Growth is a thing all businessmen look for. Thus, it is crucial to know how to identify business opportunities, regardless of in what sector you are in.
This article will show you everything you need to know about how to identify business opportunities as well as the example. Thus, if you look for a way to start your business then this is a good place to start.
The Importance of Identifying Business Opportunities
Identifying opportunities is crucial, especially if you want to grow. Also, the company needs to constantly innovate to stay on top of the game. So, why should you identify opportunities from time to time?
- Build business
- Be prepared for the risks and minimize failures
- Initiate growth and increase profits
Types of Business Opportunities
When it comes to the types of opportunities in the business sector, you may find so many things about them. Here are a few examples that may put spark on your mind.
- New market opportunity, which brings you to untapped markets. You can put ideas and innovation to stay on top of the game.
- Technology opportunities would be something that you need to consider if you can introduce a new technology to the market.
- Repressed demand opportunity – the food delivery system can be an example. Today, you find many options of delivery apps and vendors so that you can get your food faster, without going to the restaurant in the first place.
How Do You Identify an Opportunity?
Identifying an opportunity in the business industry might require a series of steps. Here is a list of processes on how to identify business opportunities.
- Research your customer from every angle possible.
- Identify the issues in society or your audience.
- Once you address the issue, you can start generating the answer. The answer might later be translated into products.
- If you are sure about the product, start developing it. More than anything, pay attention to other aspects before you finally sell the products to the market.
What are Business Opportunity Examples?
Generally, there is plenty of opportunity examples that you can see in real life. Here are a few opportunities that may put sparks on your brainstorming session.
1. TikTok
TikTok is surely a result of how great somebody pays attention to opportunities. Music and video, for example, were two things seen by TikTok. The company wants to introduce music and video in a different way.
Thus, users can create a video along with music through their phones. Besides, they can get excellent recognition on the market.
2. Airbnb
Before Airbnb, everything was always about paying an expensive hotel room for staying. The presence of this platform allows users to rent a room in the houses for others. Again, everything was always about hotels back then. Thus, the presence of Airbnb is like fresh air among renters and visitors.
3. GoPro
Back then, there was no one that innovated like GoPro. As a camera brand, GoPro saw an opportunity where they could introduce a camera that competed with both digital cameras and phone cameras on the market.
Other than that, GoPro ensures that its products can do things that those cameras cannot. This is what you call opportunity, see it, and execute the plan.
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Final Words
Keep in mind that business opportunities are not business ideas – you get the latter after figuring out the former. But still, exploring both aspects may help you to get the most out of the opportunities.
And that’s a wrap – this is everything you need to know about how to identify business opportunities.
“Don’t be afraid to explore the opportunity in front of your eyes,” Moch Akbar Azzihad M says. “It might be a perfect way to start your business journey, though.”
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