Powerful strategies to find business opportunities

Powerful strategies to find business opportunities

One of the natures of entrepreneurship is its ability to see business opportunities by utilizing the ability to think creatively and innovatively and make it happen as a means of achieving the welfare of oneself, family and community. If you are observant in seeing the surrounding environment, there are various sources of new business opportunities. In general, various things that can be an idea or opportunity for entrepreneurship are:

First, the existing product. Products that have been on the market can be used as a source of ideas to try to make a business by imitating the product. Products that will be imitated can be new products that are currently still in demand but can also products that in the past have been in demand. Keep in mind that consumer tastes tend to repeat themselves. Look at the clothing models and songs that are currently popular. Some of these products are imitations of products that have in the past been successful.  But the product that will be offered by the entrepreneur must have a difference (albeit a little) from the imitated product. The difference can be quality (comfort, usability or simplicity) and price.

In addition to imitating products that have been successful in the market, another source of ideas is products that fail in the market. The entrepreneur must find out the cause of the failure of the product then make improvements. What must be considered is the issue of patents of the product. Entrepreneurs should look for information whether the imitated product has been patented or not. If it has been patented the entrepreneur must find out the limitations of imitation that are not allowed.

Second, the trade show. Trade shows are generally used by entrepreneurs to inform their new products. You can find ideas by looking at these new products. In addition, by visiting the exhibition, you can try opportunities to work with product owners to market their products. Remember, an entrepreneur does not have to produce products in the form of goods but can also offer products in the form of services, including services marketing other people’s products.

Third, government agencies. At least there are several government agencies that have the task of helping to inform various things about products and the business world. The Ministry of Trade, The Ministry of Industry, the Ministry of Agriculture, the Ministry of Cooperatives and Small Medium Enterprises (SMEs) and related agencies at the provincial and district levels that publish information about the business sector. Among the government agencies there are those who offer capital aid in the form of revolving loans that are channeled through villages in collaboration with local Village Councils and micro financial institutions.

Fourth, the educational institution. Educational institutions, for example colleges have a mission not only to develop education and teaching but also develop research and community service activities. By reading the results of research and community service, you can find ideas related to the product to be developed.

Fifth, the information media.  Information media such as books, newspapers, magazines, and the internet are sources of information that you can also take advantage of. Especially now with increasing attention to entrepreneurship, many media that supply special columns or rubrics even fully discuss about entrepreneurship. Regional libraries and mobile libraries can also be used as a place to find information related to business opportunities.

Examples of business opportunities include: 1) opening a laundry business around campus or boarding places; 2) running a seasonal business of pastries or parcels ahead of the holiday; 3) opening canteens around campus, school, or office; 4) running a handicraft business; 5) opening a stall by mandating a residential house; 6) sell ornamental plants by utilizing yard land; 7) raising ornamental fish or catfish; 8) raise broilers or laying; and there are still 1001 other business opportunities.

After the opportunity arises and is obtained, we need to see whether the opportunity is a golden opportunity or not. For this reason, we need to look at whether the opportunity has elements, among others:

1) Is the opportunity being needed by the market?

2) Does the opportunity solve the difficulties or problems facing the market?

3) Is the opportunity perfect from the earlier product?

4) Is the opportunity different and there is added value?

5) Is the opportunity an original finding?

6) Does the opportunity supply a real advantage?

7) Is the opportunity something that consumers are proud of?

8) Can the opportunity be realized?

If the above elements are fulfilled, then the opportunity is an excellent opportunity. One of the most important things is that opportunity must be created by ourselves.  Business opportunity means seizing the market from competitors; replacing existing positions in competitors; filling the necessary gaps; destroying market leaders; and complementing market imperfections.

After the opportunity is obtained in relation to our condition, whether the business opportunity is related to the work mastered and the ins and outs of the business; skills mastered; Our hobbies and hobbies; experience; knowledge mastered; And the habits we’ve often done.

Eduprenerer is a blog platform for sharing information on entrepreneurship, digital business, and start-up in universities or colleges environment.

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