 When Walt Disney started Disneyland in 1955 the idea came from taking his kids to a park to have fun According to Disney he said and I quote it started with me taking my two kids around to zoos and parks While they were on the merry-go-round Riding 40 times or something out of the city and they are trying to figure out what you could do that will be more Imaginative I got the idea for a three-dimensional thing that people could come and visit I felt that there should be something builds where the parents and children could have fun together Well nightingale said and I quote everything begins with an idea Also according to Victor Hugo there is one thing stronger than all the armies in the world and that is an idea Whose time has come You see the first step to discovering any business opportunity is coming up with an idea Which will be the basis or foundation for your business to grow? In the case of Disney it started with the idea of coming up with an idea that will be beneficial to both kids and parents The question however is how can one come up with a relevant business idea? And how to develop the idea to create the perfect business for oneself and one's brand in this video I'll share with you how to discover business opportunities This I believe will help you become a successful person if you're new here Consider subscribing so that you won't miss other interesting videos like this You see Andy Boyton co-author of the idea hunter said and I quote the world around you is filled with ideas that can be useful So the first step isn't to start racking your brain to come up with the most genius idea But to take time to search around you and recognize some of the ideas that lie around Waiting to be picked up by someone who can develop the idea You're probably wondering why is it important to start by recognizing or creating ideas necessary to meet a need, right? Harvey S. Firestone said if you have ideas you have the main asset you need and there isn't any limit to what you can Do with your business ideas are any man's greatest assets You know what let's talk about what a business opportunity is and also what makes a good business opportunity Thereafter we can further discuss how to discover one What is a business opportunity a business opportunity is an attractive proposition that provides a possibility of a return For the person taking the risk which in this case is you this Opportunity usually requires the provision of a product or service that is valuable to the buyer or the end user What makes a good business opportunity? One it must meet a need a good idea. Isn't necessarily a good business opportunity if it doesn't meet a particular need For instance, you may invent a brilliant technical product that might not make much sense to a school teacher Because it isn't in any way meeting any needs of hers Remember what we said earlier about business opportunities. It must be valuable to the buyer or the end user In the case where the need is already being met you can come up with ways to meet it even better For instance, the idea of a park wasn't new But Disney simply came up with a way to make it better by involving parents in the fun To the opportunity should and must work in the location that you are establishing it Again, you need to consider the location of the business for instance What is considered to work in one location might not work in another For instance making and selling fur coats in temperate regions might not be a good idea However in tropical regions you can be sure to make sales as long as other business conditions are considered and met In the opportunity meets a need that's great But it isn't going to mean much if that need isn't specific to your location There has to be a demand for the business to thrive Three the right pricing for the market When considering the need that your idea is solving or required to solve You should also consider the people that the product or service is intended for hence Your pricing should be based on the market For instance, if your product is targeted towards helping the need of a low-income earner Then the product or service shouldn't be overpriced but easily affordable for them ask yourself whether or not you can provide the product or service at The price the market can handle will your price attract customers whilst they're earning you a profit Now that we know what a good business opportunity should look like how can we discover one? One recognize and listen to your potential target audience Remember what we said about every business starting with a good idea Let's consider business idea once again After that thought of making something that can be favorable to both parties parents and kids Do you think he just replicated the things he had seen in other parks into his or he had to come up with Interesting things that can captivate the parents Of course, he had to in this situation the parents were his target audience Not the kids so coming up with fun things for the parents means he had to listen to his target audience By doing several types of research before eventually building Disneyland Once he built Disneyland he will spend days and nights in there Observing guests rides operators food servers merchandise and custodial staff to find out what some of the challenges were What people were complaining about and they could make these things better for instance He was able to discover things like low ride capacity congested walkways traffic jams and slow food service if your business is going to thrive then you need to learn to listen to your Audience after all your goal is to serve them not yourself to take a clue from your competitors You see there are so many companies out there that are probably doing what you're doing or what you want to do Which is why you need to identify what they are not doing but is equally valuable to your target audience You can do a competitive analysis don't let it lead to competitive paralysis though to see what other startups are doing and more importantly not doing Doing this will help you recognize business opportunities that can expand your market rich and develop your products and services 3. Understand the industry you are going into Nothing speaks brand credibility and professionalism than showing your expertise in your industry When you understand your industry you know what is important and what is not Mostly you'll learn how to provide quality products or services that will match the industry standard Remember in the end you are not the only person providing that particular product there are a good number of people as well Hence the more recognized you are in the industry the better your opportunities of expanding your market and sales in return Summary if you want to discover business opportunities 1. Make sure your ideas meet people's needs 2. Identify and listen to your potential clients and customers so that you can continue to serve them better Meeting their challenges in creative and impressive ways 3. Do a competitive analysis and find out what your competitors aren't doing so that you can provide a much better solution for your customers Good luck with your new or existing business Thank you so much for watching our videos Do you love to start your day with high energy? Then we invite you to join our new channel which was designed to give you daily inspirational videos that will help you to become a high achiever We call it Inspiration Tube Look at the description box to join the Inspiration Tube We Love You