New opportunities can often be exciting and intriguing, but not every opportunity is a good one. Join Jay today as he takes you through his seven steps for spotting a good opportunity. Learn how all good opportunities are those that solve common problems, how important market research is and to make sure your new business opportunity is scaleable.
- Does the opportunity excite you? Are you excited about it? This is the easy part. Every idea or opportunity you may get will have some form of excitement about it because it is new, fresh and interesting. If at this initial point, you are not excited then it is advisable to go and look at something else. You don’t want to be doing something you are not excited about just because somebody else has done it.
- If the opportunity or idea that you come across does not solve a problem, then you do not want to be doing it. Have a look at the idea and ask yourself if it would make life easier for other people. You can look at problems in any kind of industry, small or big and come up with ways to solve these problems which people would appreciate and support.
- Do your market research. Many people skip this process as they get so overwhelmed with the idea or opportunity. Look at the finer details such as competitors and price points. You need to do that in order to assess whether or not there is a demand for this new product or service. You need to build a minimum viable product. Build something that looks like what you would hope to be the end result and get some orders. You need to get the orders in order to create a real demand.
- In certain industries, you may not be able to get a physical order in, but get the commitment from people. Many times, people will tell you it is a great idea but will not want to commit when asked to purchase the product or service. People will give you a false sense of security.
- Can this business be scaled? Is there a big enough market for this product? Make sure that you can scale the business. There is no point doing the business unless you are able to scale it. You will find that after the initial hard work and effort, you cannot take your business any further.
“Why would you not want to go with something that is already moving forward?”
“Unless people are buying your actual service, you are going to get unstuck.”
“Start looking at this as a business, this isn’t a dream. Business is competitive.”
- Sign up to the Transform My Life Online course: https://beautifulminds.com.au/transform-my-life-online-course/
- Join The Disruptive Movement: https://www.disruptivedare.com/
- Read As A Man Thinketh by James Allen. Order it on Amazon: https://www.amazon.com/As-Man-Thinketh-Complete-Original/dp/1523643536
- Subscribe to The Business Mentor Podcast, the #1 iTunes Business Podcast in the UK! https://businessmentorpodcast.com/
ABOUT THE HOST
Jay Dhillon is a serial entrepreneur, investor, and philanthropist based in the UK with a proven track record of growing businesses from start-up to success- and helping others do the same. From humble beginnings, Jay grew his first business from 0 to 500 employees and three locations, racking up sales of over £30 million – all with no investment other than a slight amount of savings. The business went on to acquire major clients such as Landrover, Jaguar, Toyota, and New Look, to name a few.
Its immense success inevitably brought about outside interest, and at the age of 33, Jay eventually sold the company to a London investment firm in Doyen Resources. Today, Jay owns several businesses in different sectors and helps entrepreneurs achieve success.
A calling to give back and help others led to Jay being chosen for the highly coveted role as a Prince’s Trust mentor, where his achievements were marked by a personal invitation to Buckingham Palace to meet Prince Charles.
After helping several young entrepreneurs to succeed as a mentor for the Trust, Jay’s burning desire to bring his wisdom and knowledge to a wider audience ultimately triggered the concept of The Business Mentor Podcast.
Jay feels that anyone can achieve success in business with the right advice and mentoring and is now sharing his knowledge with his growing audience via his podcast.
In the UK alone 95% of businesses fail within the first five years and Jay aims to reduce that number.
Backed with the hard-earned knowledge and experience from his time in business, The Business Mentor Podcast will share Jay’s personal business lessons as well those of other successful entrepreneur guests who share their wisdom and secrets on the show.