Page 10 - MICROHUB Handbook - ENGLISH

SPOTTING OPPORTUNITIES

HOW TO RECOGNIZE A BUSINESS OPPORTUNITY

AND MAKE MONEY IN THE PROCESS

What is a business opportunity?

To put it simply, a business opportunity is a business investment that
allows you, the entrepreneur, to begin or expand your business. It is the

chance to use an occurrence, a favourable condition, in the market to
create gain. It is what differentiates a successful business from a failed

one. Some businessmen are successful because they can see an
opportunity where no one else could and they can use it to create profit.
One good example are e-books. Amazon filled the gap in the market by

taking the old concept (books) and transformed it into something new
(digital e-books), requiring only one digital device (e.g. tablet,

smartphone).

But why should you care about business opportunities?

You might have your microbusiness set up pretty well and are happy with

how it is. Well, it's a crucial key to success. It allows you to either start
your business, grow, or expand it or/and make it successful. After all, a
primary goal of your business is to survive and thrive, thus creating profit.

A business opportunity can be some problem, a situation, or an issue. It
can allow you to use your creativity to bring something new and

innovative to the table. It's an opportunity to grow your business by fine
tuning your product, perfecting your service for an even more specific

target audience or to simply improve your business plan. Finally, it is
usually some favourable condition (new resource, new demand, new

clientele) which allows you to create more profit.

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