Business Opportunity: Definition, Criteria, and the Right Strategy

A business opportunity is a good opportunity for you to take advantage of in building a business. In this increasingly modern era, there are various kinds of business opportunities, ranging from food, and clothing to digital.

If you plan to open a business, it helps you understand the steps to identify and choose the right business opportunity. Therefore, OCBC has summarized it in the following article. Let’s see!

Understanding Business Opportunity

In simple terms, a business opportunity is a condition that can provide an opportunity for someone, especially a business person, to achieve their goals. The business objectives are carried out with certain efforts and the use of the available resources effectively.

So, the business can grow, sales increase, reputation gets better, and ultimately profits will increase. Meanwhile, according to Thomas W. Zimmer, a business opportunity is someone who creates innovation and creative thinking from an opportunity to be able to achieve his goals.

Characteristics of a Good Business Opportunity

After knowing the meaning of a business chance, of course, it has various characteristics. For that, you need to understand what are the characteristics of a business opportunity according to the condition of the resources you have. So, so that you can determine business opportunities well, here are some characteristics of business opportunities, including:

Has a high selling value, unique, and original.
Long-term business is not seasonal.
A business that can continue to grow and last a long time.
Potential to continue to develop business lines on a large scale.
Business is real and serious, not just plans or ambitions.
Affordable working capital.
Have promising and proven profit prospects.

The Right Strategy to Find Business Opportunities

The basic thing that you need to have when you want to look for business opportunities is to always be optimistic. Even if you are a novice businessman, you still have to have optimistic thoughts that the business will be profitable and beneficial for others.

There are several steps to identifying and choosing the right business opportunity. Strategies to find business opportunities include:

Establishing the Source of Business Opportunities

The source of the business opportunity is the part of yourself that can be put to good use such as expertise, skills, hobbies, educational background, and others.

Choosing the Right Business Field

Choose the right business field for you to do. After determining the source of the business opportunity, you must also choose to enter the right business field. For example, you may focus on the business of providing services, goods, or even both.

Focus and Evaluation

You create a business opportunity as a high selling point by focusing on the potential of each product’s strengths. Evaluate and continue the process of taking advantage of the best possible opportunities so that these business opportunities can produce brilliant products.

Source of Business Opportunity

In addition, to be able to explain more about the source of business opportunities. The source of business opportunities is wherever and whenever you get the opportunity to be inspired to build a business.

You can get business opportunities in various ways as long as they have a selling value and profit potential. The following is an explanation of several sources of business opportunities, including:

Educational background

The most common first source for finding business opportunities is your educational background. A person’s educational background is generally directly proportional to his interests and expertise in a particular field.

For example, you are a graduate of a fashion design degree, and of course, you have expertise in the field of clothing design and the like. From that, you can find business opportunities such as creating fashion brands, boutique shops, fashion designer services, and others.

Utilize Your Own Hobbies and Skills

Still related to your educational background, you can also use your hobby or expertise in a promising business opportunity. A hobby is something that when done will give pleasure to the perpetrator.

For example, if you like cooking and painting, you can turn it into a business opportunity, such as building a cafe with an art gallery theme. In essence, if the hobby you do can make you feel happy, it will become a promising business opportunity.

But keep in mind, that a business opportunity is to take advantage of something that has a high selling value and potential.

Research or Research

Furthermore, a source that you can use to find business opportunities is to do research or research. The research may include market conditions, potential competitors, consumer behavior, demographics, and others.

This research is indeed an important thing when you want to build a business. Through research, it will be easier for you to find the right business opportunities and have a high potential to generate profits.

Seeing the Latest Phenomenon or Problems

In addition, you can also find business opportunities by looking at phenomena or problems that are happening recently. Such as economic problems, health issues, socio-cultural issues, environmental problems, and other phenomena around you.

For example, recently the phenomenon of environmental pollution is rife, and this has resulted in various natural disasters such as floods and landslides.

From this phenomenon regarding environmental pollution, you can find business opportunities, namely making products whose basic ingredients or packaging are made from environmentally friendly materials.

Collaborating with Other Parties

You can also find business opportunities by collaborating with other parties, such as vendors or producers of certain goods or services. This collaboration is considered quite easy because you only need to do marketing and branding of your business.

For example, if you know a t-shirt vendor, this can be used as a business opportunity by inviting collaboration to build a fashion brand.

Examples of Business Opportunities in a Pandemic Period

The Covid-19 pandemic is indeed a very difficult time to deal with for everyone in this world. We are forced to adapt to current conditions such as limited social activities, many activities and dreams that are delayed or even canceled, and so on.

However, no matter how difficult the conditions you are experiencing, of course, we should not be complacent for too long. There are many opportunities, especially business opportunities, you can find during this pandemic. With a capital that is not too large, here we recommend 4 examples of business opportunities during a pandemic, including:

  1. Freelance
  2. Online F&B Business
  3. Reseller or dropshipper
  4. Thrifting or selling used goods

That’s a review of business opportunities and the right strategy to choose or find them. If you are planning to open a business and have seen a great opportunity, then don’t waste it, OK? Spirit!