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| Would you have thought riding a bike 26 miles from here was a business opportunity? |
Your surroundings offer many different opportunities for new
business. One of the more common
statements entrepreneurs provide in meetings with potential funding sources is “We are opportunistic.” This statement translated means: “if we see something big, we will capitalize on
it.” Entrepreneurs are opportunistic by nature
and always seek ways to create or increase value whether it was planned or unplanned.
Opportunity often shows up in unexpected ways and once recognized related
businesses locate in the near the area. A great example of this takes place in the
tourism business. Haleakala National Park
resides in Hawaii on the island of Maui.
The extinct volcano is around 10,000 above sea level. Someone determined that providing rides to
the top to watch the sunrise would be a business. Providing the ride to people that like to
bike extended the fun for tourists.
Today many bike shops host bus rides to the top to view the sunrise and they
outfit the tourists with bike equipment for the 26 miles downhill back to the
bike shops. This type of opportunistic activity
shows up in resort areas and the business founders are entrepreneurs capitalizing
on their surroundings.
Similar opportunities take place in the technology space. Founders find a way to better connect people on-line
and create the businesses Facebook and LinkedIn. Other entrepreneurs recognize opportunities
in related businesses that may enhance the experience and improve on connectivity
and sharing. The new businesses may not
be as disruptive but they are new businesses capitalizing on the surroundings.
Sometimes the opportunities are obvious while others require a
leap of logic to recognize them. Your
ability to either innovate and create a new area or see a fit in an existing
space is important. You may not recognize
many opportunities no matter how obvious they may be. For example, the article “5Steps toward rebuilding your creativity and innovation side” provided an
example of a missed product opportunity.
A second example is the case of a scientist working in the nuclear
magnetic resonance field. When asked to join
a team developing new and novel equipment he declined thinking the new field
would go nowhere. What he turned down working
on was the MRI found in many hospitals.
Missed opportunity or not, he failed to recognize the potential.
Your objectives should be to enhance your ability to recognize
opportunity and increase your ability to create and capitalize on it. A few
steps that may help in the training are below:
1)
Survey
surroundings: Many of your business
ideas will come from a survey of your surroundings. Problems or needs of others can serve as a
clue. Services that people may enjoy
like the bike trips or restaurants in resort areas may be a little simpler to
recognize. Treatments for medical
disorders are more prominent, but may be harder to solve.
2)
Recognize
opportunity: The opportunity for
business exits where a sufficient market is available to provide the desired
revenues. Income levels need not be the
same for a small business owner compared to founders in technology or medical areas. Try to not discount ideas too quickly because
it may be the big one!
3)
Assess market: The market must be sufficient and
sustainable. You must have sufficient service
or sales over prolonged time to sustain the business. People must want what you have!
4)
Plan: Sufficient
planning and organization of thoughts are important to developing the proper
steps to start the business. You will ensure
the best chances of success by conducting sufficient research to understand the
sector, markets, and need.
5)
Act: Carry out the plans and prepare to adjust the
path should the situation be required.
Taffy
Williams is on Twitter by @twilli2861.
Email
questions to twilli2861@aol.com. More is
available via his company website , photo website, or “LIKE”
ColonialTDC on Facebook. You can also find him in the group
Startup Group on
Linkedin. Other articles are in the Charlotte,NC- small business section of Examiner.com.
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