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 an 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 built where the parents and children could have fun together. El Nightingay said an 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 of 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 an 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 recognise 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 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 the 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 been 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. Two, 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. If the opportunity meets a need, that's great, but it isn't going to mean much if that need is in specific to your location. There has to be a demand for the business to thrive. Three, the right price in 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 price in 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 service, 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. 2. Take a clue from your competitors. You see, there are so many companies out there that are probably doing what you are 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 reach and develop your products and services. 3. Understand the industry you are going into. Nothing speaks brand credibility and professionalism, then show in your expertise in your industry. When you understand your industry, you know what is important and what is not. Mostly, you will 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. 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.