Skip to main content

Identifying Business Opportunities


Entrepreneurs are meant create opportunities from obstacles. Entrepreneurship has therefore often come handy in solving some of the problems our communities face. A successful entrepreneur will therefore be able to spot new opportunities and move in to execute them by offering solutions.

Here are some tips on identifying business opportunities to execution.

1.      Identify problems that need to be solved.

Opportunities present themselves as problems. It could be as a result of an emerging technology or trend in your surroundings, or it could be a new product in town that people do not have an idea yet how it can be harnessed. An entrepreneur will need to research into the problem to figure out how he/she can offer a solution and create value as a result of the project. Screen and test wants of different people, since demands from people always vary. It’s therefore important to verify how your idea is going to help individuals with different expectations.

2.      Avoid shortcuts, but be swift

Time is of essence, but swiftness should not lead to shortcuts. This may lead to poor work or an entrepreneur underestimating potential challenges. Short cuts may also lead to legal challenges or poor customer satisfaction on the services rendered or product offered. You will need to scan your environment by making market analysis, study the demand and supply gap and possible product substitution.

3.      Collect information

You will need a lot of information on the business you are bout to engage in. you will have to collect this information on a regular basis. Public meetings, trade fairs, key people surveys, publications and accessing networks are some of the means you can use to collect information.

4.      Position and timing.

An entrepreneur must be wary of the time to enter the market. The following questions can be asked; Am I prepared? Do I have the resources needed for a start? Is this the right time or season to launch my idea? Resource analysis will help you at this stage to decide what your business will be capable of doing at the beginning depending on what you will have available at the start i.e. capital and human resource. You also need to identify the strengths of the business or idea that will work to its advantage against its possible competitors.

5.      Team

Every good business idea needs a team that can help you build on the goals you have scheduled. If you are to choose a partner, he/she must be someone ready to go out of his way to grow the business. Your partner’s talents can also come in handy, and therefore it’s always advisable to have a partner with whom you share different skills sets.

6.      Execution

An idea is just a word until it is put into action. Put your idea into action, after assembling your team, hit the market, collect feedback, where possible make adjustments. Get the business running. However, you must ensure that you are being productive and not just busy. At the end of the day, passion alone will not keep the business afloat; revenues have to be generated.

Comments

Post a comment

Popular posts from this blog

Starting a Small Business

In Case you are doubting yourself on starting small, just remember that 98 percent of all businesses in Kenya are Small and medium enterprises (SMEs). You could be having a unique business idea, or you could be working towards financial independence, designing your career or probably just investing in yourself. These are some of the reasons one opts to start a small business. However, staying in business is not a smooth ride for any small enterprise, in fact it is estimated that only two third of businesses survive the second year in operation; and only half of these small businesses survive a fifth year. Therefore, beyond starting a business, one must have a plan to keep it. Here are some steps help you succeed in keeping your business. 1.     Research After identifying the business idea, try to balance it with existing realities. Try validation of your idea through research. Identify if there is need for your product/service, who you are planning to serve, identify other compan
Post a comment
Read more

Money Saving Tips - Getting You Started

Everyone has a good intention when it comes to saving money, the problem perhaps is when one decides to start doing it. Many have not set money saving as a priority, and therefore usually attach it to some milestones first. For instance, they tell themselves that they will save when they reach a certain age, or when they get some promotions, or after they have completed a certain project. This is a fallacy. Developing healthy savings habit takes care of your future rather than your present needs. But no one wants his/her paycheck to be controlled by debts. Some of these tips will get you started well. 1.     Clear your debts. Debts are a great obstacle to money saving. You can adopt the debt snowball method to pay off what you owe; this is where you pay off your debts from the smallest amount you owe to the largest amount. Once you can pay off all your debts, your income is freed and you can begin to focus on the saving goals you have set. 2.     Check your expenditure on groceries. Mo
Post a comment
Read more