Are Business Opportunities for Real ?
A key question that all existing entrepreneurs and traditional business face is finding the next business opportunity that is right for them. Should the Business Conglomerate or SME focus on introducing a new product or service based on an unmet need? Should the venture select an existing product or service from one market and offer it in another where it may not be available? Or should the firm bank on a tried and tested formula that has worked elsewhere, such as a franchise operation? Let‟s first understand what do we mean by “Business Opportunity” “Business opportunity what we are referring to here is “Long term opportunity which can be harnessed for Sustainable competitive business with long term Profits and capital appreciation satisfying the Needs of customers in the process” Opportunities can be Short Term, Mid Term or Long Term. However when the Business word is added before opportunity, we shall always have a very long term approach for it with wider spectrum of Vision. No generation has been able to build sustainable business by working on Short term business opportunities. Before going further to discuss about what are the Business Opportunities and ways of finding it we shall first idealize what are the pre-requisite of finding opportunities.
According to my opinion there are three important requirements of finding serious business opportunities.
- Existing SWOT: Find out Individual Competencies of Founder and Business Competencies which can match with future business opportunity.
- Invest in Feasibility Study: People don‟t invest in market research, consultant fees. Like when they used to buy land before 2014 they did not take proper reports with lawyers. Businessman need to take time and invest proper resources in the same.
- Industry Outlook: Have proper vision for the Industry and Sector u r entering into, it‟s like longer term commitment of your very much resources so u need to have proper vision for the same. Don‟t enter into any sector by looking at short term opportunities available.
4 Ways to find business opportunity
- Identify Sector & Industry: There are sunrise sector and sunset sector each has their own strength and weakness. Like telecom and power industry are already stressed in India but sometimes new demand is generated in disturbed sector Like Electric Vehicles in Automobile Sector. Sunrise sector has lot of competition as its weakness.
- Customer Research: Identify the target audience; Recognize the peculiarities of local customers‟ buying habits; Explore competitors‟ marketing research opportunities and strategies; Shape the product or service‟s identity; Understand what clients like most/least about the existing product; Define the true unique selling proposition;
- Network & Colloborate: Specific Industry Association is very much helpful for receiving proper technical & financial reports: Go out of your way to attend events and network. Become member of such associations to receive updates and knowledge of the market.
- Explore Market through Institutional Connects; After availing the Market Information, Create Customer Segments according to product range, geography etc,. Market size This is one of the most important criteria in all stages of product development, especially when you need to identify market opportunities. There are 5 all-round compass to Evaluate business opportunity which is altogether long topic I‟m just sharing some insights on the same: a. Industry Analysis b. Competition Analysis c. Risk Analysis d. Competitive Advantage e. Financial Risk Analysis e. Technological Analysis. We will go in depth some other time.
Conclusion:
The Fourth industrial revolution is on us. We no longer have to sort of ask as to when it will come, it’s here on us.” Our Country does have the talent and depth of technology to be able to do quite a bit. The wisdom of Indians should ensure that proper share comes to India. We have the people, the demographics, ability to skill our people very, very quickly. We have democracy; we have lot of things going for us But we as Nation have to make it count for us, instead of squabbling and wasting time; we really need to get our act together to be able to welcome whichever industry that wants to diversify its supply chains irrespective of Government Support as Entrepreneurs.
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