Identify opportunities and tailor your thought process
A business does not begin when an entrepreneur gets an idea in the middle of a lunch break. Between finding investors for a project and conceiving the idea for it an enterprising, the whole process to develop the business is thought of. A good business is one that has a good sketch-board behind it. Therefore, identifying opportunities is the key to success.
One of the biggest mistakes that an entrepreneur makes is overestimating the practicality of taking up a new venture. Even the most promising idea won’t always lead to a successful business venture if it is not backed by a well-thought course of action.
Here are some ways to tailor your thought process and answer the question "How to identify and build upon your opportunities" in your start-up:
In the initial stage
- Chalk up your business plan
To chalk up your business plan for your startup, you have to prepare a proper account of how you are going to begin, fund, and manage your business.
You have to identify what are your opportunities and goals and how you plan on achieving them. You also have to figure out how you will be funding your startup venture and if you plan on taking up a loan, how you expect to repay it.
Remember, your business plan is going to act as a checklist for your whole venture.
- Find suitable funding
Starting an enterprise presents the challenge of finding appropriate funding. The fund you receive for your startup may be your biggest opportunity you could identify or your most dreaded liability. It will depend on where you get your capital from and how you plan on repaying it. Even when it comes to raising funds, you have to find a suitable investor for your startup.
In most start-ups, the funding has been seen to come from the entrepreneur’s own pockets, and relying on getting funded by a loan shark is not always a practical plan. Therefore, you have to fix meetings with investors and identify the proper opportunity.
Research about them and their interests before you make the pitch. Provide a detailed plan about how you will profit from the business and how your investors will profit from your work.
Pro tip: Always go for a pitch with the facts and figures of your prospective venture at your fingertips.
After you embark on your venture
- Use social media effectively
If you are not on social media in 2020, then you are basically living under a rock. With the Covid-19 pandemic, all shops and business ventures have gone online. However, the question still remains as to how to identify your strategic opportunity.
You can use any social media app ranging from Instagram, Facebook, and LinkedIn to even TikTok for your brand promotion.
To really start your startup, you have to start working on an impactful social media presence. Firstly, create a website for your company and get it registered, link your website with your social media account, and create a plan for expanding your social media presence.
Ensure your customer service remains top-notch on social media as well. The opportunities that an online platform shall give you are unparalleled.
- Get your head in the marketing game
The best way to create your brand image, other than through valued customer service, is through proper marketing. Even if you provide the best services, if people are not aware of your start-up business venture, they will not be willing to engage with you.
Marketing your startup helps you in identifying another great opportunity, however, it may also cause a very big hole in your pocket. Therefore, you need to be aware of the costs that will take to make your business a success in terms of marketing.
Social media marketing is only one aspect of it. Billboards, newspapers, tv ads, flyers still remain as great avenues for promoting your brand as well. This can be identified as a smart entrepreneurial opportunity. Furthermore, you have to ensure that whatever amount you invest in your marketing is not more than what you expect to obtain as revenue. You have to shell out a significant amount of your resources for marketing and advertising.
However, you should have sufficient capital to continue the production of your goods or the availability of your services. Therefore, creating proper marketing and advertising plan is necessary as well.
After your startup becomes a brand
- Always maintain a good customer base
A good customer base is a secret to any successful business enterprise. This is one of the opportunities that you can identify for improvement. As a start-up, you would require goodwill among your customers. Their word-of-mouth will help attract more customers. Therefore, your customers are your biggest opportunity and you have to ensure that you treat your customers with great care.
Devise engaging strategies for your most loyal consumers. Your happiest customers are the ones who believe that they are getting premium treatment. Make sure your executive officers are well-trained in handling all sorts of complaints. Finally, be a trustworthy and accessible brand.
Following the above-mentioned steps is crucial to be able to adequately identify good business opportunities. As an entrepreneur, you shall have several opportunities to build your business. However, it is also essential to filter out the opportunities that you wish to invest in to ensure that you are not backing the wrong horse. Therefore, thorough research of your opportunities as well as your market is just as important before building your business.
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Frequently asked questions
1. What are the opportunities for starting a business?
- There are several business opportunities to look out for in 2021. This includes dropshipping, owning an e-commerce business, and owning a freelance business.
2. What are the three ways to identify a business opportunity?
- To identify a business or entrepreneurial opportunity, one should look at the economic, social, and political opportunities as well as technological aspects in the field they wish to invest in.
3. What are the best ways to evaluate business opportunities?
- Some of the best ways to evaluate business opportunities include looking into the market size of your investment, the ability to manage the cash flow, management skill sets, as well as customer relationship management.
4. What are some examples of business opportunities?
- Some examples of business opportunities include external factors that can give the organization a competitive advantage. For example, investing in a market that has lower tariff rates would be a good economic opportunity.
5. What are key opportunities to achieve maximum productivity?
- Some key opportunities for an individual include developing work-related skills that would enable individuals to achieve maximum productivity.