All opportunities start with an idea. We find the ideas that most often lead to successful businesses have two key characteristics. First, they are something that the entrepreneur is truly passionate about. Second, the idea is a strong opportunity as measured on the opportunity checklist. To be sure of having a strong opportunity, entrepreneurs need a deep understanding of their customers. Better opportunities will have lots of customers currently (market size) with the potential for even more customers in the future (market is growing). Furthermore, these customers will buy the product frequently and pay a premium price for it (strong margins). Thus, entrepreneurs need to be students of the marketplace.
Address the following questions:
- What trends do you see converging now, and how do these shape customer demand today and into the future?
- Of these trends, which would you invest in or be part of as an entrepreneur and why?
