There are some key strategies that are useful in recognizing a business opportunity and going all out to pursue the opportunity, I’ll be sharing some with you.
Let’s first and foremost get an understanding of what an opportunity is. As an entrepreneur and business owner, an opportunity is birthed from an idea. An idea nurtured and grown has every potential to become a viable opportunity. There are so many definitions of what a business opportunity is, and these variations are largely based on perspectives.
For the purpose of this article, I’ll be zoning in on the aspect of the business opportunity that has to do with recognizing an idea as being profitable and working actively to convert it into a full-fledged and prosperous business.
In my experience, the ability to tell a business opportunity that would succeed apart from the one that wouldn’t involve seeing the invisible, and literally looking into the future. How does one do that successfully you might ask. Well, it is a mix of practice and skills. There are certain signs you must look out for before giving in to a business idea, or taking hold of an opportunity.
One strategy that has been tested and trusted is the strategy of problem-solving. A business idea that will thrive and stand the test of time is one which solves a problem. This strategy enables you to look into a particular market, identify the inefficiencies and then use your idea to solve the need. A business opportunity that looks to solve a pressing problem is one that is usually worth investing in.
A young and growing population would always have the need for affordable housing. This is an example of a need that my company – Pertinence group recognized and ventured into solving. For those whose desire is to solve problems, there would always be opportunities for success.
The second important strategy in recognizing a business opportunity that I would like to talk about is the ability to take prompt advantage of the opportunity. This is largely dependent on the availability of the means to drive the idea and fulfil the need. In other to leverage a business opportunity, the resources needed to drive its implementation must be available. Resources like finance, a ready team, network, location are all important factors that must be taken note of. Once these factors are in place, you are well on the path of taking advantage of available opportunities.
Lastly, a meaningful business opportunity is one that is in line with your visions as an individual or as a company. As a serial entrepreneur, this strategy is both important and necessary. This is because every business opportunity I desire to get involved with must be one that impacts people and generally makes life better for them. This is very important to me and my desire is to see it replicated in all my business ventures. Likewise, whatever your visions and core principles are, be sure that the business opportunity presented before you promotes those values.
So, whether your venture is aimed at making for profit or it is not-for-profit, these strategies of identifying and taking advantage of business opportunities would guide your decision-making process.