Find out if the industry you are considering for business has High Potential or Low Potential. Most Ideas are derivative, and few come from curiosity. Start thinking, identify gaps and look what you can add to existing ideas. Business owners that are passionate about their business are likely to succeed.
High Potential Industry
Is one that's emerging, or at least hasn't spent too much time on the maturity continuum. Much of the technology industry would fit this profile.
Low Potential Industry
Is one that has already seen it's best days (ex., Desktops at the turn of the 21st century)
Tips to Find New Business Opportunities:
- Find the problem you want to solve for yourself.
- Use something that was not available yesterday.
- Think about products for young people.
- Talk to Smart People, they have more good ideas that they can implement themselves.
- Discuss trends, markets and your current ideas with everyone.
- Learn the pain of other people and you can discover new solutions.
Do you think this article is informative? Share us your thoughts in the comments section below.
If you liked this article, you should share it on Twitter, here.
Tags: business opportunity india, How do you find a business opportunity, high potential industry, low potential business opportunities , tips,