A business opportunity allows you to make a profit by exploiting an untapped segment/gap in the market. Although many business opportunities exist and are found on the web everyday, not all opportunities suit everybody. For a business opportunity to be successful, the characteristics of the business should match the entrepreneur.
The four S’s should help you evaluate a business opportunity.
First look at current products and services and listen to friends and customers. Your search for a Biz Op doesn’t have to start online. Sensing an opportunity is important, especially as opportunities come and go. List your strengths and weaknesses. Find an opportunity that matches with your strengths and areas of interest. Never choose a Biz Op just because it sounds profitable, especially if you don’t have the necessary skills. Of course if you can acquire the required skills, it helps, but it’s still better to go with the skills and resources you already have at your disposal.
Once you find an opportunity, you need to know how big the opportunity is. How many customers might take a look at it? What is the expected per customer turnover? Is it confined to a geographic location, is the customer base a changing base, there potential for growth? These are the questions to which you should find answers. Or else, it’s like stepping into an island without a map, any path will take you somewhere but not where you want to go.
As an entrepreneur you are expected to even do ROI’s and payback period calculations. Once it’s all done, and if you are convinced, you need to be able to pounce upon the opportunity. Ask yourself, ‘Can you do it’? Don’t leave room for others to follow or copy. Lots of people take time to seize the opportunity, thereby prolonging the start of the business. You never know, copycats may get ahead of you.
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