Discovering Opportunities for Entrepreneurial Growth

There's a problem. Can you provide a solution and create value?

Entrepreneurship Development – Opportunity identification

There is a problem – Can you offer a solution and derive value for you?

?I was reading the details of the scheme “Drone Didi.” I was very curious to understand more, so I went through the various video coverages of the scheme. It was very fascinating to know how a barely educated rural woman is earning handsome money with her drone driving skills. A path-breaking technology is seen as an opportunity by policymakers to empower women. And many aspiring women entrepreneurs came forward and grabbed this opportunity to start their businesses to support their families.

For me, this kind of phenomenon is a classic feature of India’s aspiring entrepreneurial minds. ?To grab the opportunity and convert it to one’s economic benefit requires committed efforts, readiness to acquire new skills, and readiness to adapt to changes. Identifying an opportunity and working in the direction to make it a viable business idea are important steps for an entrepreneur while going through the initial decision-making process.

It is as simple as this equation.

There is a problem = I can solve it = I can make legitimate money out of it = This is a business opportunity!

Let’s take this example of Drone Didi initiatives. This Drone Didi shared an interesting perspective. It goes like,

“I have never seen a plane or traveled in one. I was in doubt whether I can fly this machine as I am just 10th failed. Considering the money I may earn for my family I decided to learn it. Initially, my husband said, "Tu kya kar legi, nahi kar payegi". But I ignored the resistance. I knew, that if I didn't somebody else will. ?I attended the training sessions and started grasping it.? English is still a barrier.? I am determined to learn the language basics required to run this business. And now I have my own business of providing drone services. Sometimes I travel for two weeks for my work, but now my family supports me. I am also enrolled in a four-wheeler driving school.”

These rural women took note of the policy changes, saw an opportunity, decided to acquire the skills that they lacked, and gave it a go!

To see an opportunity as a business opportunity is a solution mindset. It fills the gap between problems and a solution through entrepreneurial ventures.? ?

Here are the steps I understood for Business Opportunity Identification

●??????? Be observant of what is happening around you

●??????? Identify a problem or need that the community around you is facing

●??????? Research your market and conduct a SWOC

●??????? Perform a financial feasibility analysis.

●??????? Validate with industry experts.

●??????? Read more and educate yourself.

●??????? Study life experiences and consider different perspectives.

●??????? Connect these with your Aspirations, Abilities, Skills, and Passion

●??????? Zero in – can you solve this problem?

These are a few thoughts about the process. To know more log in to www.lifeceo.in . I developed a set of three modules on the Entrepreneurship Development process. Visit today. ?@ https://lifeceo.in/course-category/entrepreneurship-development-skills/

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www.lifeceo.in @ 8329100026,@Gandhali Anand Deshpande Piyush Goyal Gaon @ASCI_SKILLS Women in Food and Agriculture Mahindra Group