Updated: Dec 6, 2020
There are several characteristics of a good business opportunity. The following are just four of the qualities of a good business opportunity, but are very powerful when identified altogether.
1 It is attractive to many people.
Think of products or services that many people are currently attracted to. It can be influenced by factors such as social media, economic trends, technology, health and lifestyle, and many others.
Conducting a research on most recent business trends is valuable. Thanks to the worldwide web, gathering business information has been very easy. Try looking at reputable business websites such as Entrepreneur, Bloomberg, Reuters, etc.
If you are looking for the latest trends on social media, Social Media Today is a great place to search.
2 It can be used for a long period of time.
A good business opportunity is something that has the potential to last, or at least be used for a very long time. In a sense, it must be essential to people's activities of daily living.
It must be durable enough to withstand time. Avoid business ideas or opportunities that's only a hype.
3 It is timely.
Look around you. Read or watch the latest news. What problems can you provide solution with? What do the people need in the present?
Understand what different generations need at this time and will most probably still need in the long run.
The different population generations you might want to look at and conduct a research are the:
Baby Boomers (1946-1964),
Gen X (1965-1980),
Millennials or Gen Y (1981-1996),
Gen Z (1997-2010), and
Gen Alpha (2011-2025).
4 Think about being creative and/or innovative.
If you think all the good stuff are already taken, think of ways how you can improve something. Is there a gap that has to be filled?
Try searching from your own experiences. Is there anything you yourself are trying to find or look for? Then perhaps others are on the same boat as you are. Have you been dissatisfied with a certain product or service?
If yes, then ask yourself this question, "How can I make things better, fun, simple, accessible, affordable, environment-friendly, etc?"
Related Post: How To Find Business Opportunities
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