5 Steps to Spotting Opportunities

Topic: Exploration, Startups|


As a young entrepreneur, it’s key that you open your eyes and mind to the world around you. I touched on this briefly here and here. Today, we’re going to quickly discuss six steps you can easily take to find that next opportunity in the rough.

  1. Head to the bookstore!
    1. Thumb through five magazines, remember not to focus on one industry or topic, pick magazines that run the gamut.
    2. Take a quick look at the bestsellers list. If something peaks your interest, give it a quick scan.
  2. Now to the music store!
    1. What genres are popular? What’s hot and what not right now? Which artists and genres are getting primo shelf space?
  3. And now off to the mall (if you aren’t already there)
    1. Are there any new stores? Who has the best prices? Highest prices? Best service? Which stores have long lines? What types of advertising methods do you notice? Which demographics are visiting and what are they buying?
  4. Head over to your favorite store
    1. Any products that were not there 3, 6, 12, or 24 months ago? Which products are experiencing high shelf velocity? Again, what’s hot and what’s not?
  5. You’re probably a bit tired at this point, so head home and watch some television.
    1. Watch an hour or two of your favorite cable news outlet. Bonus points for financial talk. Fox News is a great resource on Saturday mornings, and The Big Idea with Donny Deutsch is really inspirational at times. Any stories that represent opportunities you could capitalize on?
  6. This one is easy, you’re doing it right now
    1. Surf the net, read a few blogs, network with other young entrepreneurs and exchange ideas. The blogs and forums over at Mind Petals are a great resource for doing just that.

I challenge you to complete the above, and I can almost guaruntee your mind will be overflowing with potential ideas and thoughts for inspiration. In the coming months we will discuss ways for narrowing down those ideas and shaping them into high growth opportunities.

Class dismissed, and don’t forget to do your homework!

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