How to spot a profitable opportunity?
So how to spot a profitable opportunity for a business. Around the turn of the 20th century a shoe manufacturer sent a rep to Africa. The purpose was to see if there was a market for shoes in this underdeveloped country. After about a month of exploring the country, the rep sent a rather stressful message back to the shoe company’s head office. He said, “this is a total waste of time and money, the people here don’t wear any shoes.”
A little while later, another shoe manufacturing company got onto the same idea. They also sent one of their reps to explore the country’s market potential. The rep sent a very enthusiastic message back to their head office. He said, “There is a massive business opportunity here, as the people don’t wear shoes, triple production immediately!” He was able to spot the opportunity in business.
So, you see, every situation contains the potential for disastrous problems or unlimited success. The event is what we choose and perceive it to be, then it will become what we make of it.
What happens in our brains when we spot an opportunity in business?
Let me give you a quick break down of what happens in your brain when the spot a profitable opportunity event occurs:
Event (stimulus) > perception > resulting feeling = action.
So, based on the above, we can say that, something happens, then you decided what that means to you, is it good or bad? Once you have labelled the event, (the something that happened), you then feel an emotion which results in a behavioural action.
This is biology people, but what they don’t teach you in Bio class is that just before you decide how to perceive this event, you can actually step back (mentally) and pause the mental process, and think about it rationally, try see where you can find the positive in the negative.
The “hot heads” and the over reactors are usually the one’s missing this vital step, but anyone can learn to take a breath and think about it realistically, and then decide how to label it and act accordingly. You just need to think about how you can use this situation to benefit you.
So, just like the two reps from the shoe manufacturing companies above, the one missed this step, and the other didn’t, he saw people weren’t wearing shoes (event) and then, before just labelling it as a waste of time, he thought about it and saw a massive opportunity (perception labelling), and then acted on it!
Real entrepreneurs know how to spot the opportunity in business
Most entrepreneurs are like this, they see opportunity where other’s see obstacles. You are welcome to read more here about how to spot a business opportunity.
Something interesting, did you know that the Chinese written character for chaos, is made up of two symbols. They are danger and opportunity. An event does not consist of one thing, and one thing only. We need to start seeing an event or something that’s happened to us as a blank. Then we choose what to make of it. Every obstacle has an opportunity in it.
The bigger the obstacle the bigger the opportunity!
“Opportunity waits for no man” – Unknown
If you want to discover a real opportunity click on this link and let’s talk about it.
In the comment section below, think back to a situation which you perceived as a huge problem or obstacle. Then comment on how you could have handled things differently to work for you, so that the event could have turned into an opportunity…