Finding business opportunities....

Hi Michael!

> This is a VERY important topic. One ALL
> entrepreneurs SHOULD be interested in.

> However, most people, while they are
> interested in it, will probably not
> participate in a discussion about it.

> Nor will they DO my challenge.

> Or Simon's challenge (wonder how floating a
> car above the city with a hot-air balloon
> would go as far as free publicity goes? Can
> a hot-air balloon support the weight of a
> car?).

> The Reason Why is the same...

> It would require them to THINK - the hardest
> job there is to do.

That's probably true.... especially when the answer won't come easily. Sometimes it can take a lot of effort and time to focus your mind, and really think something through seriously....

But that may be the price of independence!

To me, having this kind of skill is like being able to recognize edible plants, or knowing how to find water when you need to survive....

I don't know if you've seen the film "Cast Away" yet.

In that movie, Tom Hanks washes up on a deserted tropical island, and has to learn how to survive. He figures out how to open coconuts, and that sort of thing. He had to teach himself survival skills. Without those, he would die.

To me, finding business opportunities is like that. What if you lost your job? What if you lost your current business? What would you do?

Knowing how to find good business opportunities (and exploit them) is like having survival skills to survive the modern "urban jungle," while keeping your independence!

> Not because they don't want to, but because
> they've never needed to and have been taught
> not to.

> People, in general, have become used to
> being spoon-fed whatever they want/need to
> know.

> It's too easy to say, "I don't
> know" after giving it three seconds
> thought and then ask for the answer.

Yes, that's true too!

> Having said that, let me say this...

> "Opportunities" are everywhere.

> "Viable Opportunities", while
> slightly less abundant, are also everywhere.

> "Highly Profitable Viable
> Opportunities", while less abundant
> than "Viable Opportunities" are
> everwhere as well.

> The trick is distinguishing between the
> three types.

> An "Opportunity" is simply a
> chance to sell something (product or
> service).

> A "Viable Opportunity" is one that
> has some kind of proven saleability.

> A "Highly Profitable Viable
> Opportunity" is one that has some kind
> of proven saleability AND which also has
> REPEAT SALES. You mentioned Bras 'n'
> Things... that fits this perfectly - A
> Lingerie Only store was going great in the
> US and none existed in Australia, and,
> lingerie is a repeat-sale business.

Excellent point!

There certainly are different degrees of viability of a business....

One business could take up all your effort, and make you very little profit (or even none at all).

Another business will make you work just as hard, but could make you rich....

I've also been thinking about being able to tell the difference between the two types of opportunities (something you've done too). :)

It may be possible to turn one type of opportunity into the other....

> The most successful and longest lasting
> successful entrepreneurs are involved in
> "Highly Profitable Viable
> Opportunities" in some way.

> If "Highly Profitable Business
> Opportunities" are your bag baby, the
> question turns from "How to spot
> them" to "what do
> people/businesses regularly/repeatedly
> spend money on?"

> Specifically answering that question will
> provide a rather extensive list of areas you
> could get in to.

> When I say specific, I mean specific. Don't
> just say "breakfast cereal" say
> "Kelloggs Corn Flakes" and so on.

> And don't stop there, be specific about what
> the makers of Kelloggs Corn Flakes spend
> money on - card board, plastic, etc.

Michael, that's a great approach. You've turned the question around into a practical technique you can use.... :)

> Alternatively, don't make any lists at all.
> Don't look for problems. Don't do anything
> except ask, "How can I make money out
> of this" about every ad, story and
> article you read or hear. The answer is your
> opportunity.

> Now here's an opportunity...

> A book on How To Spot Opportunities. The
> Idiot's Guide To Spotting Opportunities.
> Spotting Opportunities For Dummies. ;o)

> "How can I make money out of this
> thread about wanting to know how to spot
> opportunties?" The answer is in the
> paragraph above.

> Of course, the problem with this last method
> is

> It requires you to think - the hardest job
> there is to do.

> And now we've come full circle. HA!

Heheh! You know Michael.... Creating a book like that did cross my mind. :) I've actually collected a number of different "approaches" to finding business opportunity.... But I want some more experience with applying them myself first....

I've never seen any comprehensive book on this topic, but I think a comprehensive book on it is badly needed. One of the more detailed books I've found on this topic is Innovation and Entrepreneurship by Peter Drucker -- but in my opinion, it's far from comprehensive.... (There are many approaches I've come across which aren't mentioned there.... Though I learned a lot from Drucker's own study.)

However, YOU would be able to write an excellent book on that topic, Michael! You've already written some incredible stuff.... :)

> What do you think?

Michael, your approaches are always practical and exciting. They work!

Thanks.... That was a fantastic answer.... :)

- Dien