If you want to be a successful entrepreneur, you need to be able to recognize opportunity when it knocks. An opportunity to fill a much needed gap in the market or to change your business to take advantage of a trend could mean the difference between a little bit of success and a huge amount.
You must know what these opportunities look like so that you can grab them when you see them. Here are three ways to recognize an opportunity.
The Opportunity Might Not Be Perfect
One of the earmarks of a good opportunity is that it doesn’t sound too good to be true. A true opportunity that has great potential isn’t going to be perfect when you first see it. You’ll have to do the work to make it into a successful venture.
However, one thing that it should have is potential. If you can see it becoming a great idea in the future than it might just be the opportunity that you been looking for. Just be sure you don’t discard an idea because it’s not perfect.
The Idea Is Built on Previous Failures
The best ideas are the ones that have evolved over time because they have been honed through past failures. If an idea has been through the furnace of discovery, there is a much greater chance of it working when you decide to implement it.
In other words, you might want to give an idea a chance to fail a few times before you decide to run with it yourself. Otherwise, you’ll be making all of those mistakes yourself and that won’t result in the grand opportunity you want.
The Opportunity Might Not Be What It Was Meant for Originally
Some of the best ideas ever were completely different takes on what a product or service was originally intended for. The idea might have been a failure but it sparked an entire new thought process and brand-new applications. These accidental inventions became something completely different because someone had the ability to see past the original application.
For example, both the Slinky and Silly Putty toys were intended for industrial uses. However, they failed as intended and instead became some of the most popular toys ever invented.