find new opportunities to take your business to new markets and growth levels? Well, everything can be considered a new business opportunity if you know how to work with it and make it your own. You have the ideas but don’t know how to implement them?
Let us offer you a few tips to help on your entrepreneurial journey.
- Get Things Done – You may not find many takers willing to fund your business venture but don’t let it discourage you. Try different avenues. You could find help from the most unexpected quarters.
- Ask For Help – You’d be amazed at the amount of information and advice that is yours for the asking. Nobody knows what’s on your mind unless you tell them. So go ahead and tell your mentors and everybody else along the way about this fantastic business plan you have. People love to give advice and talk about things they are passionate about (like we, at Big Rocks Engineering do!) If you come across the right person, the ideas and support you are bound to get could prove invaluable.
- Balance Focus and Flexibility – Stay focused on your plan and look for every opportunity you get to network and promote your business. But be careful not to overdo it. Doing one thing and starting a business side-by-side can be very intense. Making time to socialize and having other interests will go a long way in helping you avoid early burn-out.
- Review Your Marketing Plan – Learn to use innovative marketing strategies to attract potential clients. Putting yourself in their shoes and thinking like them will give you a better idea of which is the best place to start.
What are the Different Sources of Ideas in Business?
Business ideas are all around us. What opportunities has the best potential to succeed? Here are just some of the different approaches to business for you to find out what works:
- Create a Product for a Unsatisfied Need – There are a lot of unsatisfied needs in all types of markets and although taking advantage of these business opportunities promise a lot of rewards, keep in mind that they also represent greater risk. Also, be sure that your product or service satisfy needs and not wants because the former is for keeps while the latter simply come and go.
- Improve an Existing Product – If you notice a particular product or service that is obviously unable to fully satisfy its target market, that situation can be immediately transformed into a business opportunity…if you have an idea on how to improve it, that is. These business opportunities represent lower risks and consequently lower rewards as well compared to those associated with creating a completely new product.
- Use an Existing Product for an Untapped Market – Sometimes, business opportunities are discovered not by creativity but rather because of resourcefulness. These business opportunities definitely exist, but the process of discovering them is almost akin to creating a new product to satisfy an unwanted need. The rewards, however, are just as great. One good example for this is how one company was able to make use of coconut husks – which was once the least useful of all parts of the coconut tree – by grinding and turning them into a concrete mixing compound. It soon became not only a more affordable alternative but a more environmentally friendly one as well!
Identifying entrepreneurial opportunities is a task that involves a lot of skills and effort. In order to gather the fruits of success, as an entrepreneur, you should be able to not only get the opportunity, but expand it.
Need an expert’s opinion on your ideas? Discuss it with us!