How Entrepreneurs Identify New Biz Opportunities
Raffi Amit,a professor of management at Wharton,offers insights into how entrepreneurs can identify new business opportunities and evaluate their potential and their risks in an article on the Knowledge Wharton blog.
There are many sources for new venture opportunities for individuals. Clearly, when you see inefficiency in the market, and you have an idea of how to correct that inefficiency, and you have the resources and capability — or at least the ability to bring together the resources and capability needed to correct that inefficiency — that could be a very interesting business idea. In addition, if you see a product or service that is being consumed in one market, that product is not available in your market, you could perhaps import that product or service, and start that business in your home country.
Many sources of ideas come from existing businesses, such as franchises. You could license the right to provide a business idea. You could work on a concept with an employer who, for some reason, has no interest in developing that business. You could have an arrangement with that employer to leave the company and start that business. You can tap numerous sources for new ideas for businesses.
Perhaps the most promising source of ideas for new business comes from customers — listening to customers. That is something we ought to do continuously, in order to understand what customers want, where they want it, how they want a product or service supplied, when they want it supplied, and at what price.
Obviously, if you work in a large company, employees might come up with ideas. Indeed, you might want to listen to what they have to say. You could pursue these ideas by asking yourself some key questions such as, “Is the market real? Is the product or service real? Can I win? What are the risks? And is it worth it?”
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jimkukral on November 13th, 2009 10:11 am
How Entrepreneurs Identify New Biz Opportunities http://bit.ly/uWtny
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RedHotFranchises on November 13th, 2009 10:16 am
There are lots of questions that should be posed to yourself to more effectively identity new business opportunities, you have to dig in deep, such as what frustrates customers or leads of this industry? Some of the best ideas come from looking at things that bug you, including not having enough options or selection, not getting the product or service quickly enough, and poor quality.
EDA on November 14th, 2009 7:28 am
Finding New Business Ideas is not easy. On the other hand, some have Business Ideas but do not know what to do with them. Just have a look at:
http://www.idbiznet.com
This site is the free Meeting Center between those who have Business Ideas and those looking for Business Ideas.
dawngilcrest on November 14th, 2009 4:56 pm
RT @danec How Entrepreneurs Identify New Biz Opportunities – Business Opportunities Weblog http://bit.ly/3ZNUb1
This comment was originally posted on Twitter
RedHotFranchises on November 15th, 2009 1:21 pm
Business Idea’s are all over us in every industry.
It all starts from an idea then comes appropriate planning and action.
Basically you can monitor any kind of niche, and then benchmark yourself against your competitors and find out how you can provide even better value, it is recommended to be passionate about what you’re doing for long-term success.
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