Recognizing an Opportunity

The saying “timing is everything” could not be more apt than when it comes to small business management.

Timing and opportunity are often what segregate successful businesses from those that flounder. A true entrepreneurial spirit is rooted in this belief.

“Stay active in the industry and up-to-date with the technology.”

Opportunity does not come dressed in a pretty package with a ribbon on top. It is often disguised as a challenge or even a plain ordinary instance.

Start by becoming a true opportunistic enterpriser:

• Always be on the lookout for demand. What do the people want and how can you give it to them in the quickest way possible?

• Tell the market what it needs and make sure the message is as widespread as possible.

• Listen up and keep your eyes open – you never know when these sneakily disguised opportunities will present themselves.

• Stay innovative, be creative and remain flexible.

• Take risks and trust your abilities.

• Value persistence, quitters never prosper!

Remaining active in the industry is also a great way to hone the skill for recognition. Surrounding yourself with other innovative and opportunistic minds fuels the fire and provides a sounding board.

Attend conferences, webinars, workshops and training sessions whenever possible. Continuing to learn and grow is part of the process.

Stay current with developments so you are never blind-sided by the industry’s growth.

View challenges and problems through a new lens. The likelihood that others are struggling with similar problems means that there may be an opportunity on the horizon!

Diversify your experiences in both professional and personal realms. This will provide you with the tools to identify patterns and parallels between seemingly unrelated industries.

Beware of the classic bad opportunity apples:

• Opportunities that seem too good to be true.

• Opportunities that others have routinely struggled with.

• Opportunities that disregard the basics.

Always consider the four qualities when assessing opportunities: attractiveness, timeliness, durability and value.