Identifying opportunities is key to being a good businessman / businesswoman. Here are three tips to help you in your quest to spot an opportunity before the others do.
Notice the noticeable
Some of the best ideas that made people rich are, like you have been told, simple ideas, but executed to perfection. There is no need to re-invent the wheel here. Keep your eyes open and stick your ears to the ground.
-Read: A book holds a house of gold, goes the Chinese saying. Magazines, trade publications, online journals are all brimming with information, waiting to be consumed.
-Improvise: You could come up with a better way of executing an existing idea. Or you could start a business that combines two existing businesses. For instance, a great library with a superb coffee shop.
Talk to people
Solutions to existing problems are great business ideas. Talk to people; ask them as to where the pain points are and what can be done to remove these bottlenecks – that is your business idea.
Talk to those who complain often, because they could help you get to the heart of the problem. Talk to those who are happy, and they might tell you how they solved a problem – all you need to do is take that solution to the masses.
Cogitate, ruminate, meditate
New ventures typically try and address inefficiencies in the market. Unless you are very good at something, do not pick a seasonal business. Research your idea and figure out if you are stepping into a growth sector. For instance, many technology startups in India rode the Information technology (IT) outsourcing boom, an industry that grew by leaps and bounds for several years.