HOW TO BECOME SUCCESSFUL ENTERPRENURSHIP PART 2 - 2022

 HOW TO BECOME SUCCESSFUL ENTERPRENURSHIP PART 2

 

 

Finding The Right Opportunities

 

 

1        Do A Market Research

So what business should you go for? Well, it is not always easy to tell. If those prospects are obvious, a lot of people would have taken advantage of the opportunity already. So how do you find the right opportunities? Sometimes, opportunities do not just present themselves. In some instances, you may have to go looking for them. This is what a market research is made for.

 

2        Run A Survey

Do you want to know what services/products the people in your area are willing to avail/buy? Well, why not ask them directly? This is the power of ‘survey’. All you have to do is hand out a small sheet of questionnaire to willing people. But this is the classic and difficult way. The easier way is brought to us by information technology. Yes, you can make use of the internet to run surveys. Facebook for example can be used to run polls and hold surveys in questionnaire form.

 

3        Look For Products/Services That Are In Demand

Products and services that will surely sell are those that are in demand. Demand refers to the need of the people. For example, cold food and drink products may be in demand in hot places especially during summer months. Also, branded clothes may be in demand in wealthy places where people are obviously fashion conscious. Also, school supplies are surely in demand during school year openings.

 

4        Take Advantage of Untapped Markets

Sometimes, the demand is there but the supply is not. This means that the people in your place are in need of something but there are no or there are very few suppliers of that something. Here is a sample case: many people in one city are fashion conscious and are willing to pay premium for clothes, but

there are no sellers of branded and signature clothes in the area. This situation poses a clear opportunity that you can take advantage of.

 

5        Study The Culture in the Place

Opportunities may be unique from one place to another. One of the factors is the differences in culture. The unique culture of a place influences the business opportunities present there. For example, it may be feasible to sell musical instruments in a place where music-­‐making is a tradition and widely practiced.

 

 

 

Identifying Business Prospects That Will Sell

 

 

6        Identify the Purchasing Power of the People

It is not always about interest. People may be interested in a certain product and/or service but they may not have the purchasing power to pay for it. So when coming with a business idea, you have to consider the purchasing power of the people in the area. You want to consider the purchasing power of the majority and not the select and privileged few. For example, it may not be feasible to sell signature brands such as Fendi, Louis Vuitton, and Chanel in third world countries where the purchasing power of the majority is relatively low.

 

7        Analyze the Buying Behavior of the People

It is not always about the purchasing power. Many people develop a buying behavior and this something that you have to analyze as well. For instance, it may be customary in some cultures fopeople not to spend so much on material indulgences (new car, new house, new phone, etc.) but are willing to spend a lot on luxury food. You need to analyze unique buying behaviors such as this one in order to assess the feasibility of your prospect business.

 

8        Analyze the Behavior of the People Towards Brand Names

In some places, people may have the purchasing power to buy branded products and signature brands but are not willing to spend on them. For

example, there are countries wherein it is customary even for the wealthy to shop in stores that sell second products. On the other hand, there are also places wherein people are strictly brand conscious and will hardly spend on anything other than branded and signature products.

 

9        Look For Markets That Have High Demand And Low Supply

Where there is high demand but low supply, there is a business opportunity. Say for example that in one place the demand for school supplies is high. But because of the remoteness of the place, the supply is very low. If you manage to find ways on how to bring school supplies to that place, that is like supplying where the supply is low and the demand is high.

 

10   Grab Opportunities As Soon As Possible

If you are really serious about grabbing an opportunity, it is advisable that you do so right away (after conducting complete market research). This is because you want to avoid having other entrepreneurs grab the opportunity that you saw.