Entrepreneurs see opportunities where others may see problems.
The difference between entrepreneurship and business ownership is really about opportunism. Entrepreneurs pursue opportunities. According to Daniel Muzyka, a professor of entrepreneurship, people should not call themselves entrepreneurs until they have identified and started at least one opportunity.
Some entrepreneurship training courses to check out
What then is an opportunity?
Some people will refer to opportunity as finding a gap in the market that they can exploit for a profit. Many of us can see things that need fixing or a process that we can improve. Spotting the opportunity and taking the necessary action to implement the idea is what entrepreneurship is all about.
There are several examples of this. Many people might have had the idea of selling books online, but it was successfully implemented by Jeff Bezos of Amazon. Same can be said of Facebook, Twitter etc. I particularly remembered the Sony Walkman as an idea that most students growing up in the 1980’s life of cassette players must have thought “ if only someone could make a portable version” of the cassette player. It was Sony though that came up with the solution.
You may be interested in other articles about opportunities https://www.enterprisedoctors.com/entrepreneurship/
We need to search for and implement that idea to truly qualify as entrepreneurs. Do you really need to be an entrepreneur? No, many people are just happy to own their own business or franchise. In that case, you just follow a ready made system. You may still be able to spot and capitalise on opportunities within a selected sector. May be you have a special way of attracting new customers to you business due to your unique style of promotion or connections.
Here is something that I have written about before. If you find an opportunity that you can exploit which provides your business with a comparative advantage, then you are an entrepreneur. But will you teach others how to take advantage of the same opportunity, even for a fee? Now imagine if the same tutor is willing to teach hundreds or even thousands of others this same secret. How long do you think before the rest of the world knows about that secret? If many people know about the secret, where is the competitive advantage for you?
Beware of those promising quick riches
In short, entrepreneurs should be careful about those who promise riches in exchange for teaching their secrets. Many may remember the ‘work from home’ fantasies of about 10 years ago. What about the ‘ other people’s money schemes’ for buying properties? These are mainly fads. They are designed to take your money with very few things to show for it. Notice the adverts on YouTube and other social media sites.
There are many opportunities, but through searching and hard work, entrepreneurs will find that sweet genius and then apply this to their own circumstances. No size fits all solutions. There are no more new ideas to be created, just a proliferation of old ideas packaged, remodeled and adapted to the new world.
If you want to know more about this, you may check out a new book titled ’Steal like an artist’, it provides you with ideas that you can use to get inspiration from those you want to be like. They help you to get inspired, then you can become your own self.
Here is the summary of the book
For some of the most inspirational entrepreneurs of our times, the link below can help
An analysis by professor Sue Birley of Imperial college, London attests that 2/3 of failed businesses could have been saved. We will discuss the details of the importance of opportunities and how to learn from the mistakes of the past so that more companies can be successful.
The internet has made information easily available. This means we can learn from the mistakes of the past and make better business and strategic decisions.