Finding opportunities – a skill for entrepreneurs

It is not uncommon to hear entrepreneurs constantly worry about the lack of data! In fact on of the weakest parts of any business plan is the description of the “opportunity”. Even trainers who facilitate business plan and entrepreneurship programs find it difficult to teach opportunity identification. But as Peter Drucker said, studying changes leads to finding opportunities. I have found it very helpful in teaching my students the skill of noticing changes. It has helped many of them kickstart successful start-ups. Many faculty who attend my ‘Faculty Development Programs on Entrepreneurship” also ask me how we can teach this aspect. So when I saw this news item I could not hold myself but share it.

Link to article: http://www.thehindu.com/business/Industry/telecom-subscriber-base-reaches-alltime-high-at-97-crore/article6871085.ece?homepage=true

TRAI reports are filled with information on the telecom space. This provides enough details to understand the changing trends and patterns in the telecom market. Companies, start-ups and others will know who is adding users, where, how many, amongst others. This could give hints as to whom they should collaborate or partner with for reaching potential customers. Looks like this information combined with increasing number of smart phone models below 5000/- would usher in the mobile commerce business much earlier than what many predict. Also the number of people requesting for number portability is also increasing. The amount of data usage on mobile devices is increasing. What kind of services do you think can be offered to this growing base of subscribers? Are there offline services that can be viable opportunities? How are many of these people consuming information? How many of them actually go for repairing their mobile handsets? Is servicing handsets a good business? Where are these new subscribers getting added? Are these people actually consuming data services or are they voice based customers? Hundreds of questions can be raised around these. Ask and you shall end up with the real opportunity in a while.

While each of these may be only data by themselves, entrepreneurial minds should consume all of this information and attempt to make connections. This will lead to fresh opportunities for their existing businesses as well as absolutely new opportunities as well. Reading reports and details related to market trends is a good place to identify and locate opportunities earlier than others. Learning to do this come through practice. This, then becomes an entrepreneurial skill that budding entrepreneurs should pick and existing entrepreneurs should sharpen.

Entrepreneurship Educators will do well to include activities like these into their programs and workshops. Inclusion of data / reports relevant to the area in which opportunities are being sought can bring about a different flavour to your course. Participants are bound to go back from the program with specific ideas and opportunities. Discussions around them could also bring out the sweet spots for business model innovations, new product innovations, service innovations, etc.,.

Identifying and exploiting opportunities is the most exciting aspect of entrepreneurship, but is also the least taught. But if we make attempts to experiment with datasets like these and futuristic reports, it could lead to the creation of some new pedagogies. I think so!

Lets all try and share our experiments so that we can make teaching entrepreneurship more fun and fruitful.

If you have any experiences around teaching / learning entrepreneurship, please do share and lets learn from each other.

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