TWO POINTERS FOR IDENTIFYING BUSINESS OPPORTUNITIES

In modern day entrepreneurship your ability to identify opportunities makes you stand out among a vast crowd of entrepreneurs and proofs your credibility in any industry you are as an entrepreneur. Opportunities abound everywhere but the insistent lack of perspective and myopic mindset of many  have left young entrepreneurs and business people in the dark. I this article I sharing with you two two vital keys to identifying business opportunities, the first is a vital step and the second step is the ultimate ice breaker and has been the secret behind the rise of some very successful brands.

#1.

Identify needs

Need assessment can be used to determine current customer needs and create brand new spanking multi million dollar business ideas.  This is the same strategy that gave birth to brands like WALMART . Find out what ways that current customers of a specific market place are being under-served or are lacking entirely and would pay for a solution to the issue of under-serving.

What do I do?? Do a comprehensive study on how things are now is that industry of you and how customers would love them to be. Like Sam Walter of Walmart engage in continuous interviews and surveys with customers of that niche find out their frustration solve those puzzles.

#2

Identify gaps

It is truly baffling to know that in every industry there are gaps that are yet to be bridged very successful brands and until smaller brands come out to fill this gaps they may forever remain in the shadows. This gaps gives small businesses owners  the opportunity to win customers over for themselves,  customers who are not being addressed or taken care of as they should. so many times the big brands focus on high paying clients or expansion that they don’t  give attention to little details and these can serve as a vantage point for upcoming brands as as long as you can identify these gaps.

What do you do? Choose a market(industry) and search for the barrier to being a customer. For example as the ecommerce world expanded so does the need   for courier services that can deliver and collect cash and do a safe delivery in the sellers bank account.

There you have it’s time to take action.

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Godwin Jimmy

Tech lover and Social Enthusiast. I am a Web Designer, Writer and Public Speaker. .  Let’s catch up on Social Media follow and add me.

      

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