๐ Sources of Opportunity Identification
Entrepreneurs can identify opportunities through various internal and external sources. Each source offers unique insights that help in recognizing viable business ideas.
๐ Internal Sources
๐ฅ 1. Employees and Ex-employees
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Have deep knowledge of operations, pain points, and inefficiencies
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Can suggest process improvements or new business models
๐ External Sources
๐ 2. Dealers and Distributors
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Are in constant contact with customers
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Spot emerging market trends, demand shifts, and product gaps
๐ 3. Customers and End-users
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Provide direct feedback, complaints, and suggestions
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Help in identifying unmet needs and pain points
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A great source for product/service innovation
๐งโ๐คโ๐ง 4. Friends and Relatives
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Offer honest feedback and creative ideas
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Understand your background and skills, helping shape practical suggestions
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Sometimes introduce low-risk ideas or partnership opportunities