Business opportunities can arise from anywhere. However, to take advantage of it, your Profit Friends need to be astute in identifying this golden opportunity. In this article, Labamu has summarized several sources of business opportunities from external factors that can inspire you to create new opportunities. Listen, OK?
What is a Business Opportunity?
In the business world, business opportunities are golden opportunities to make money.
If you look at the definition, business opportunity refers to the ability to take advantage of a situation to create business profits. This cannot be separated from its main purpose, namely as the basis for every action to generate profits and growth.
That’s why business opportunities are not only about executing new ideas, but can also take the form of innovation to improve the quality and performance of the business.
Sources of Business Opportunities from External Factors
In principle, business opportunities arise when there is a gap between market needs and what is currently available. So, to make it easier for you to understand, here are several examples of sources of business opportunities from external factors which are often the basis for making important decisions to encourage business success.
1. Unmet Needs
Business opportunities often arise due to pain points felt by consumers. Pain points themselves are problems or difficulties faced by customers due to their needs not being met or not being accommodated properly, so they need appropriate solutions.
However, to find where that point is, you need to map the consumer experience carefully. Only then can you understand how the business you run is able to provide the utilities needed by consumers.
2. Untapped Resources
Unutilized resources can also create potential new business opportunities and create added value.
This is common in cases of breakthrough innovation which encourages businesses to move to the next level in opening new markets and changing how customers interact with these markets.
3. Technological Development
In the businessman’s mindset, technological developments are not just about providing convenience. But it is also a source of business opportunities from external factors and has been proven to be true.
Even if you think about it, a lot of the conveniences we experience these days are due to the impact of technological developments, right? All of this would not be felt if there were no “hands” who turned it into a business opportunity.
4. Market Competition
Increasingly fierce market competition continues to encourage players to innovate and make improvements. The main goal is to be able to provide more value than its competitors, while finding solutions to the problems faced by its target market.
In this case, market competition can provide valuable insight into business areas that can be developed into new opportunities.
5. Strategic Cooperation Offers
Strategic partnership opportunities such as collaboration opportunities can also develop new business opportunities. Each party can complement each other, thereby increasing the opportunity to access new resources, strengthen product offerings, and increase competitive advantage.
These methods can help provide a more “complete” experience for consumers.
6. Changes in Trends and Lifestyles
Changes in market trends also change customer needs and preferences. Aligning business offerings with existing conditions can help you take advantage of new opportunities.
Therefore, it is important to understand the meaning of business opportunities well, namely by recognizing market needs and gaps, and taking advantage of the opportunities.
7. Customer Feedback
You may feel annoyed by customer complaints. But actually inside there is a space that you can use to create new opportunities.
After all, listening to and understanding customer feedback can reveal unmet needs or areas for improvement. This insight can be translated well, you can definitely develop innovative solutions and even new opportunities to overcome these problems.
Characteristics of a Good Business Opportunity
After knowing several sources of business opportunities from external factors, you might wonder “what are the criteria for a good business opportunity?” or “are all these opportunities necessarily profitable?”. So, to answer your worries, here are the criteria for a good business opportunity.
- Clear. This means that a good business opportunity must have clarity. It is clear what the goal is, it is clear what products/services will be offered, and it is clear what the potential is to generate profits.
- Worthy. This means that this business opportunity must be truly feasible to execute because the resources, infrastructure, or things needed are available, can be obtained, and can be utilized as effectively and efficiently as possible to get the desired results.
- Relevant. This means that this business opportunity must be relevant to market needs, trends, preferences and current industry dynamics. Because relevance ensures that this opportunity has the potential to attract customers, generate demand, and create value in the long term.
- Scalable. This means that this business opportunity has the ability to grow without reducing quality or disproportionately increasing costs in reaching the market and serving a larger customer base.
- Profitable. The core of a business opportunity is profit. Therefore, a good business opportunity is an opportunity that can create promising potential profits for a business, both in the short and long term.
That is information about sources of business opportunities from external factors that can broaden your insight into the business world. So, for those of you who decide to go there, make sure you always choose the Labamu application to document every administrative record and business transaction.
It’s easy, just download the application via Google Play or the App Store and take advantage of the best features!
