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Part 1: How to Identify Entrepreneurial opportunities?

By Davies Zhai - Jetek Staff

Three Ways to Identify an Opportunity

Observing Trends

Solving a Problem

Finding Gap in the Marketplace

Observing Trends

Trends create opportunities for entrepreneurs to pursue.

The most important trends are:

  • Economic forces

  • Social forces

  • Technological advances

  • Political and regulatory changes

Economic forces

Understanding economic trends is helpful in determining areas that are ripe for new business ideas, as well as areas to avoid.

Example of Economic Trend:

State of the economy

  • Level of disposable income

  • Consumer spending patterns

Social forces

Social trends alter how people and businesses behave and set their priorities. These trends provide opportunities for new businesses to accommodate the changes.

Examples of Social Trends:

  • Aging of the population

  • The increasing diversity of the workforce

  • Increased participation in social networks

  • Growth in the use of mobile devices

  • An increasing focus on health and wellness

  • Emphasis on clean forms of energy, including wind, solar, biofuels, and others

  • Continual migration of people from small towns and rural areas to cities

  • The desire for personalization (which creates a need for products and services that people can tailor to their own tastes and needs)

Technological advances

Advances in technology frequently create business opportunities. Once a technology is created, products often emerge to advance it.

Examples of Technological Advances:

  • Computer industry

  • Internet

  • Biotechnology

  • Digital photography

Political and regulatory changes

Political and regulatory changes also provide the basis for opportunities. The political change also engenders new business and product opportunities. For example, global political instability and the threat of terrorism have resulted in many firms becoming more security-conscious.

General Example and Specific Example of Technological Advances:

  • This happened with the passage of the Affordable Care Act in 2010. The provisions of the act yielded opportunities for entrepreneurs to launch electronic records start-ups, apps to help patients monitor their medication, and similar companies.

  • Evolv Technology is a start-up that has assembled a multidisciplinary team of experts to identify, invent, and apply new technologies to meet current terrorism-related threats.


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