The stages of opportunity as an entrepreneur, one of the favourite line T.D jakes hit me with was ‘’seize the opportunity of a lifetime in the lifetime of that opportunity’’, meaning there is a time frame for everything and every opportunity has its. It’s not a matter of ‘’take it while you can’’ it’s all about ‘’taking it while it’s still there’’.
HERE’S WHAT YOU’LL LEARN
- Various opportunities available to entrepreneurs
- How to harness the opportunities
- Understanding of each opportunities
OPPORTUNITY FROM PASSION:
In order to become an entrepreneur, you must be ready to identify and exploit certain opportunities and harness its powers in order to turn them into a commercial venture and what could be more satisfying and fulfilling that turning one’s passion into a source of income by engage in them commercially through entrepreneurial activities. The passion for one’s work is all that is needed for continuity as an entrepreneur because even when everyone else is stressed out or out of idea, that burning desire in you and love for what you’re doing can ignite the flame and serve as the pilot light on top which all other light remains lit.
OPPORTUNITY FROM SKILLS:
If you can do something well better than others, why do it for free? An entrepreneur would understand the need for this because it can be the bedrock to excellence. A corner stone to achieving greatness in the chosen field because while everyone (competitors) started out based on interest, training or passion, you started out with a potential embedded within him, a potential that makes you better than everyone else because in the process of executing, it comes natural to you without stress. An entrepreneur who builds a business venture based on skill is likely to run such a business for a long time with the ability to withstand the test if time because in the process of executing, he is merely expressing himself.
OPPORTUNITY FROM CONTACT:
Sometimes as an entrepreneur, having an idea isn’t enough and it takes connection to put those ideas into plan and effective management so as an entrepreneur, after mapping out a business idea coupled with a plan, it is advisable to seek out those in your line you think can help you grow.
In the world we live in today it takes knowing someone that knows someone to get a thing done and as an entrepreneur, such opportunity should be exploited because a tree cannot make a forest and a water cannot make a river so you cannot do it alone although it might start and end with you but somewhere along the line, you will need people to join your crusade, those people are called contact, it might be in person of a mentor or a role model that is associated with your line of production, the main purpose of this is to grow and expand significantly within a short period of time by learning from your predecessors.
OPPORTUNITY FROM TRENDS:
There is a popular saying that goes like this “seize the opportunity of a lifetime in the lifetime of that opportunity” which means every opportunity has its life cycle and as an entrepreneur, it is your duty to identify and seize those opportunities and what better way to do that than to go with the trends. Questions like
- What’s new?
- What’s the talk of the town?
- Which product is hot in demand?
- What’s the reigning trend?
As an entrepreneur, these questions are to be asked often because they are seasonal and they go and come like the tides.
OPPORTUNITY FROM PROBLEMS:
When problem arises most entrepreneurs panic and they fail to see themselves going beyond such problem. But what better way to seize an opportunity? When there is chaos, when everything is thrown out of its normal order, when the current circumstance contradicts your current situation. Whenever there is a problem, most people failure to see the opportunity I it because they focus so much on all the things that could go wrong resulting from the problem.
As an entrepreneur, the moment you realise that problems are meant to be taken advantage of the better for you and your business. Whenever a problem arises an entrepreneur is meant to take certain measures to make sure the problem does not control him but instead controls the problem to answer to his strength and ability as an entrepreneur who sees opportunities and seizes them because where others see risk, an entrepreneur sees opportunity.
OPPORTUNITY FROM THE UNEXPECTED:
Let’s face it ever woke one day with the purpose of doing certain things but venturing into the day you do things you never planned for or expected you would do, funny isn’t it? How life already has a plan in store for us while we are busy making other plans. There are some things in life we have no control over. We just have to succumb to them when they arrive and those things are the unexpected.
But out of every unexpected event there is a possibility of a greater future but only if we take the chance. That’s why an entrepreneur must be innovative and creative because in times like this his entrepreneurial skills might be called to action. When a plane lands, nobody ever wondered where it had to navigate to in order to get to its destination, whether they were clear skies or if it encountered heavy storms somewhere along the way because what really matters at the end of it all is that its where it is meant to be. An entrepreneur should be ready at all times to divert and change his course in order to get to his destination.
OPPORTUNITY TO IMPROVE:
As an entrepreneur, one is expected to improve, the world keeps revolving, the clock keeps spinning and tides keep on changing so why should we not take a chance to improve? In order to keep in touch with the trend, stagnancy is not an option for an entrepreneur because everyday the competition gets stiffer those you met there, those you entered with, those about to enter and the ones that are yet to go into the same industry as you, all of these people have a plan for the future and they are nor relenting so on me single mistake or complacency could have you playing catch up for the rest of your entrepreneurial life.
OPPORTUNITY FOR SALES:
- Bringing new customers through existing ones:
An entrepreneur is an innovative and creative thinker which enables him to strategize for the growth of the business. Sales being the paramount factor and profit being the motive, an entrepreneur would do well to get new customers by mapping out a plan to use his existing customers in getting new ones and he can do this by offering credit facilities, handing out business cards and giving discounts the main reason for all of this is to get these customers to talk and guess what people talk. When customers feel close to an entrepreneur they tend to associate others people with him and from one the numbers could go up. It’s all about creating a network and a bond between customers.
- New products:
What better way is there to generate sales if not through the creation of new products to the market? By having new customers through the existence of old ones an entrepreneur can easily gain their loyalty through the creation of products, not just product but quality products that they will need, in doing this an entrepreneur keeps them in anticipation of other new products.
- New customers:
In the creation of new products that are in demand of, an entrepreneur draws attention to himself from potential customers which give him a chance to expand.
- Sell more to existing customers:
The existing customers are part and parcel of an entrepreneur and they would probably buy and take any action he request of them. By making your existing customers know about your products available for sale, they are left with choice to buy from you and by harnessing the power of selling to new customers sales can really go up and with much sales comes much profit
OPPORTUNITY TO IMPROVE BUSINESS:
- Do things better:
Do you want to improve your business, as an entrepreneur doing things better than your competitors gives you an edge over them. Scan your competitors in order to see what they are doing then go back to do it even better by being innovative and creative, this technique is called the ‘’skyscraper tactic’’ where you access other entrepreneurs in your chosen field and doing what they do better than them.
Sooner rather than later you get noticed and once new customers get a taste of what you have to offer, they feel drawn to you and whatever you have to offer owing to the fact that they expect the best from you.
- Do things faster:
Ever heard of the saying ‘’make hay while the sun shine”? Well it simply means doing things faster and sooner before the dusk. In order to stay ahead of the game an entrepreneur should know when to act because being a split second late might as well be the beginning of his demise as an entrepreneur.
Being fast means being first and being first means you get it all first in the case of an entrepreneur he gets the sales, promotions and endorsements first before everyone else because he acted first because those who wait only get what’s left behind by those who got there first.
- Do things cheaper:
I know most entrepreneurs don’t like hearing this but let’s face it in order to get the most customers your prices have to be in line with the purchasing power of your customers and most entrepreneurs think this might affect their profits.
Let’s take a look at this scenario shall we? An entrepreneur sets the price of a particular product at $100 each knowing fully well that it reflects the quality of the product. A total of five sales were made in a week which is equivalent to $500 and $2000 in a month. While another entrepreneur sets the price of that same product at $25 knowing fully well that the product is worth much more than that, in a week he made a total of twenty sales which is equivalent to $500 and $2000 in a month.
This is what I’m trying to say, when customers get a high quality product for a cheaper price, they tend to buy more of it, that way the entrepreneur sells more of that product than his competitors which may later on surpass or be equivalent to their profit. And guess what? People talk, it just takes one customer to say the word.
STAGES OF OPPORTUNITY AS AN ENTREPRENEUR
Done and sealed the stages of opportunity as an entrepreneur. Hope you were able to comprehend them all but in case you didn’t have a go at it at first glance; here is a second chance at it.
- There’s opportunity from all angels as an entrepreneur, you just have to tap into it
- Opportunity arises most in form of chaos: when things are thrown out of order.
‘’In every second, there is the possibility of a better future’’, the beauty in it is the ability to recognize those opportunities, hence seizing them. But we fail to see them because we are too busy chasing other things and the opportunities themselves dress in overall and looks like work. Now tell me who likes work? If not we entrepreneurs.