How to Identify a Great Business Opportunity

Read this if you have no idea what business to start.
The internet is full of people saying, “I want to build a business, but I have no idea what kind of business to build.”
Take Quora as an example. Your ‘Young Entrepreneurs’ section is a crowded people wondering what kind of companies they should build if they want to make X amount of money in X amount of time.
The only result of this is that you will come up with ideas for generic business models that may have worked for others in the past (eg dropshipping, affiliate marketing, blogs, etc.).
Obviously, it doesn’t work that way.
What you need to get started is a real problem that you can solve for your customers. If your business is not solving a problem, nobody cares.
Did you just design a new kind of revolutionary shoe?

Well, that’s good for you, mate. But if it doesn’t solve a real problem, no one will buy it.
• Is it the most durable shoe for runners who are bored of having to buy a new shoe every three months?
• Is tennis healthier for basketball players who constantly need to jump and thus damage their ankles?
Is it the ‘next level’ of high heels that will really put women in their best light?
You see, all businesses are built around problems. You solve someone’s problem and they pay in return. This is how business has always worked and this is how it works today you will know how

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So the question to start with is always:
Who are my target customers and what kind of problem can I solve for them?
It is a simple question. We have all heard this a thousand times. And yet answering that question is incredibly difficult. Some people may look for a lifelong answer and still can’t get a profitable answer.
So how do you find an answer to this question?
• Through observation

• By listening to people
• By realizing things
The first step to starting a business is not to take action. The first step is to pay attention to the things that are happening in your environment.
In his book The Millionaire Fastlane, MJ DeMarco has a section that I believe is worth pure gold. In it, he mentions certain phrases that people can casually use in conversations.
These phrases, however, are great indicators that there is an opportunity for you to intervene and solve their problem:

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“It frustrates me …”
• “I’m frustrated because I’ve been blogging for years, but I couldn’t monetize it”
• “I’m frustrated because I can’t drive enough traffic to my site”
• “I’m frustrated because my cat keeps trying to escape our apartment and I can’t open the doors and windows anymore”
“I wish there were …”
• “I wish there was a way to travel to Asia without having to spend thousands of dollars”

• “I wish there was a robot that could cook healthy things for me every day”
• “I wish there was a book that would take me every step of building a ________ business from start to finish”
• “I wish there was a way to become fluent in a language in just 6 months”
“I’m tired of…”
• “I’m tired of manually entering this data every time”
• “I’m tired of wasting my time in meetings”
• “I’m tired of having the same problem over and over and not knowing how to solve it”
“This is terrible …”
• “I tried all the solution to _________ and all are terrible”
• “It’s shit I have to do ________ every time I want to do _______”
• “Too bad I can’t have the same quality coffee I get in that coffee shop in my own home”
“I have to…?”
• “Do I really have to study all this if I want to pass this exam?”
• “Do I really have to pay so much money for my dream wedding? Is there no other way?
• “Do I really have to go out and wait in line just for this simple product?”
“I hate….”
• “I hate having to use these annoying things for PR companies if I want to get into my target publications.”
• “I hate being stuck at home all day trying to hurry to make my business profitable”
• “I hate being forced to go to my car job …”
A few final words:
Most people want it very quickly. Instead of taking some time and really finding the time to find a problem worth solving, they simply skip the first thing that comes to mind.
Worse yet, they often do not really solve a problem.
They just think of a product they can offer and that’s it.
The moment you are encountering a problem solving and defining your target customers is by far the most important moment in your business. If you get it right, eventually your business will be successful.
If you solve a nonexistent problem, however, your business will inevitably fail.
So take time to listen, observe and observe. Do some real research with the customer. Find out how much people are willing to pay to solve this problem and whether or not your solution works for them.
Before you do anything else, do your homework.