While opportunity recognition is instrumental to starting a successful business, it can be utilized in every aspect of business. Looking to expand your market? Observe what competitors are lacking and consider incorporating it into your own business. Wanting to reach new customers? Consider what platform your target customer is most likely to use. After all, if you’re selling hearing aids, the radio probably won’t be the best choice.
Now, many business workshops or blogs will have you write a list of your interests or hobbies. And yes, having a passion for your business is instrumental in making it a success. However, not every idea will work in your community. Even if you are the most passionate baker, if there are four other bakeries on the street, you will be starting with a great disadvantage. Instead, find an idea that matches an interest with a community need. This is how you harness the power of opportunity recognition.
I’m going to leave you with a challenge. Take a look around you, around your neighborhood, your city. Look and consider what is there and what should be there. Maybe there are many dog owners but no dog parks, or cyclists with no bike lanes. What is a real need in your community? It’s this type of thinking that is the foundation for having an entrepreneurial mindset.