Business Opportunities are Outcomes!

Any entrepreneurship course teaches opportunity identification and evaluation. While evaluation seems right to do so that risk of failure is reduced, searching for opportunities seems to always end up superficially. During the last few sessions I have been attempting to go the root of opportunity identification. This has resulted in exposing number of deeper challenges as well as lots more of opportunities too. In entrepreneurship, especially at the beginning – the more is always merrier!

So what leads to opportunities? What is the source of opportunities? What creates opportunities? The answer is the simple word – ‘change’. If there is no change, everything is as usual, and then there won’t be need for anything more than what exists! But sadly that is not true and is not going to be true at all. Let me repeat the cliché ‘Change is the only constant’ – how I wish we get to the depths of that simple statement. It gets scary and also ironically makes one who reaches the depth experience ‘freedom’ of a certain kind.

Whenever anyone wants to explore opportunities, find them; the best way is to search for fundamental changes; changes at all levels: demographic, social, cultural, industry, market, behavior, actions, etc and there is no dearth to where change can happen. If you can learn to watch for changes, you have acquired one of the most entrepreneurial skills. But it is easier said than done!

As one learns the skill to listen and discover changes, all potential repercussions become possible opportunities. Once we are able to see many of these repercussions, we may be able to select a few of them as potentially commercial opportunities worth solving. Finding them requires a methodical approach to evaluate opportunities. While there are frameworks to evaluate opportunities, the approach to looking up for changes to locate opportunities is still nascent.  Hence the need to look at this challenge is in my opinion an important aspect of entrepreneurship research!

Happy Thinking!

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