CHAPTER 1

Recognizing and Developing New

Business Concept and
Opportunities
ENTREPRENEURIAL PROCESS
 The entrepreneurial process begins with
an idea that can turn into an opportunity.
... To become an opportunity,
an idea needs to be evaluated and acted
upon. To become a business opportunity,
your idea needs to have a potential
economic value, meaning that it needs to
be able to create profit.
4 WAYS TO IDENTIFY MORE BUSINESS
OPPORTUNITIES
 Listen to your potential clients and past
leads

When you’re targeting potential customers

listen to their needs, wants, challenges and
frustrations with your industry. Have they used
similar products and services before? What did
they like and dislike? Why did they come to you?
What are their objections to your products or
services?
 Listen to your customers

When you’re talking to your customers listen

to what they saying about your industry, products
and services. What are their frequently asked
questions? Experiences? Frustrations? Feedback
and complaints?
 Look at your competitors

Do a little competitive analysis (don’t let it lead

to competitive paralysis though) to see what other
startups are doing, and more importantly, not doing?
Where are they falling down? What are they doing
right? What makes customers go to them over you?

Analyzing your competitors will help you identify

key business opportunities to expand your market reach
and develop your products and services.
 Look at industry trends and insights

Subscribe to industry publications, join

relevant associations, set Google alerts for key
industry terms and news and follow other industry
experts on social media.

Absorb yourself in your industry and

continually educate yourself on the latest
techniques and trends.
TYPES OF BUSINESS OPPORTUNITIES
 Buy a Franchise

Many entrepreneurs like to have a business

going full speed right off the bat.

A franchise is an existing business with a

solid business plan and process already in place.
 Distributorship or Dealership

Another place to find business opportunity

leads is with distributorships and dealerships to
sell other people’s products.

A distributor is a person or business that has

an agreement to sell products or services produced
by another company.

Think of an Amway distributor or Avon

distributor as a good example.
 Network Marketing

While an Avon lady might be considered a

‘distributor,’ there is much more to this type of
business opportunity. In addition to distributing
the products or services offered by the parent
company, a network marketer also strives to
recruit other distributors.
 Licensing
You might also find highly profitable
business opportunities through licensing. Licensing
is where you can take a new or existing product
and use your talents to market it. For example, you
could take almost any product and try to get a
license to a name brand, icon, or trademark of a
widely recognized business.
 Filling a Niche

While pre-made or other types of business

opportunities can be lucrative (profitable) through
a parent or franchise company already enjoying
great success, entrepreneur opportunities also exist
for a person to simply find a consumer need and
discover a way to solve it.

Build your own business to satisfy the needs

and wants of the consumer.