Start-ups Centre

Where Others See Problems, Entrepreneurs Recognise Opportunities.

Many famous businesses have been started because an entrepreneur solved a problem by turning it into a successful business.  The problem was treated as an opportunity.

To become an entrepreneur who can recognize business opportunities, ask yourself such questions as:

  •             What frustrated me the most when I go buy something?
  •             What product or service would really improve my life?
  •             What makes me particularly annoyed?
  •             What product or service would eliminate that annoyance?

List three problems that bother you and a business solution for each:

Problem                                               Business Solution 

1. ______________________________                    ______________________________

2. ______________________________                    ______________________________

3. ______________________________                    ______________________________

4. ______________________________                    ______________________________

 

Entrepreneurs Imagine What They Want and Then Create It.

Businesses also come into existence when entrepreneurs fantasize about products or services they wish existed. 

You can jump-start your imagination by asking yourself (or your friends) questions like the following:

  •             What is the one thing you’d like to have more than anything else?
  •             What does it look like?
  •             Or taste like?
  •             What does it do?

List three products or services you would like to see created:

  1. ________________________________________________________________
  2. ________________________________________________________________
  3. ________________________________________________________________

An Idea is not Necessarily an Opportunity

There is one crucial difference, however, between an idea and an opportunity.  An opportunity is based on what consumers want.  Many small businesses fail because an entrepreneur didn’t understand this.

A business opportunity is an idea plus these three qualities:

  • It is attractive to customers.
  • It will work in your business environment.
  • It can be executed in the “window of opportunity” that already exists.
  • You have the resources and skills to create the business, or you know someone who does and who could start the business with you.

A “window of opportunity” is the time you have to bring a business possibly to the marketplace.  You might have a great idea, but if competitors have had the same thought and brought the product or service to the customer first, your window of opportunity has been slammed shut.

Looking for a good business to start?

There is nothing better than becoming an entrepreneur. Here, you can get startup advice on several specific businesses, one of which is bound to be right for you!

Looking for start-up advice? If so, we’re here to help with hundreds of how-to guides on how to start specific business concepts.