Entrepreneurs look for opportunities. They seek opportunities to solve problems and provide value – and thus make money. They look for opportunities to differentiate their business from their competition – and thus make money. They also look for opportunities to improve their internal operations – and thus save time and money while increasing profits.
Are You An Opportunity Seeker?
To think like an opportunity, it’s important to become an opportunity seeker. The goal is to establish a mindset where you’re always looking for ways to improve your life and the lives of others.
As a business owner, you’ll notice that the majority of these opportunities come from innovation. Innovation is designed as introducing something new or different. Peter Drucker, in his book “Innovation and Entrepreneurship, Practices and Principles,” lists seven sources for an innovation opportunity.
- The Unexpected
- The Incongruous
- Process Need
- Industry Changes
- Changes in Perception
- New Knowledge
We’re going to look at three of them. If you’re curious about the other four, grab the book – it’s a good read. Here’s a link…
Demographics are defined as “The characteristics of human populations and population segments, especially when used to identify consumer markets.”
The Baby Boomer demographic has been the source for an abundance of innovation. They’ve driven the market in hundreds of industries for decades. As demographics change, needs change and it presents the opportunity for innovation.
2.) Process Need
As new technologies are developed, new needs arise. Process need innovations are those which are created to support some other process. One commonly used example is the development of internet banking applications for mobile devices as a result of the evolution of the ATM and internet banking. The mobile applications also led to new security systems and processes being innovated.
3.) New Knowledge
We’re fortunate to live in a world where we are able to learn something new every day. The internet has made that possible. For example, we learn something new about nutrition and disease every day as more studies are conducted. This new knowledge provides opportunities for innovation. For example, the concept of “sitting disease” didn’t exist ten years ago. Now it does and business owners, nutritionists, and exercise and fitness experts can all innovate methods to combat it.
Innovative opportunity is all around you. The key is to recognize it and take action on your ideas. Start looking at the world around you in a different way. Ask how you can take advantage of needs and changes in your niche to provide value and earn profits.
P.S. Please feel free to forward this blog post to your friends!
To Your Success Online,
Internet Marketing Professional, Coach, & Consultant
Websmith Marketing, Inc.
“Teaching you how to start a profitable internet marketing business!”
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