Going deeper and going beyond the first chapter of Andy Frere, about what it is to be entrepreneurs, Now you have to know the keys to recognize and identify business opportunities to undertake. So Andy Frere tells us the process that followed when looking for the business idea that would start his dream of creating a company. Or as Conrad Adana said to synthesize the previous idea, “We all live under the same sky, but not all of us have the same horizons”.
To recognize opportunities, you first have to know where ideas come from, so Andy Frere tells us that out of nine out of ten ideas are born because the potential entrepreneur discovers a need or opportunity from interacting with A branch of the market. This is of paramount importance to demystify the belief that one has to sit like a Buddha under a tree and that at some point he will receive enlightenment. On the contrary, the process in general begins with detecting, from the market in which one already operates and its probable evolution, the business opportunities that one can undertake.
But keep in mind that “good ideas are not unique”, since the secret is not to ask “what is your idea” but to answer “what will make you and your team can make that idea a success “. That is why the triangle of the entrepreneurial process appears inverted, because the basis of everything is the quality of the entrepreneurial team. The idea (as well as capital) is a vertex of the process, but the point on which the triangle is based is the entrepreneur and his ability to bring ideas to reality.
And the “good old ideas” should not be overlooked, since the key is not in the “originality” of the idea, but in the success that comes from having implemented it better than the others.
Finally, there are usually many more ideas than good opportunities to realize them. Now the question would be how can we detect ideas that have a good potential for realization? So it is suggested to look for opportunities through a process that Andy Frere calls the “Duping Lupe”. This can be synthesized in the next five steps.
First, the general magnifying glass that defines the areas of activity that the potential entrepreneur starts by making a list of all the areas related to the activity that is currently developing.
According to the world magnifying glass when choosing an activity and learn from it focusing on developed markets. Where the second step is to put a preference score on the listing activities, choose the one you like most and dive into learning and reading everything that is available about that industry in developed markets.
Third the local magnifying glass when knowing the market of that sector. Where the third step is to do the same previous exercise, but for the local market. This is where the benefit of being in an emerging country is seen: one can analyze disparities (gaps) with respect to the developed market, and from there make inferences about what is going to happen and at what speed for the local market to converge towards Which occurs in developed countries.
Fourth, the dynamic magnifying glass when analyzing the probable course. Where the fourth step is to make an in-depth analysis of the important factors that determine that the differences between developed and undeveloped markets may persist or tend to converge.
Fifth, the fine magnifying glass focusing on the particular. Where the last step requires an effort to focus to the maximum. Now we have to go from the global to the very particular, that is, in which segment of this activity I want to concentrate.
To these five steps can be added a general clarification: having detected an idea with potential does not mean at all that one is assured success, much less. By following the five steps of Deceptive Lupe we have barely detected a segment of the market where there seems to be an opportunity available.
To end the Being entrepreneur is much more than to create a company. From the early phases of the start-up process and your business idea you will find a lot of obstacles that you will have to solve gradually (searching for potential customers, suppliers, local, financing, among others). But in spite of everything Do not be discouraged! If you believe in your business idea and what you want to offer the market, defend it! And fight with all your strength, giving yourself of mind, soul and heart in what you are going to do and you will see that you will be a successful entrepreneur, achieving the goals that you propose.
Finally, I leave you with my thoughts, “Everything is born from a dream, so dream and struggle to make it come true, and do not forget that that will depend only on you.