Where to Find Opportunity
Entrepreneurs look for opportunities to create value by solving a problem. A problem people have.
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So entrepreneuring, at its essence, is all about people – and that’s 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:
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 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.
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 creates the opportunity which will lead you to BIGG success!
Do you think you see an opportunity but want a second opinion?
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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