Starting or buying a business is not solely determined by an individual’s passion, drive, or ideas. While startups are commonly derived from an entrepreneur’s innovative ideas for addressing a pain point or providing a unique service, opportunity plays a large role in the entrepreneurial journey, as well. Even when buying a new or existing business, the opportunities presented in such a venture can make or break a deal. For some individuals, the opportunity of a business’ potential success is more influential than the business or industry itself.
A trap in which some entrepreneurs can fall is the isolation of their interests and knowledge. Though entrepreneurs can find success in one industry, if they are blind to opportunities in other adjacent or opposite industries, they can miss out on greater success. Being aware of your own strengths, interests, and abilities can help entrepreneurs identify areas in which they can succeed. Broadening your scope to industries and opportunities beyond your expertise can help you identify areas in which you can apply your experience to improve existing practices, products, or services.
In addition to being aware and open to new opportunities, entrepreneurs should be eager to discover ways to expand their experience and grow their business portfolio. Simply observing the markets and identifying areas that appear to have the most potential does not align with the true entrepreneurial spirit. Actively seeking opportunities to improve society in some way by introducing a new product or expanding on existing technology is at the heart of what makes entrepreneurs unique.
Additionally, it pays to be able to consider how one business idea could impact different areas of society; from social and economic benefits to environmental impact, discovering these relationships and finding ways to improve practices through your experience and expertise demonstrate how opportunity is part of the entrepreneurial journey.
Maintaining success should not be the sole goal for entrepreneurs, and for many, this goal is simply not enough. Seeking out opportunities and seizing them when they appeal to you can help encourage passion and improvement. Opportunities are great motivators because they promote innovation, determination, and drive. Even in industries with which an entrepreneur is unfamiliar, unique opportunities for success are what make business interesting.
Entrepreneurs and business-owners alike should look for additional opportunities. Even if the opportunities presented do not appear to align with the individual’s strengths and experience, it is important to fully consider the opportunity, identify where your abilities could come into play, and evaluate the potential for business success.
Destry Witt writes independently of his business, RELiANCE Investing, Inc., which is a Registered Investment Advisor only. This information is not intended to be personalized. This content is for informational purposes only. Nothing presented here should be construed by anyone as an invitation or solicitation to buy or sell any investment.