Every startup begins with a new startup opportunity that can be translated into a product or service. Entrepreneurs identify new opportunities and when it is worth the time and resource you being the journey to make a solution out it for an identified market. But the top questions to answer are:
- How do you identify that opportunity that needs to be exploited for the good of your target market.
- Is the business opportunity is right for you.
- Should the new startup focus on introducing a new product or service based on an unmet need?
- How Big is the market you are going after.
- Would you use your own product.
- Should you select an existing product or service from one market and offer it in another.
Every idea you see our there was once an idea someone conceived, believed it can be turned into something useful and was finally executed with the resources needed to make it into product you are using right now. If you are thinking of starting your own business, there are many sources of ideas you can consider.
- You could take an existing business and do it better if you think the market is big enough and you can ad a new twist to it.
- You can conduct a survey to find out if there is an existing market for the idea if you think somebody will need the service or product.
- You can listen to the complains of customers or your competition and build what they really want which may not be possibly implemented by the company.
- You can solve your own problems if you are convinced there are some people out there who may be facing the same problem.
- You can also import an idea from an existing market and offer it to another market. That product you love so much can be offered in the market you are targeting.
- You can merge existing products or services and create something new out of them.
- You can also visit forums and find out the pressing problems a lot of people are complaining about.
How do you identify new opportunities?