Hi, guys welcome to another Friday post where we are gonna talk about finances and in particular how to recognize future business opportunities. Trends are always happening around us and to the trained entrepreneurial eye and mind, trends equal emerging markets, don’t let these markets pass you buy you have to learn to spot emerging markets and tap into them before they get saturated, establish your brand as the go-to brand in this market. so how do you recognize future business opportunities? here are a few tips.
Firstly follow the news and social media, solid information is gold at this time (actually its gold at anytime if you know what I mean) say you hear that china is opening up a market for wearable tech next year you have a year to prepare to tap into this market, or you find out that people are trending towards shopping using a certain provider (take Paypal for example) you can get ahead of the competition by offering this as a payment option in your business. Another example; patents, say you had some insight on a certain design that could be very lucrative you could file a patent for this making anyone who wants to use that patent having to pay you because you own the rights.
the key to recognizing business opportunities is staying current and updated, follow the business news, subscribe to entrepreneur. There are many money making opportunities emerging today all you need is to position yourself for success.
another way to recognize business opportunities is to be in business. being in business gives you the first-hand experience you need to succeed, you may start off in the automobile industry and see an emerging market in real estate, being in business allows you to be in the drivers seat you can rewrite your business plan if you see that people are trending towards other markets.
Follow history (which is the same thing as watching trends if you ask me) history can prove to you how certain markets perform overtime. Whether they are steady and stick around for a lifetime or are spurious and are like a shooting star (if you blink you miss the opportunity)
You can take all of the above into consideration when trying to recognize new business opportunities, you can also leave a comment below, I would really appreciate if let me know what’s your take on this topic how would you recognize business opportunities?