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To be successful as an entrepreneur, you’ll need to be continuously innovating and searching for ways to expand our startups.
Yet how do you find new ways to carry your startup to new markets and growth levels? Here are four ways to identify additional business opportunities.
1. Listen to your prospective customers and former members
If you approach potential clients, listen to their needs, desires, problems and concerns with your business. Have any similar products or services been used before? What do they like and don’t like? Why have they come to you? What are the criticisms of your products or services?
This will help you find ways to create more targeted goods and services, to boost your target audience and to recognise and resolve common objections.
2. Listen to your clients
When you talk to your clients, listen to what they say about your business, goods and services. What are the commonly asked questions? Experience? Frustrations? Feedback and complaints?
This valued customer research will help you identify strategic business opportunities to expand and develop your existing products and services.
3. Take a look at your rivals
Perform a little strategic research (but don’t let it lead to strategic paralysis) to see what other companies are doing and, more importantly, what they are not doing? Where are they going to fall? What are they doing right? What’s going to make the clients go over to them?
Analysing your competition will help you identify a key business opportunity to broaden your market reach and develop your products and services.
4. Look at trends and insight in the industry
Subscribe to industry newsletters, join the related associations, set up Google alerts on key business terms and articles, and follow other industry experts on social media.
Absorb yourself in your profession and continuously educate yourself on the new strategies and patterns.
Inspiration For Entrepreneurs
In this part of the article, we will go over some of the worlds most successful entrepreneurs and tell you about how they first started, what their first businesses were and how much they are worth in 2020.
Elon Musk
Elon Musk is a well known serial entrepreneur with each of his ventures taking him one step closer to his mega ambitious plan of colonising mars. Born in South African, Elon is now a fully-fledged America and is proud to fly the American flag. His first venture with X.com which he founded in 1999 (x.com later became Paypal), he founded SpaceX in 2002 and Tesla Motors in 2003. He became a multimillionaire in his 20’s after selling his startup company Zip2 to a division within Compaq Computers.
Net Worth: $46.2 billion
Sir Richard Branson
He is the owner of the Virgin Group which includes Virgin Airlines, Virgin trains, Virgin Money and the fascinating Virgin Galactic which will take tourists to zero gravity! Branson owns his private island. Richard’s first-ever business venture was a magazine called Student, which he started at the mere age of 16! In 1970 Branson had a mail-order record business, and a chain of record stores named Virgin Records, he later changed the name to Virgin Megastores.
Net Worth in 2020: $4.2 billion
Jeff Bezos
Jeff started his first business while he was at high school. He created what was known as an educational summer camp for 4th, 5th and 6th graders. Jess is now an internet entrepreneur billionaire with Amazon warehouses around the globe supplying households with essentials within a few hours! Jess also has space ambitions and founded a space company called Blue Origin in the year 2000.
Net WOth: $166.3 billion
We hope you have enjoyed our post about how entrepreneurs spot business opportunities and we hope you can take inspiration from some of the most famous entrepreneurs from around the globe.
