Business Strategy 101: How To Spot Market Opportunities
Opportunities in the market are everywhere; the crucial thing for any business who wants to grow is to seize these opportunities and turn them into something greatly beneficial.
In doing business well, one must have keen business sense. This entails a lot of things, among which are the following: first, relevant knowledge and experience on the particular industry or field which the planned business belongs to; second, the ability to recognise a need in the market and a solution that will satiate that need; third, possible encouragement from somebody the entrepreneur knows who is successful at a similar business; fourth, possible encouragement as well from other existing businesses that are doing well.
Of all these, the second is probably the most important. The public responds well when there is a void to be filled, something that one’s business can ideally fill. Once a solution to a problem has been proposed, and a salient one at that, then that business will eventually succeed.
In solving a problem, entrepreneurs need to ask themselves these relevant questions: first, what is it exactly that customers find unpleasant in the industry? Second, as a consumer yourself, what are your sentiments regarding the services or products offered by the same industry? Third, based on this experience, what are the things you want to improve on, or else change? And lastly, what unique brand will you inject to your business so that it stands out from the rest?
In analysing a void to fill, you need to ask yourself first what, in your opinion, should businesses do to meet demands where supply is usually scarce, and which services or products need a step up in order to solve the problem. Secondly, you need to ask yourself if there are, indeed, clients or customers willing to pay for any new services or products to be used to fill in the gap. Thirdly, ask yourself what things consumers are looking for (which they may not have found now, or at least not yet). In like manner, try to anticipate as well—what do these people want in the next year or two? And finally, what do you think do clients or customers think are utterly absurd about the industry, such as techniques, products, or services that simply are not working?
By being wary of these things, business investors heighten their chance of starting a business in Singapore and making it big in Asia’s heart of commerce.