How to Identify Unique Opportunities As An Entrepreneur

EntrepreneursEntrepreneurship is all about being able to identify opportunities at the right time and having the wherewithal to make the best of them. It is not easy to make it big in this arena, nor is success guaranteed. So many people still hold onto their dream of being their own boss and running their own business because entrepreneurship offers a challenging, highly creative environment where there is virtually no limit on success. A successful entrepreneur is a creature like no other; an individual who is willing to explore opportunities that no one else would dare approach; a person who is not just willing, but keen to do the thing nobody else will do.

From inspiration to business launch

Many successful businesses began as an inspired idea. Who would have imagined that a flea market would capture the world’s fancy and catapult the originator to global fame and financial success? That is exactly what happened with eBay. The idea was simple and it was not novel. However, the multimillion-dollar business took shape only because of Pierre Omidyar’s unique ability to draw inspiration from the ordinary and transform it to cater to the present day market. Despite probably being laughed at when first proposing the idea, today Omidyar is a billionaire.

Spotting the gaps and bridging them

Winner of the U.K.’s Kalixa Pro Outstanding Small Business of the Year Award 2014, Sam King talks about how she set up when she realized that people would love to buy gifts and home interiors that were out of the ordinary. The marketplace for gifts or home decor may have been saturated, but within this segment, King realized that there is little in terms of exclusivity. She made the best of this opportunity to position herself firmly in this gap. By looking beyond the obvious and navigating through all the noise and clutter, and by being a creative hustler, King did what no one else was doing and made her business idea a success.

Embracing challenges

Challenges are the lifeblood of entrepreneurship. When you prepare yourself to face them, you also prepare to overcome the single most troubling obstacle to success. The entrepreneur’s biggest enemy is fear of failure. All too often, a startup owner who is on the verge of a breakthrough takes a step back just out of fear, when a single step ahead would have taken them to crowning success. Risks are always present, but it is necessary to remember that these risks may just be screening incredible opportunities. There are many situations when doing the right thing or the practical thing or doing what everyone else would have done is just not the best you can do. These are times when you should forge ahead and do what no one else will to achieve successes that come only to the truly gifted entrepreneurs.

Committing to do what no one else will

Writing this, I am reminded of my constant progression to go above and beyond. Not in a high-brow kind of way, but in a “if everyone is going right, let me see what happens if I go left” way. It is very reminiscent of advice a mentor has told me over and over again: “If you do the same thing as everyone else, you will get the same results. But if you strive to do things differently than everyone else, expect different results.” Whether it is in developing my consulting business, working with brands on their strategy, or even looking at pricing models for my SaaS mobile app, I do what can to be different and stand out from the crowd.

(Source: TCA)