How to Identify New Business Opportunities

To more effectively identify new business opportunities, you have to dig deep and ask lots of questions. Take a step back, and use these questions as a guide to help you create or adapt business strategies to meet the changing needs of your market.

• What frustrates customers or users of this industry? Some of the best ideas come from looking at things that bug you, including not having enough options or selection, not getting the product or service quickly enough, and poor quality.

• What should businesses be making, providing, selling in this industry that many are not yet doing? What do you believe customers will want three to six months from now, one year from now, that they can’t find today?

• What have you experienced as a consumer of this industry? How would you do business differently? What would you change based on what you experienced?

• What does everybody think "won’t work" in this industry? Asking questions about what others have thought impossible is a great way to get new ideas.

Lisa Gundry, PhD Co-author with Jill Kickul of Entrepreneurship Strategy: Changing Patterns in New Venture Creation, Growth, and Reinvention Professor of Management and director, Center for Creativity & Innovation DePaul University Chicago

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