How To Find The Best Business Opportunities

An increasing number of people are beginning to appreciate the concept of starting their own business – either as a way to top up their income or as a ‘way out’ of their current employment. But where does one start? In this piece, we’re going to start at the beginning and focus on the issue of identifying a business opportunity or spotting a business idea worth pursuing.

Identify Your Business Idea Or Opportunity

The first question I have to ask is, “Do you know about anything that anyone wants – but either cannot get it or they have to go through too much hassle to get it?” It could be a product, service or both – if you do then that’s a great place to start!

• Make something people want…and charge them money for it.
• Or make something other people wish they had. If you can do that and you can reach people who will buy your product then you can have the beginnings of a business!
• Channel your energy into doing something you’re good at, provide a useful service to people you know and get them to pay for it.

Thomas Edison once said, “I never perfected an invention that I did not think about in terms of the service it might give others… I find out what the world needs, then I proceed to invent.” I couldn’t agree more with the great inventor.

Richard Branson, founder of Virgin Enterprises, on the other hand, said, “Business opportunities are like buses, there’s always another one coming.” To this I ask the question, are you ready to jump on board?

Madam C.J. Walker, America’s first black female millionaire (creator of a popular line of African-American hair care products), said, “I had to make my own living and my own opportunity! But I made it! Don’t sit down and wait for the opportunities to come. Get up and make them!” I guess in other words, if there are no opportunities, it’s time for you to create your own.

Donald Trump, an American business magnate, investor, television personality and author, put his thoughts on the subject this way, “Experience taught me a few things. One is to listen to your gut, no matter how good something sounds on paper. The second is that you’re generally better off sticking with what you know. And the third is that sometimes your best investments are the ones you don’t make.”

You’ve Got The Idea, Now What?

Interestingly, most organic startup ideas usually don’t seem like startup ideas at first. That’s because a lot of ideas seem like hack; just a quick and dirty solution to a problem. It is best to focus on developing the idea worry less about the stigma attached to being a new business startup. Build a business as a foundation for creating value and meaning.

With all the positives and opportunities that comes with taking advantage of technology and the use of social media as a platform for doing business, it has in a way become a limiting factor in some instances, when it comes to identifying opportunities other than tech inspired business ideas. Leading many people to narrow down the hunt for opportunities, as they keep looking at what business can be done via social networks or tech related businesses only.

I absolutely believe in the great potential of social media and the fact that not being a part of it is just not an option in this business age. Being smart about social media allows you to develop and maintain your own network of potential customers, partners and clients. However, none of this matters unless you have a good idea and you set out to do something about it.

Now Is The Time To Try!

In the current economic climate where many cannot find needed security in their 9-5 jobs, I believe there is no better time than now for you to take action. Even if it’s only on a part-time basis as you try it out. As Nolan Bushnel, founder of Atari and Chuck E. Cheese’s, wisely put it:

“The critical ingredient is getting off your butt and doing something. It’s as simple as that. A lot of people have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next week. But today. The true entrepreneur is a doer, not a dreamer.”

We will look further at the topic ‘Why the economic downturn is one of the best times to start your own business’ in the coming weeks. In the meantime, check out ‘30 Ways To Identify Business Opportunities’ from my book – The Business You Can Start.

Everyone can be an entrepreneur or start his or her own business at any age they choose to. Just make sure you have the idea, the passion to make it work and seek good advice as you begin.

Bill Gates, founder of Microsoft Corporation, once explained how his business began: “We were young, but we had good advice and good ideas and lots of enthusiasm.”

Let’s get started now!

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