To stay ahead and on top of the market, companies must constantly recognize opportunity as they continue to grow and evolve. Some of the best entrepreneurial opportunities come by identifying a market need or solving a problem for customers. Entrepreneurs identify an unmet need or want in the marketplace and provide a product or service which meets that need. The more you know about the marketplace and industry in which you operate, the better you’ll be able to identify gaps, needs and unfilled wants. Look for emerging trends through trade and industry associations, technology, vendors and suppliers and information gathering from other industries and various governmental agencies. Look for growth industries. Position yourself in an industry that is going to grow rapidly. Study the competition and do an analysis of competitive data. Changes in tastes, lifestyles and habits are constant and volatile. By anticipating and responding quickly to such changes, you can greatly increase your chances of having a successful business. Keeping up with lifestyles and consumer habits can lead you to a good idea or help refine the one you already have.
Recognizing opportunity is a natural process for most people, we strive to improve things and visualize how they could be better. Assessing that opportunity is a mixture of art and science as you research; and test assumptions to determine any large obstacles in your pursuit. This can come in the form of industry research, discussions with mentors, or lean startup tests that validate assumptions or needs. Finally realization is moving past analysis and building something to capture the opportunity.