What opportunities did 2023 present to you? Within a stressed global economy and a world at war, perhaps not that much? Perhaps you feel like you are fighting for survival rather than looking for opportunities? Quite valid, but still wrong, in my opinion. There’s always opportunity – even in the most dire conditions. Sometimes, especially, in those challenging circumstances!
What is a business opportunity? It can be described as “a need or problem in the market that can be addressed with a product or service.” (Read more) You don’t need a perfect world to find opportunity, in fact, opportunities often reveal themselves in the most challenging circumstances. You just need to be able to identify them.
Remember Covid? Some businesses are expected to boom during a health crisis – companies who sell hygiene products or deliver sanitising services, for instance. For most companies, however, a pandemic and a global shutdown do not mean anything good, but those who were able to identify the new problems and needs of consumers and produce a solution, were able to capitalise on the pandemic. Remote working platforms like Zoom, for instance, companies selling DIY equipment and even those who produced DIY videos. Gardening and exercising at home presented business opportunities as did streaming and gaming. Perhaps it only took upgrading your e-commerce to have a more efficient online selling and delivering service, but perhaps you ventured into a whole new line: online tutoring, virtual classes, telemedicine services… And of course, there were those who started to sew masks or produce vaccines!
Finding yourself within a war zone does more than harm your business, it threatens your home and family. Is it possible to find opportunity within these terrible conditions? Like during Covid, there are some obvious industries that can capitalise on a war environment and by now, we know which industries thrive during times of unrest: food and essential items, healthcare, reconstruction of water supplies, transport networks, etc., logistics of troops, supplies and equipment, private security and even, alcohol (although it might be an unhealthy way to cope with the stress of war, it has proved to a profitable one). Post war, we need reconstruction and infrastructure development, humanitarian aid, security and defence and reconciliation – a variety of business opportunities.
In all these instances, it is important to not only look at the obvious opportunities. Logistics might be required and if they are, so are drivers, fuel and tyres. For virtual tutoring, homes need good internet access, perhaps smart TV’s or better screens and for telemedicine to be effective, there must be an effective delivery service of prescription medicine – which might require light delivery vehicles and even more safety helmets…
You don’t need a pandemic or war to have exceptional opportunities, however, you just need to be able to identify needs within your everyday environment. We all know the success of private security services in a country with a lot of crime and did you know that you can nowadays even pay someone to renew your car licence, so you don’t have to stand in line for half a day! If identifying needs isn’t your strong point, surround yourself with people who are quick to identify needs and invent solutions. It is so important to be socially connected – know people who have their ear on the ground and have an entrepreneurial spirit – and listen to what they say. To make sure that you capitalise on the “right moment”, you need to be up to date with consumer trends and understand the business models at play. Know what is going on in the world and listen with business opportunity in mind. Learn from consumer behaviour and spending patterns. Identify opportunities for collaboration – whether you need investment in your idea or are looking to become an investor.
Of course, not all endeavours are a success. Take responsibility for your own decisions – even if you are buying into someone else’s plan. Do your research and due diligence. Have an open mind and don’t get swept up in the excitement. At the same time, being a good entrepreneur is about being brave too. Not irresponsibly so, of course, but there is always an element of risk to assess.
Identifying the opportunity and acting upon your instinct is of course only the first step. It might be an important step, but without hard work, sound practice and persistence, even golden opportunities might result in failure. I would also recommend not putting all your eggs in one basket. Having various interests or investments might help you finance a new venture and it is easier to keep a clear head and make wise decisions when you are not operating under enormous financial strain. Partners – whether they bring the plan or the capital – are important. Make sure about their business ethics and that you align in your vision for the project.
I do believe that there is always an opportunity. Sometimes it might not be the right focus, direction or timing for you, but the fact that it exists, brings optimism and hope for interesting business prospect as we move towards a new year. Business opportunities are about financial success – of course – but they also contribute to living an interesting and fulfilling life and they give you a chance to learn, explore and become a better version of yourself. Be wise about it, but please, be open to opportunity!