Turning Ideas into Opportunities

A business opportunity is a consumer need or wants that can be met by a new business. A need is defined as something people need to survive. Food, water, shelter, and clothing fall under needs. A want is something desired. Usually, businesses open based on needs, but sometimes when want is in high demand, businesses will open accordingly. 

Not every idea is a good business idea. For example, opening a restaurant might be a good idea, but if there is no commercial value, it’s not worth the risk. If there is no advertising for your business, there’s no point in making it. Choose your business based on needs instead of wants.

Recognizing business opportunities is very important when starting your business. Let your opportunities build up and brainstorm before spending money. Always plan ahead and make sure you can get your business done before starting. Ask yourself these questions while brainstorming

  1. Does your business fit a need or want in the community?
  2. Will your idea work in the location?
  3. Can your idea work with the right amount of time and money?
  4. Do you have the resources and skills needed to make your business?
  5. Can you provide a good enough product?

 

Always be looking for new opportunities in the business world. Keep your hobbies, skills, and interests in mind just in case a business opportunity comes your way. Stay aware of things going on around you. If your community is in need of a new coffee shop, take advantage of it and use some of your skills to provide for the community wants. Identify problems and address them to the best of your ability. Make changes to current businesses to keep things new and interesting. A good way to do this is to change your logo every few years. This protects from copyright issues and makes it so your customers are interested. 

Potential disadvantages of starting a business are taking risks and tough decisions. If your product service is new, it will take a while for it to get noticed by a large number of people. You have to be able to predict the outcome of your sales to see where you are money-wise. 

Starting a can be overwhelming at times because everything doesn’t happen at once. With proper planning and motivation, the starting process is easy and pain-free. Knowing how and when to start can help you tons in the long run. Stay around motivating people is a good technique because they will always be there to lift you up. 

I can relate to this reading to reading because I love taking opportunities. Most of the time, I will do the Deep Dives in my projects to get some more information on the topic. I love taking advantage of field trip opportunities when I can because that is a very good way to gain more information and experience. It is very important to use opportunities given to you because one day they might not be there for you to take. This is the same in the business world. If an opening comes up and you don’t jump on it fast enough, someone else can easily take it first and then you are stuck and that opportunity is gone. Using your resources is important no matter what you are doing and can help you so much in the future.

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