Identifying opportunity and executing is sometimes the difference between success and failure.
Entrepreneurs should always live eyes-wide-open, and learn how to view problems as a means to creating solutions. The most successful entrepreneurs, understand how to sniff out unique opportunities, test and execute more efficiently than their counterparts.
Here are some tips on how to identify and execute on new ideas:
1. Identify problems.
Most opportunities disguise themselves as problems. They can arise from new technology or products entering the marketplace where other people may not yet know how to harness those technologies.
When you think you’ve spotted a business opportunity, dig into the problems that have created that opportunities, to figure out if you can provide the proper solutions to those problems. If so, act quickly and move fast on seeing where you can create value.
2. Position & timing.
It’s important to be prepared and to plan. Once you know exactly what you need to do, it is just a matter of executing.
3. Be quick, but do not cut corners.
Opportunity usually have a fixed window of time. You need to be quick, but never rush as that leads to issues like poor work and overlooking pitfalls.
Rushing can cause big mistakes and is a sure way to fail. Cutting corners is a sure way to deliver subpar product or service and lead to poor customer satisfaction and/or legal issues.
Time is short, you can’t do it all on your own. It doesn’t work in any business. Assemble the right team that understands the opportunity and can help you meet those goals on schedule.
Execution is the most important point. For each business/opportunity, the execution may look different. But the important thing is that you’re being productive, not just busy.
So many people “want” to be entrepreneurs, but don’t know where to start. Problems exist everywhere, and as an entrepreneurs, your main objective should be solving those problems.
Every business you know of does that, and the better they are at providing solutions to those with the problems the better they do. It’s important to start seeing problems as opportunities, and the mind shift will open your eyes up to an endless flow of ideas.
This article was originally published in Inc.