What is an Entrepreneurial Opportunity?
An entrepreneurial opportunity exists whenever there is a need, want, problem, or challenge that can be addressed, solved, or satisfied in an innovative way.
What is an Entrepreneurial Idea?
An entrepreneurial idea is a specific, new way to satisfy a need or want, overcome a problem, or meet a challenge.
Some ways to generate business ideas:
- Listen to what others have to say.
- Try to link two things that are seemingly unrelated in an innovative way.
- Approach problems from a new perspective.
- Ask questions and listen to the answers.
- Break old habits by doing things differently to gain a new perspective.
- Practice coming up with ideas for every problem or challenge you encounter.
- Identify products that would improve the quality of your life.
- Investigate if there is a need for a business that aligns with your interests or skills.
- Keep abreast of trends and practices.
- Network to get ideas from other people.
- Read publications.
- Write down all your ideas.
Assessing your idea: Some questions to ask yourself:
- Is it really an opportunity?
- Has it been seen by others?
- If seen, have others chosen to act upon it?
- How long will it last?
- Are you satisfied that you have accurate and sufficient information?
- Have you specifically defined the opportunity?
- Do or will many people care?
- Do you have experience in this area?
- Is it the best opportunity you can see?
- Can you think of a better version of the idea?
Taking trends to opportunities:
Trends are important in entrepreneurship. If a trend appears that you think you can capitalize on, then you should try to find out the following:
- What caused the trend to start?
- How long will it probably last?
- What effects is it likely to have?
- What product might fill the needs generated by the trend?
- How can you adapt the existing products of your business to fit with the trend?
How the Centre for Enterprise Development Inc. can help you:
- Business Counselling and Advice
- Market Research
- Developing Marketing Plan
- Developing Business Plan
- Capacity building through business management skills through a range of training programs.