Learning how to find opportunities is an important trait of every successful entrepreneur. It helps you find areas that you could do well but are not yet competing. It helps you discover emerging trends that fit with your business’ strengths. It helps you uncover areas where your strengths are not being fully utilized.
Here’s an interesting quote from Gladys Edmunds, founder of Edmunds Travel Consultants and author of “There’s No Business Like Your Own Business : Six Practical and Holistic Steps to Entrepreneurial Success,” on spotting opportunities:
Sometimes opportunity knocks; at other times you have to pursue it. You don’t want opportunity to come in on a boat when you’re standing at the airport waiting for it.
Financial Times offer several ideas on how you can spot opportunities:
- Find elements that work in other industries but are currently not applied in your industry
- Look for products and services used in other geographic locations and apply it in your area
- Check how non conventional rivals are making the most money
- Customers are using your products in ways that they shouldn’t
- Find out what customers unexpectedly care about