HOW TO FIND BUSINESS & MARKET OPPORTUNITIES

Although many aspiring entrepreneurs start with an idea for a new business, the question remains: Is the idea a business opportunity? In other words, does it fulfil a market need, solve a customer pain point, or improve an existing product?

Perhaps you want to assess whether your business idea is viable, or you like the concept of entrepreneurship and are searching for the right opportunity to jump in. Either way, you need to familiarize yourself with different types of business opportunities and learn to identify them.

Lessons for recognizing and acting on business and market opportunities can be gleaned from Harvard Business School Professor Clayton Christensen, who teaches the online course Disruptive Strategy.

Here are three types of business opportunities to search for, tips to identify them, and how to maintain a disruptive mindset for entrepreneurial success.

1. Jobs to Be Done

At its core, entrepreneurship is the process of using available resources to fill unmet market needs. One way to identify those needs is through Christensen’s jobs to be done theory, which states that people don’t buy a product; they “hire” it to do a job.

2. Low-End Market Opportunities

The key to identifying market gaps is understanding the theory of disruptive innovation. This theory, also coined by Christensen, explains how companies with fewer resources can enter existing markets and disrupt incumbent businesses that own segments of them. There are two types of disruptive innovation: low-end disruption and new-market disruption

3. New Market Opportunities

The other type of disruptive innovation is new-market disruption. It provides ample opportunity for entrepreneurial success, so it’s important to know how to identify it.

New-market disruption occurs when a company creates a new segment in an existing market. This new segment can often cater to people overserved by existing offerings, meaning they aren’t willing to pay for the latest features of the incumbent company’s products.#supertech #india #businessadvice #businessadvisory #businessopportunity #businessowners #twintowers #networking #workfromhome #homeoffice

Mohammad Mushdik Neeraj Rajput