Entrepreneurs are those who pay attention to the environment, constantly analyze and scan it, and when they see an opportunity that can have a positive impact, immediately convert it into a business. The opportunities are always there, it is an entrepreneur’s capacity for recognition that converts opportunities into business.

Entrepreneurs acquire knowledge, create social networks and stay alert to business opportunities. They identify opportunities by examining the market, analyzing the gap between the needs and the availability of the product or service in the market. In addition, they understand the value of the product and the service aimed in particular at providing solutions to certain problems. Entrepreneurs must possess strong analytical skills, critical thinking, strategic thinking, and problem-solving skills.

To come up with a business idea that can change the world, the first step is to think locally. Many of you will wonder what this means? Does this mean analyzing your community’s problems and understanding exactly what your community needs? Or what problem you can solve and add value to people’s lives. Since you are also part of a community, so you can also analyze things that can make your job easier.

One of the most successful entrepreneurs, Steve Jobs, who revolutionized the computer industry, aimed to provide machines that were smaller, cheaper and easier to use. He puts the community first, he puts everything else behind him. He realized that cellphones don’t have many functions, and he can build a better device to solve this problem. One of his famous quotes is “Stay Hungry, Stay Stupid”, encourages people to learn and keep growing.

Khalid Al Khudair is an Iraqi entrepreneur and the founder of Glowork. The company solves women’s problems in finding jobs in a restrictive environment. All of the entrepreneurs mentioned above are finding opportunities in difficulty. They identified these problems and offered a solution. You will also find countless other examples of entrepreneurs who have found their opportunity by analyzing the problems of the community in which they live.

People wanted to hear the truth from those who had been there and had practical experience. This makes the process of identifying opportunities more authentic and valid.

Six Simple Steps to Identifying a Business Opportunity

  1. Find a problem in your community and propose a solution
  2. Find opportunities in your personal experience
  3. Look for ideas within existing businesses and present new solutions to existing problems.
  4. Gain experience through philanthropic and volunteer work
  5. Keep up to date with news and take advantage of new opportunities
  6. Read and read and use Google to find ways

Don’t look for perfection

happy businessman

A perfect idea does not exist. Don’t wait for an idea and don’t look for perfection. Most ideas are inspired by existing ideas. You don’t need a big idea, it’s all about the execution. Let’s look at some examples

Facebook is one of the biggest examples of this, it was not a new idea. Facebook came up with the idea of ​​Myspace. It was the execution and testing of innovative ideas that brought Facebook to where it is today. Facebook implemented ideas, made innovations, and kept updating features.

How many of you know Lyft? Many of you may not be familiar with Lyft, but most people are familiar with UBER. Both are based on the same idea, Uber did not come up with a new idea. It’s the same idea as Lyft, but the execution, better understanding of customer needs and choices, and innovation have made it famous around the world.

If you’re not inspired by the examples above, let’s look at another example.

Google – today’s best search engine was not the first search engine. Many of you may not know that AltaVista was the search engine that started in 1995, but it lost ground to Google and was later acquired by Yahoo. Google has implemented better strategies and improved algorithms. Now there is another search engine that focuses on the current issue of climate change “Ecosia”, a search engine that plants trees.

It is a stereotype that entrepreneurs come up with a completely unfamiliar and new idea. It shouldn’t be. Every idea has an inspiration behind it, they are linked. So if you have an idea inspired by other companies, don’t think it won’t work. Instead, analyze existing products and services and add more value to customers.

Ask for help

Ask for help and you’ll be surprised how many people are willing to help you. Don’t think about what people will say; the worst they can say is no.” That’s fine. Without asking for help, we don’t know whether people can help or not.

In business, you might need someone’s desk for the day, or it might be something as small as sharing that person’s contact. Whatever it is, don’t be afraid to ask for what you need. People who opt for crowdfunding also ask for money, if they don’t have crowdfunding set up, how would they know if people will help or not.

Nicolas shared his personal experience asking friends to give him the things he needed at first. For example, his friend gave him his camera for product photography.

Read books

reading books

Reading empowers entrepreneurs. Because they have to figure it all out on their own. Initially, they don’t have the resources to hire people to do things. That’s why they learn to read it.

Google is the best book in the world. Because you can find everything on google. If you want to start a business, go find how to start a business and it will give you thousands of ways to do it.

And it is one of the best platforms for learners and entrepreneurs. Therefore, be smart and read anything that you think could help you in your business.

Listen to your potential customers

When targeting potential customers, listen to their needs, wants, challenges, and frustrations with your industry. Have they used similar products and services before? What did they like and dislike? Why did they come to you? What are their objections to your products or services?

This will help you identify opportunities to develop more personalized products and services, narrow down your target market, and identify and overcome common objections.

Look at your competitors


Do a little competitive analysis (don’t let it lead to competitive paralysis) to see what other startups are doing and, more importantly, what they’re not doing? What are they against? What are they doing well? What makes customers come to them instead of you?

By analyzing your competitors, you can identify key business opportunities to expand your market reach and grow your products and services.

Examine industry trends and outlook


Subscribe to industry publications, join relevant associations, set Google Alerts for top industry terms and news, and follow other industry experts on social media.

Immerse yourself in your industry and constantly learn about the latest techniques and trends.

One last thought

You could be the next Bill Gates, so always follow the suggestions above. Be a decision maker and execute your idea. There are no big or small ideas, it’s all about implementation. Listen to those who inspire you to start your own business and don’t be afraid to take risks. As Michael Jordan once said,

“Don’t be afraid to fail. Be afraid not to try”.

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