BUSINESS OPPORTUNITY INTUITION
“The future is already here — it’s just not very evenly distributed”
William Gibson, Canadian-American science fiction writer.
A business opportunity is the chance to meet a market interest, want or need through an original blend of resources. It’s not about predicting the future, the real value is forging your own opportunities.
There are many origins for new venture opportunities for those who look for them. If you can spot a gap in the market, and you have an idea, capability and the resources to fill that gap, you have a very interesting business opportunity at your disposal.
Sources of Inspiration
Look for businesses that are already successful. Many sources of startup concepts come from existing businesses, it’s about finding that niche and making it sellable:
Add value to a basic product such as cars and jeans.
Reduce a high-status product down to its original concept e.g. low-cost airlines and supermarket home brands.
Take a local product and market it nationally.
- Go small
Larger enterprises can’t offer the expertise or depth of selection, offer more in a specific field.
- Go big
Offer everything related to a product, such as kitchen stores or maternity wear.
Gear your offering to a particular audience instead of attempting to reach everyone.
Combine related products together in one practical bundle – think mobiles with cameras, crackers with cheese.
Sell the individual ingredients of a product and make them better than the whole.
Turning a great insight into a thriving business can be hard. By having your finger on the pulse and monitoring the market you’ll be the first to spot the inefficiencies. If you are dedicated to meeting the needs of your customers and thinking creatively, there’s no reason why your next light bulb moment won’t be 2015’s success story.
The future belongs to those who prepare for it today. Conjure a comprehensive view of the next 1-3 years to envision what tomorrow looks like and better equip your business for the future.