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Where to Find Opportunity

Written on December 6, 2011 by George Krueger & Mary-Lynn Foster in Entrepreneurship

Entrepreneurs look for opportunities to create value by solving a problem. A problem people have.

So entrepreneuring, at its essence, is all about people.

Entrepreneuring is what BIGG success is all about.

Only it’s not just an occupation. It’s a mindset.

We’re often asked where to find opportunity. Let’s look at three places where you can look:

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Inefficiencies

Look for inefficiencies. These inefficiencies are often caused by some sort of technological shift.

The first generation creates the inefficiencies. The second generation extends them.

The first generation profits from the technology. The second generation profits on the technology.

So look for places where technology is creating an inefficiency to find your opportunity.

Someone asked us recently if we thought “this whole social media thing” had just about run its course. We, of course, said no way.

Web 2.0 is creating inefficiencies in many established industries. Entrepreneurs capitalize when industry leaders stick their head in the sand.

Regulation

Regulation creates opportunities. This goes two ways.

Deregulation often opens doors that were closed before. And new regulation or re-regulation may create opportunities as well.

For example, here in the U.S., it’s expected that the health care bill may create new opportunities.

And one could argue that the deregulation of the phone company a couple of decades ago has is still driving opportunities today.

Would we have SmartPhones if we had a phone monopoly? You decide, but it’s worth thinking about.

We should add, our purpose here isn’t to argue the costs and benefits of regulation, re-regulation, or deregulation. We’re just saying to look at what’s happening with regulation if you want to find an opportunity.

Demographics

Look for demographical change to find your opportunity.

It could be shifts in genders. For example, the number of women in the workforce has been driving change for some time now. Now you’re starting to see more women in leadership. That will create opportunities.

It could be related to age. The Baby Boomers has created opportunities their whole lives. They are the ultimate bubble.

And now they’re starting to retire. This is creating all sorts of opportunities.

Inefficiencies, regulation, and demographics. What do they have in common?

Change!

Change creates the opportunity which will lead you to BIGG success!

Do you think you see an opportunity but want a second opinion?

Maybe we can help.

Before we go, we’d like to take this opportunity to say “Thanks” for meeting us here today. Until next time, here’s to your BIGG success!

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Tags: audioblog, bigg success, entrepreneuring, established industries, george krueger, mary-lynn foster, new opportunities, opportunities, opportunity, podcast, technological shift, the bigg success show

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Shape Shifting Leads to Bigg Success

Written on June 16, 2009 by George Krueger & Mary-Lynn Foster in Business

Last time, we discussed the two ways to create wealth: other people’s money and other people’s labor (i.e. their time and talent). Historically, there’s been more focus on other people’s money as the lever to riches. Now, other people’s labor holds more promise.

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Hear George & Mary-Lynn discuss shape shifting on The Bigg Success Show! Click the purple player to listen while you read: Play Now | Play in Popup | Download

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Today’s show extends that concept and is inspired by one of the characters from the HBO hit series, True Blood. Sam Merlotte, who owns the bar, is a shape-shifter. He can change forms – from human to dog and back.

So here’s a little behind the scenes here at Bigg Success: we often get asked how we get ideas for our shows. We’ve been thinking about this shape-shifting thing for some time as a possible fun topic. Then we saw a Harvard article about a new business strategy.

The words “a shape-shifting enterprise” leapt off the page. Voila … a show was born!

Back to the article – it discusses how many large companies are starting to outsource core activities in order to focus resources on solving customer problems.

The author postulates that the future value of companies will be the sum total of all their arrangements. Let’s emphasis that – using words we use more often here at Bigg Success – the future value of businesses, both large and small, will be in the total value of its relationships.

But a key thing to keep in mind is that businesses don’t have relationships; it’s the people in those businesses who have relationships.

You may have a relationship with a customer who has a problem. How many other customers like this customer have the same problem? With how many do you have relationships?

Once you’ve identified that, who in your network can best solve that problem? By becoming the customer’s go-to person (or company) – by delivering the right product or service at the right time for the right price, you’ll create value for your business.

The Harvard article we talked about references a Fortune article about how Chinese and Indian companies are structuring themselves. The answer: they’re positioning themselves to be shape-shifters!

Shape-shifting is a key for us, as entrepreneurs, to survive and thrive in all economic conditions. It extends well beyond outsourcing. It’s an even deeper relationship, which will create more opportunities for small businesses to work with large companies.

To become a shape-shifter:

Watch your operating leverage. The more fixed costs your business has relative to its total costs, the greater your degree of operating leverage. Just like with financial leverage, higher operating leverage can work against us if things take a downturn.

That’s one of the secrets to being able to be a shape-shifter. If you keep your fixed costs low, you can quickly maneuver your organization to take advantage of opportunities that may present themselves.

Seek out strategic alliances. Explore opportunities to collaborate or joint venture with other people and organizations. The do-it-all-yourself mindset is so yesterday. Focus on what you do best and work with people doing what they do best. This is another key to shape-shifting.

Work with anyone and everyone where it’s mutually beneficial, including your competitors. You may find ways to do more together than either of you can do on your own.

Sometimes you may take the lead; sometimes they may take it. You don’t care. You’re shape-shifting yourself to bigg success!

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