How To Identify Opportunities And Threats ?

Identification of right opportunities has been considered as the most basic and important entrepreneurial behavior ⁽¹⁾, without it you can’t be a successful entrepreneur.

Some people rather most of the people believe that they have this great opportunity and all they need is some financial, non financial support to mine that untapped goldmine.

They feel so excited, great and special because (according to them) somehow they have stumbled upon something that would change their lives and yet in the end, sadly after all the efforts, investments, the whole opportunity just doesn’t make those big, life changing chips.

The first thing for any business to be successful is to identify the right opportunity and then move on with it by adding more right opportunities thus making a long chain of success that expands over years, decades, centuries (hopefully!).

Every bad choice, opportunity is a threat that would end up in a disaster either in short run or long run. Just like good things take time or they happen in no time likewise are bad things. 

Now imagine if you are one of those people who is just somehow great at identifying the right opportunities and right threats. It would make your life easy, full of comfort as a business owner, Manager, Consultant. In a nutshell you would be the most wanted in corporate world.

Right, Right!! Just Tell Me How ?!

There is no secret ingredient for success; there are two things you need to have to identify right opportunities and right or reasonable threats.

(1)   Business Know-how
(2)   Experience

Business Know-how

Well yeah, the more you know the in’s and out’s, the internal and external mechanisms, the internal and external factors, forces the more you will be good at conducting, doing business.

Simple Rule: The more you know the better

Now you would say but what if I don’t know, would that mean I stand no chance to do a successful business, management, consultancy. Well yes for the last word "consultancy", you won’t be able to do consultancy.

But to have the first two (successful business, management) you can do that even without it, just you got to find the buffs, the gurus who have all the know-how, know the in’s and out’s, that means outsourcing.

Experience

It is something that proportionally grows, increases with increase in Business know-how, the best way to get most of it in the short run is to sit down with successful people, the gurus and learn not just the tricks but the whole trade. 

The more you engage with the buffs, the gurus the more experience you will attain, so you got to make those vital relationships, those bonds that transcends money, you need to be social with these guys or you will end up with troubles that would take you years away from your success.

Strategic Awareness

When you combine these two, Business Know-How + Experience = Strategic Awareness
   

    
Yeah you got it, the vital, the essential awareness for identification of right opportunities and right threats. Not just any awareness but strategic awareness, when you are strategically aware about your strengths, weaknesses, opportunities and threats. 

In other words when you are capable of doing real time SWOT. That’s what counts; the math is simple the more you gain the know-how along with experience, the more you will be able to identify the right opportunities and right threats. 

And if you don’t have any of these two or you think you aren’t good enough, well there is only one way to gain, to improve that is to bond with, make those real relationships with those who are the Gurus, the wise ones.

That’s it, speak your mind, share your ideas, contentions on how can one improve his/her know-how, experience by other means, ways that would enhance one’s strategic awareness to a degree that would help him/her to identify the right opportunities and right threats.

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Reference

1.       C.M Gaglio “Opportunity Identification: Review, Critique and Suggested Research direction,” in J. A. Katz (ed.), Advances in Entrepreneurship, Firm Emergence and Growth, Vole. 3 (Greenwich, CT: JAI Press, 1997), pp. 139.-202.