If you want to be a successful entrepreneur, you’re going to have is be able to recognize a business opportunity when it knocks.
An opportunity to take advantage of a trend could mean the difference between a small success and a huge success.
But you must know what these opportunities look like so that you can grab them when you see them.
Here are three ways to recognize a business opportunity:
It Might Not Be Perfect
One of the earmarks of a good opportunity is that it doesn’t sound too good to be true.
A true opportunity that has great potential isn’t going to be perfect when you encounter it.
You’re going to have to do the work to make it into a successful venture. However, one thing that should have is potential.
If you can see it becoming a great idea in the future, it might just be the opportunity that you been looking for.
Just be sure that just because an idea is imperfect that you don’t discard it completely.
It Is Built on Previous Failures
The best ideas are the ones that have evolved over time because they have been honed though past failures.
If an idea has been through the trial, there is a better chance of it working when you decide to implement it.
In other words, you might want to give an idea time to fail a few times before you run with it.
Otherwise, you’ll be making those mistakes yourself and that won’t result that you have envisioning it.
It Might Not Be What It Was Intended to Be Used for Originally
Some of the best ideas that have ever been thought of were completely different takes on what it was originally intended.
The idea might have been a failure as it was intended. But it sparked an entire new thought process and brand-new applications.
These accidental inventions ended up being something completely different because someone had the ability to see past the original application.
For example, both the slinky and silly putty toys were intend for industrial application. However, they failed as intended and instead become some of the most popular toys ever invented.