Identifying and Evaluating Opportunities in Entrepreneurship

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Identifying and Evaluating Opportunities in Entrepreneurship

Entrepreneurship is generally the pursuit of opportunities. Most of the time, it is considered the best mode of self-employment as it has lucrative returns if well done. It is therefore important to do proper prior research on the kind of business one wants to venture into so as to be well informed on how the trade is conducted.

It is never too early to take the entrepreneurship route. If anything, the earlier we start off the better. When venturing into entrepreneurship, it is important to be well informed on how to identify the right opportunity. So, how do you identify the right opportunity? Conducting a market research would be very informative. That can be done physically or online. It helps the aspiring entrepreneurship get important details on factors such as what is in the market at the moment, what is currently trending as far as consumer preferences are concerned, what gap in the consumer needs should be filled and what in the current market needs to be changed among other factors. With such information, the aspiring entrepreneur is now in a better position to decide on what to venture into. Some of the entry strategies into the world of entrepreneurship include:

Offering a product or service that is already in the market: This may be a bit hectic as it would involve competing against an already established group. Lots of advertisement would be required to market the new brand.

Offering a new product/service that did not exist before: This would require prior research on consumer needs. It may be a great opportunity to start up with since there is no competition.

Existing Product in a new market: This would involve introducing an existing product or service to a geographical location where it has not been used. For example, one can start selling snacks in class during break time so that people do not have to carry snacks from home.

Modification of products or services already in the market: This would involve analysis of the pitfalls associated with what is currently in the market and then coming up with a product or service that eliminates them.

With the above tips, it is easier to identify what business opportunity to grab.

Once the opportunity has been identified,