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Uncovering Business Potential

Uncovering the potential of a business is like uncovering an archeological find. It requires precise digging and an in-depth evaluation. It could include looking at the size of a market, determining whether there are competitors already operating or if an issue exists that could be addressed. It could be necessary to conduct an experiment or a prototype in order to evaluate the feasibility of a new concept.

The classic definition of an opportunity for business is comprised of two primary elements of a desire or need that is not being met, and the ability to meet that need by offering your product. Sometimes these needs aren’t even fully articulated or understood in the event that the new technology comes out but they will eventually be reflected in the demand of consumers. Odor Trace, for example created a system that will permit security and law enforcement companies to train their K9 bomb detection dogs with authentic fake explosives, rather than real ones. This innovative approach addressed the need for a more safe and effective form of training.

There are a variety of ways to discover business opportunities which include conducting market research, networking and studying consumer behavior. You can also ask your friends and family members about their requirements, search online forums like Reddit or Quora, or read trade journal articles for leads. The more you do, the better your chances of finding a new business are higher.

If you’ve found a potential market, you must assess the market to determine if there is demand for your product. The next step is to create a plan for how to implement your idea.

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