How Entrepreneurs Identify New Business Opportunities

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A key question that most entrepreneurs face is identifying the business opportunities that will be beneficial for them. So question arises, should new start up focus on introducing new product or services or selects an existing product or service from one market and offer it in another market where it is not available.

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There are many sources for the opportunities for the new venture. A great business idea is- When inefficiency is there in the market and your venture has an idea to correct that inefficiency in the market. Many source of ideas come from existing product or service i.e. how your venture can improvise the existing feature. The most promising idea comes from customers. Your customers should be main focus, this is something we ought to do continuously, in order to understand what additional features they want in existing services.

In this age of internet there are lot of examples of successful entrepreneurs. Whether its PayPal company who provided people to pay online or Flycast who introduced advertising online. Both these companies share one thing common i.e. they understood what the utmost need of market is. There is no substitute for understanding the crucial needs of customers. That will allow you to discover whether you are able to supply those needs, at the price customers want to pay, and if you can still make a profit.

Hawkscode Provide A good looking website always attracts the customers and works well for Business. In order to understand crucial and important needs of customers, first thing to perform is customer analysis. Surveys can be conducted to have an answer of all questions that is what, where, whom, when, why. Every entrepreneur wants revenue and revenue is generated from customers so it’s foremost important to consider customer needs.

Next analysis to perform is competitor analysis i.e. who all are there in the existing market, what type of services they are offering. Are they supplying a similar substitute product or service as you have in mind? That is the second thing you have to establish, and by doing that, you can understand better what need is not met at the moment. That will also give you the opportunity to differentiate yourself from existing players in the market.

You also need to conduct a broader industry analysis to understand the attractiveness of the industry you’re going to enter. Is the industry growing or shrinking? What power do the suppliers have in this industry? How many buyers are there? Are there substitute products? Are there any barriers to entry? If so, what are they? That is very important for you to understand, because it will help you realize whether the industry you’re thinking of entering is attractive.

The most frequent mistake that new entrepreneurs tend to make is to think everybody in the market is like them. If they like the product, everybody else will. Sometimes — too often — entrepreneurs, and especially entrepreneurs with an engineering background, are too focused on the engineering features or technology features of the particular product, rather than on the need that they are trying to fulfil. Customers don’t buy technology. Customers buy products that add value. Customers buy products that they need, in order to satisfy some issue that they wish to satisfy. But not the technology, per se; it is the services of the technology that matter.

So to conclude, the successful entrepreneur is who learns from his mistakes. Research have proved that that there are no unique characteristics, or traits, if you will, that distinguish entrepreneurs from non-entrepreneurs, and successful entrepreneurs from unsuccessful entrepreneurs. For all the entrepreneurs -you have what it takes; it is time to get started.