Opportunity Recognition

Like any muscle, your creative abilities require exercise to get strong.

The starting point for any entrepreneur is identifying an oportunity.  Many people find inspiration in the area where they have the most experience. For instance, someone in a medical field, such as a nurse, might identify an opportunity for a business in medicine. Or someone with a hobby about which they are passionate like sailing, might identify a business opportunity that incorporates their hobby like offering chartered sailboat cruises.  However, once you learn to think about opportunities you'll begin to see them everywhere.  An opportunity exists anywhere a potential customer is un- or under-served and a product or service can relieve the discomfort.

fiber

One exercise that I ask my classes to do is to review the list of fastest growing comanies as catalogued by Inc. Magazine. Take a look at the top 10 on the list and the type of business they are in. What does it say about the needs and wants of the consumer?  What other opportunities exist based upon what this list tells you about what the consumer is looking for?

grates

Like any muscle, your creative abilities require exercise to get strong.  Practice coming up with opportunities.   Maybe you can start by thinking the next time you go to a store, "I wish they had..."  or by thinking about your own experience and interests. What business could you do using the talents and skills that you have?