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Wednesday, September 21, 2016

Learning to be a Business Guru

Business is about opportunity and then matching resources to fill the need of that opportunity. On any given day we pass hundreds, if not thousands, of opportunities. The problem is that we either don't know what the opportunities are or we don't have the resources to capitalize on those opportunities. Consider both Opportunities and Capital in your learning process.

Opportunities:

Opportunities exist anytime there is a market need that isn't being finished. If people are willing to pay for a product then it becomes an option to find a way to service this need.

People are not well trained on spotting opportunities when they exist. It is a way of looking at the world and comparing and contrasting different outcomes.

The first way of finding something useful to capitalize on for business is to see "need". Find out what people want, whats available, and then determine how they can get it. For example, if your city doesn't offer methods of refurbishing old surfboard there is a cottage industry to start.

The second way is to find new market needs by evaluating available products and projecting what people will be willing to pay for. For example, if you keep loosing your car in a parking lot people might be willing to pay $1 to download a lost car tracker.

Capital:

Once you have a great idea you will still need to find a way to produce it. With small and start up businesses you can use your own money are start small in the garage. With larger products you will need to find angel investors.

To find investors you will need to design your product, build a prototype, and create a solid business plan. Investors are as likely to invest in your business acumen as much as your product.

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