7 Ways to Discover Entrepreneurial Opportunities and Grasp the Four Opportunities of Entrepreneurship
Entrepreneurship is the process by which entrepreneurs and entrepreneurial partners optimize and integrate the resources they have or are able to have through their efforts, so as to create greater economic or social value. The following is my compilation of 7 ways to discover entrepreneurial opportunities and grasp the four major opportunities of entrepreneurship.
7 ways to discover entrepreneurial opportunities
Entrepreneurial ideas and ideas come from many sources, according to a study of two hundred outstanding entrepreneurs, entrepreneurial ideas come from four main sources:
First, for the existing products and services, re-designed to improve;
Second, to follow the trend of new trends, such as: E-commerce and the Internet;
Third, chance;
Fourth, through systematic research, entrepreneurial opportunities.
When a new industry emerges, it is bound to provide many entrepreneurial opportunities and trigger a lot of entrepreneurial fervor. However, there are risks involved in following the new trend. Because, exactly how big this new industry, how to specifically explore the potential customer needs, seem to be uncertain. The emergence of the personal computer industry has triggered a large number of upstream and downstream entrepreneurial opportunities for related products and services, but not all of them have been successful. Some people attribute the generation of business ideas to chance, the so-called "unintentional willows into shade". However, the experts who study creativity think that creativity is only the tip of the iceberg, without the usual hard work, chance will not be so coincidental. Countless people have seen apples fall to the ground, but only Isaac Newton could produce the association of gravity. The so-called coincidence of chance or the sixth sense of intuition, mainly because entrepreneurs in the day to day cultivated to detect changes in the environment of keen observation, therefore, to be able to foresee the formation of creative ideas. For example, at the time of the formation of the San Francisco Gold Rush, countless poor people filled with beautiful visions of running to the gold mountain, Levi's founder coincidentally saw the "supply of strong and durable canvas" this business opportunity. So, he immediately launched the production of jeans made of canvas as a fabric business, the product sold to the above many gold diggers, which became the story of the future business.
The practice of discovering entrepreneurial opportunities can be roughly summarized in the following seven ways:
First, by analyzing special events to discover entrepreneurial opportunities. For example, a blast furnace steel mill in the United States had to purchase a miniature steel furnace because of a lack of funds, and the latter's profitability was unexpectedly higher than the former's unexpected results. Then analyzed, only to find that the U.S. steel market structure has produced changes, so the steel plant will focus on the future investment in a rapid response to market demand for mini steelmaking technology.
Second, by analyzing the phenomenon of contradiction, to explore entrepreneurial opportunities. For example, most of the services and products provided by financial institutions are only for professional investors, but the general investing public, which accounts for 70% of the market, has not been given due attention. This contradiction shows that the market for products that provide investment services to the general public will have great potential.
Third, by analyzing the operating procedures to explore entrepreneurial opportunities. For example, in the global production and operations system process, you can find a lot of information services and software development entrepreneurial opportunities.
Fourth, by analyzing the trend of industrial and market structure change, to explore entrepreneurial opportunities. For example, in the trend of privatization of state-run businesses and the opening of public sector industries to free market competition, we can explore many entrepreneurial opportunities in the transportation, telecommunications, and energy industries. Many new entrepreneurial opportunities can also be found in the government's newly launched Knowledge Economy Program.
Fifth, by analyzing trends in demographics, we can identify entrepreneurial opportunities. For example, the rapid increase in single-parent families, the trend of women's employment, the phenomenon of an aging society, changes in educational attainment, and the expansion of the international outlook of young people ...... are bound to provide many new market opportunities.
Sixth, through the values and cognitive `change, to explore entrepreneurial opportunities. For example, the changing perception of people's dietary needs has led to the emergence of new industries such as the gourmet food market and the health food market.
Seven, through the generation of new knowledge, to explore entrepreneurial opportunities. For example, when the human genome image is fully resolved, it can be expected that there will be a lot of new business opportunities in the fields of biotechnology and medical services.
Although a lot of entrepreneurial opportunities can be discovered through systematic research, the best ideas come from entrepreneurs' long-term observations and life experiences. It's like having a baby in October, with the idea percolating in the entrepreneur's mind and being studied over and over again until the entrepreneur feels it's time.
How to find and grasp the four major opportunities for entrepreneurship
The first is to grasp the opportunity from the "low tech".
With the advancement of technology, the development of high-tech fields is a hot topic nowadays. However, opportunities for companies are not limited to the "high tech" sector. There are also opportunities in the so-called "low tech" areas of transportation, finance, healthcare, food, and distribution.
Second, change is opportunity.
Changes in the environment will bring good opportunities to various industries, and through these changes, people will find new prospects. These changes can include: changes in industrial structure; technological advances; communication innovations; government deregulation; economic informatization, service-oriented; changes in values and life patterns; demographic changes. Taking changes in demographic factors as an example, some of the following opportunities can be cited:
1. Health protection supplies for the elderly
2. Business items for one-child service
3. Supplies for young and working women
4. Cultural and recreational supplies for the family
Thirdly, the quest for the "Negative" will find opportunities.
The so-called pursuit of "negative" is to focus on those who are "distressed" and "troubled". Because it is an affliction and a problem, people are always eager to solve it, and if we can provide a solution, we will actually find an opportunity to do so. For example, dual-income families do not have time to take care of children, so there is a family child care center; do not have time to buy food, there is a grocery delivery company. These are all examples of finding opportunities from the "negative" side.
Fourth, there are opportunities to focus on the needs of certain customers.
Opportunities can't be found in all of your customers because it's easy to recognize the same needs, and it's basically hard to find a breakthrough. And actually everyone's needs are different, if we pay attention to the daily life and work of certain people from time to time, we will find certain opportunities from it. Therefore, when looking for opportunities, we should be accustomed to categorize customers, such as government employees, vegetable farmers, university lecturers, literary editors, elementary school students, single women, retired workers, etc., and carefully study the characteristics of the needs of various types of people, we will find a lot of opportunities.
Where are the opportunities for entrepreneurial experience
"It's hard to start a business at any time." Said Su Yulie, a partner at Green Sun Investments.
Indeed. From the point of view of VC exit average book investment return, the first half of 2012 A-share IPO price-earnings ratio fell, and Chinese stocks overseas and suffered a crisis of confidence, resulting in IPO exit return is not ideal.
The UK edition of Wired magazine, however, said in its May 2012 special report on entrepreneurship that globally, it is a good time to start a business.
That's just the opposite of what Chinese startup investors are saying. Jun Shao, a founding partner of DT Capital, is particularly concerned about intellectual property risk when investing in Chinese companies, as there is insufficient protection of intellectual property rights in the country, and a new company's product or service can easily be copied.
The diametrically opposed approach of the big players has also cost him. What Shao Jun sees is that in a mature market like the United States, where the industry chain is developed and complete, an entrepreneur can live well by making a solution for a niche market. Because he can easily sell his product to the big players. Cisco has acquired more than 150 companies since 1999. Many foreign entrepreneurs start their business with the goal of being acquired by Cisco.
However, in China, the big players are not very willing to buy at a premium, and sometimes they prefer to spend the money to do it themselves, and the small companies end up having to be squeezed out by the big companies.
Jun Shao was an investor in Harbor Networks, a well-known communications company. Harbor Networks has leading technology in broadband IP infrastructure network equipment. "At that time, we always thought that Huawei would come to buy us, and as a result, Harbor to sell this product Huawei to send, and finally (Harbor Networks) failed."
Su Yulie summarized China's entrepreneurial environment as "high market risk, high policy risk, and high business integrity risk". 27-year-old Su Yulie is both an investor and an entrepreneur, as he founded China's youngest angel investment fund, Qingyang Fund, with a friend three years ago. He has encountered almost every problem that entrepreneurs face: lack of trust and lack of support, and in 2011, Su's fund suffered a similar setback due to the economic downturn: it couldn't raise enough money, and the projects it invested in seemed to be riddled with problems in the eyes of his peers.
"A lot of people thought I was going to die," he said, but he came out of it. Su Yulie felt that he was able to get through the crisis by the usual accumulation of resources and decisiveness in partnerships. He is not the kind of investor who deliberately distances himself from entrepreneurs, he is happy to contact people from various circles and is willing to share, and it is these resources that helped him fill the gap of 10 million yuan in capital raising.
He parted ways with those who had different aspirations. In Su Yulie's eyes, there is always a way out in this world. In order to get investment from angel investor Xu Xiaoping, Su Yulie called him every two or three days for five months. At that time, Xu Xiaoping said he was "interested" in Su Yulie's project, but he was "either on a plane, in a meeting, or out of the service area".
This is another déjà vu story that happened to Su Yulie - after 5 months of "stalking", one day Xu Xiaoping picked up the phone and asked Su to meet him. 20 minutes after the meeting, Xu Xiaoping became Su Yulie's first investor.
"In 1000 people, there are always 300 people who are willing to talk to you; 100 or so of them will be interested in you, 20 or 30 will talk to you in depth about the program, and ultimately one tenth of the people will implement it with you." But success is never just a matter of probability: can you find 1000 people? This "can" is not only whether you are willing to insist, but also whether you have the ability to do so.
Optimistically, there is a lot of bad product being phased out because of the recession, but the demand for good product is also stronger because of the bad market. A slightly older example comes from Motorola, founded in 1928, whose car radio was one of the first commercially successful car radios in the 1930s, despite a decade-long depression in the world economy from 1929 to 1939.
If you're not quite ready to start your own business, if you're hesitating, it's the right thing to do. Because starting a business is tough at all times, you have to be cautious. But on the flip side, if you are just worried about the harshness of the climate, then why not take courage: since there is never a too good time to start a business, simply be brave and step out. The premise is that you understand unmistakably what you want to do, even if your small business looks like it might be a long way from angel investment and Series A funding.
Finding opportunities to start a business
Many people, all day long, think about starting a business, and all day long, their minds are filled with how to make money fast! The online world, where there is a so-called opportunity, where to squeeze, which ads say that a day can earn 1000 to run where.
As a result, a lot of people are so deceived. I'm not sure if you're going to be able to do this, but I'm sure you're going to be able to do it.
The day before yesterday, I went online and saw a piece of news about a new kind of play in Shanghai xxx party: xx fan. In fact, it's a portable fan, but the blades will light up (with LED lights on them), and it's quite pretty to turn around.
A moment of feverishness, think this thing will be quite affected, and now just launched the market (hindsight proves that the big mistake), if they can grasp, do up agents and so on, money can still earn some. So I searched for a long time, and finally found the person who sells it, the online store. 22 dollars. I want to buy one, and then get the manufacturer's contact information on it, and then get the goods themselves. Later, because the ID card to change, can not be traded. So directly and she (girls) contact, waste my lips a morning can not set out she said the manufacturer's phone. I'm not sure if I'm going to be able to do that.
I searched all the major search engines, including the various large and small business websites here and the auction of the online store, this claimed to be the "xx fan" thing, nothing, the manufacturer is even more can not find, all are the news of the connection. Later stumbled upon that she may be from Lanzhou to get the goods, and then look for electrical manufacturers in Lanzhou. Fruitless. Finally, we simply look for the word "small fan".
Do not look for do not know, a look startled! This thing is actually luminous fan, there are manufacturers less than 3 dollars can be shipped (of course, the number is not too small). Then go to the auction site to find a big pile! People are selling them for 5 dollars!
Fundamentally, this stuff is not new, that what actually even bring this to report! And he used the term "xx fan" instead of "glowing fan" to mislead the readers. And the seller is also unkind, selling something for 3 dollars for 22 dollars! And also earn those who do not know the silver. She is also utilizing this "new term"! If you follow her definition of "xx fan" you will find only her store! But if you look for "small fan", you'll break a blood vessel!
So, to start a business? Not just a random bump on the line! Absolutely not easily believe those so-called "entrepreneurial monthly income of 100,000! The advertisements of "small projects to make a lot of money"! Is money so easy to earn? The sky will not fall pie! Do a good job and get down to business! Accumulate professional knowledge and social experience, so that when the real opportunity comes, will be able to grasp. Otherwise, it will only become the laughing stock that scammers talk about when they count their money! "Have you really met the opportunity to start your own business?
17 Small Mistakes That Waste Your Chances of Entrepreneurial Success
1. Carrying too much responsibility yourself.
The vaunted "can do" attitude is more limiting than it sounds. Business owners insist they can do it themselves, but inadvertently overlook the efficiencies that can be gained by delegating tasks to others, including outsourcing. Leaders who lack skills in certain areas, accept your role as the one responsible for recruiting the best, experienced candidates who can lighten a manager's workload!
2. Taking on too much debt for loans.
Debt financing can be a practical option for companies that don't want to give up equity, but taking out loans from banks and investors can be very difficult to raise money for and create more problems for the company instead. If a company expects to grow 10% in the next year, it will have a hard time accepting a loan with a cumulative 15% APR. A company that takes out credit card loans at up to 21.99% APR has an even worse way to raise money.
3. Being unresponsive to website optimization.
As of January, 58% of U.S. adults owned smartphones, according to a report released by the Pew Research Center. Businesses whose websites aren't optimized for mobile reading and who retain many potential customers online are letting potential revenue slip away. Few users are patient enough these days to zoom or rely on dragging to read and view something on a website.
4. Communicate repeatedly about the wrong things.
Bosses have a job to make sure that everyone on the team is on the same ****. While it takes a lot of work to speak carefully, clarify points, and communicate adequately, miscommunication can easily lead to new problems and demoralization. It's better to be careful before you say something than to have it misinterpreted and waste time.
5. Not being able to translate what you read into action.
If an entrepreneur reads something related to entrepreneurship, business management, marketing, or planning and can't put that knowledge to good use, it's a waste of time. I'm all for personal self-improvement, but I also strongly believe that if people can't turn their knowledge into action and create value, then they're not getting anywhere.
6. Make a company product website that's all content and no call to action.
Every page on a company website should have a purpose. It's a very selfless act for a company to create content that informs consumers about the industry or teaches them something new, but without a meaningful call to action on every page, it's a lost opportunity.
7. Forgetting the fundamental performance of the site.
A fancy website is all well and good, but if it takes minutes to fully load, no one is going to look at it. Viewers in the digital world are impatient and won't hesitate to change their minds.
8. Make yourself/your employees/the whole company give up vacations.
As a manager, it can be detrimental to work if you feel compelled to work continuously, let alone set aside a few hours a day away from your computer. The feeling of constant anxiety is all too familiar to many entrepreneurs. Stress and burnout are serious problems. What's overlooked is that the cost of driving with a half-full tank is significantly higher for managers and companies than the cost of a five-day vacation at a resort.
9. Downplay your influence in social media.
While it's harder than ever for many companies to promote through search engines and competitive marketing campaigns because of algorithm changes, there's still something you can do on the user side. Adding prominent social sharing buttons for any website visitor will impress anyone who "likes" Twitter or social media, making sharing your content a "no-brainer".
10. Change your contact information lightly.
Changing a business leader's contact information may be a no-brainer, but it can be a nightmare for acquaintances, clients, and friends who find it nearly impossible to locate that person. While it's common practice to promptly notify contacts of your new address, email address, or phone number and other contact information, it's also best to consider having a call forwarding service in place for a longer period of time. One never knows when someone you used to know might be "pinging" you with their next six-digit deal.
11. Make decisions without data.
Without using performance metrics, it's easy to make the same mistakes over and over again. Data analytics can be used to find out what's causing fundamental business problems such as low sales conversion rates or high customer churn.
12. Poor supplier relationship management.
The fact that you haven't told your suppliers about supply slowdowns when they expect a steady stream of orders can quickly put your company on the list of unwanted customers. Confessing to something unfavorable months later may ultimately cause them to terminate the contract and label your company as an "unreliable partner". Being upfront and honest builds a solid foundation for a sustainable long-term relationship and earns their trust.
13. Miss marketing opportunities.
Marketing timing is everywhere. Take, for example, your website's 404 page. It's a painful user experience: i.e. when a user clicks on a link only to arrive at an unimaginative 404 page. It's important to optimize your company's website for error pages in a way that keeps users giggling rather than shaking their heads in disappointment. Lacking inspiration? Open this link below: the best 404 pages on the Internet. You can be inspired.
14. Spending too much on online payment methods.
Credit card fees are expensive. But there are cheaper alternatives that are worth adopting, such as LevelUp, or FreshBooks, which partners with PayPal to charge a fixed 50-cent fee for online payments.
15. Sell features, not solutions.
Customers have a range of problems, but a company's products and services don't mean anything to them unless their benefits are clearly stated. The product features you promote only tell part of the story, and most customers really only want to hear the "skinny", which is how a specific product for sale can help them in their current situation.
16. Scale back infrastructure budgets.
It's easy to laugh at the idea of spending hundreds of dollars a month for something as very basic as web hosting. But you have to understand that while you can find alternatives and get a good value for only $19 a month, everyone in the company still wants to be able to upgrade their product months before a potential site crash occurs. Don't be afraid to spend money, the loss of sales winnings during a site outage can be more than the cost of upgrading to a premium web host.
17. Think SEO is easy.
For many websites, search engines still account for 40% of overall traffic. the content of SEO isn't anything esoteric, and while it's become an advanced skill for many marketers to master, most startups still only have a basic understanding of it.
What kind of dumb mistakes have you made as a startup that cost you more than your monthly office rent?
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