Today I was sitting here, thinking that my sabbatical is almost coming to an end – I have only about a month left of twelve-month study leave. I was also considering that we are still halfway through paying off our debt. And that it will take spotting opportunities and acting on them to take us to the finish line. Show
And, yes, I do realise how lucky I am to work at a university that still grants study leave. Looking at my plan and what I have really achieved it struck me that my main achievements didn’t have much to do with my plan and a lot to do with serendipity. Also, although my talents, skills and knowledge were absolutely necessary for some of these to come off, they are by far not sufficient. These achievements needed opportunities, my ability to recognise these and the courage to ride with them. This made me curious; so I started looking for cases that illustrate this and remembering ones that I already had spotted. This is some of what I managed to find. Spotting opportunities #1: The ‘Marxist Old Lady’This story is about a Chinese lady who spent her life working as a human resource manager in a large state-owned enterprise – Meng Fang Ning. Then, after retiring in 2005, she became seriously ill with cancer and went to live with her daughter. As it usually happens in such cases Mrs Ning got herself a job: to look after her granddaughter. Apart from this, she started playing the computer games of the child; and when it was time for the little girl to go to school there was not much left than the games.This is when things started getting hard. Mrs Ning was getting so obsessed with playing games that she was bad-tempered and withdrawn. Her daughter started thinking that if her mother is to be spending so much time on the computer, she may as well do something more productive than play games all the time. This is how the idea of starting an online business was born; but there was a problem: Mrs Ning was a very proud and long time member of the Communist Party. Eventually, she managed to reconcile her political and business values and today has a thriving online business selling snacks and health food all over China. When she started her online business Mrs Ning was over 60 and her knowledge of both business and the internet left much to be desired. Spotting opportunities #2: Betty and BerylSeveral weeks back, Betty Smith and Beryl Renwick won the Sony Radio Award for the best entertainment programme. Now, there is nothing exceptional about that except the fact that they are two women from a small radio station and they beat people like Frank Skinner.Nothing exceptional until I tell you that Betty is 90 and Beryl is 86 years old. Or young! Or that they were talent-spotted in a shopping centre several years ago and had never done anything like radio shows before; gosh they had never been on the radio before and I bet they even call it ‘the wireless’. Spotting opportunities #3: The ‘Untouchable’ Multi-millionaireKalpana Saroj is a woman who didn’t have a great start in life: she was born into a Dalit (untouchable) family in rural India; she was bullied at school; she was not allowed to enter her friends’ houses and she was married off at twelve to a guy ten years her senior. On top of all this, her husband lived in the slums of Mumbai and had a family that treated Kalpana as a slave.Her first break was that she had a supportive father – when he visited her and saw her plight he simply took her back. This is highly unusual in Indian culture; so back in the village people saw Kalpana as a failure. She learned to tailor and tried to ignore the situation until…. …it just got too much and she tried to take her own life. After that Kalpana decided to live her life and ‘do something big and then die’. She left for Mumbai to stay with an uncle and started a tailoring business which she gradually grew. Eventually, she was asked to take over a company that was massively in debt – Kamani Tubes. She did and today Kamani Tubes is a business worth more than $100m. What do these women share?These women share four important things:
What is my point, then?As a civilisation, we have developed a multitude of techniques for planning, management and selection. As individuals we spend a considerable proportion of our lives planning, managing and disciplining ourselves or being planned, managed and disciplined. What seems potentially more productive is to learn the art of spotting opportunities and to develop the courage to use them.
An opportunity is a chance to take advantage of a situation. It can relate to several situations in career, sports, business, etc. It is what makes the difference between real leaders, winners, and quitters. A business opportunity is the chance to take advantage of an occurrence in the market for business gain. It is what makes some businesses succeed while others fail. What Is A Business Opportunity?A business opportunity, also called bizopp, is the chance to take advantage of an occurrence in the market to begin a business. It involves some kind of favourable condition which exists in the market. A business opportunity is what makes some businesses succeed while others fail. Leaders are successful because they see opportunities before other people spot them, make plans then build business models to capitalise on that opportunities. A good example of a business opportunity in the market today is e-books. Amazon was one of the first companies in the online bookselling business who initiated an e-book reader that made it possible to read books by means of a digital device that looks more or less like a tablet pc. Importance Of A Business OpportunityIn business, an opportunity is a key to success. Without it, a business cannot begin, expand, or succeed. The main purpose of an opportunity is to serve as the basis for any action that results in profit and business growth. Opportunities allow businesses to create and implement ideas and innovations and improve their performance. Only those who spot opportunities early can take the best advantage of them and capitalise on them. Here are some reasons why a business opportunity is important:
Characteristics Of A Good Business OpportunityBusiness opportunities are the core of every successful business. They help in identifying problems and in creating solutions that can potentially help businesses grow. Here are some characteristics of a good opportunity:
Types Of Business OpportunitiesThere are different types of business opportunities, each one serves as the basis for important decisions that help businesses succeed. Here are some examples:
How To Identify A Business Opportunity?Opportunity identification is an important part of business development and growth. It allows companies to make the right decisions that will help them achieve their goals. Here’s the business opportunity identification process: The Customer Research StageThe first step is to research customers and their problems by asking questions related to the customer’s needs, goals, and expectations. This involves collecting, organising, and analysing information about customers’ behaviour as well as their needs. The past and present trends of the target market must also be identified to help businesses better understand customer preferences. The objective is to identify potential business opportunities that can help the business create value for its customers. Problem Hypothesis StageIn this stage, businesses search for problems by identifying issues and concerns from customer feedback and other sources of market research. The first step is to define the problem. Once that has been done, businesses need to search for the root cause of the problem and explore possible solutions. The goal is to formulate a well-focused hypothesis that can be tested with market research. Product Hypothesis StageBusinesses should determine what kind of product or service will solve customers’ problems or address their needs. The product or service should target specific customers based on the information gathered during the customer research stage. Market Hypothesis StageThe market hypothesis stage involves testing certain key assumptions about the business opportunity with customers to determine the demand for a particular product or service in the real world, and how it solves problems in the specified market. It also involves doing in-depth research to identify existing players in the targeted market, and determining customer expectations for the product or service. Product Development StageOnce a business opportunity is confirmed, the next step is to develop a product or service that will solve the problem. The product or service should be designed and tested using various methods to ensure its viability and effectiveness. Businesses need to consider their target market, competitive threats, and business models as they develop the product or service. Business Opportunity ExamplesBusiness opportunities are everywhere, and it is important for businesses to identify and tap into them. For example, Uber found a business opportunity in the unorganised transportation industry by introducing an on-demand cab system. There are also many other examples of great business opportunities:
Business Opportunity Vs Business IdeaA business opportunity is different from a business idea; the latter is based on the former. Business opportunities are identified when companies find issues or problems in existing markets, untapped needs, untapped technologies, customer feedback, market research and other sources of information. Business ideas are typically created through creative thinking by entrepreneurs who try to capitalise on business opportunities by exploring ways to solve certain problems. Go On, Tell Us What You Think!Did we miss something? Come on! Tell us what you think about our article in the comments section. A startup consultant, digital marketer, traveller, and philomath. Aashish has worked with over 20 startups and successfully helped them ideate, raise money, and succeed. When not working, he can be found hiking, camping, and stargazing. |