How to Develop Business Intuition to Find Opportunities and Launch a Successful Business

No matter your education level or your net worth, everyone can start a successful business from scratch by looking for the kinds of businesses that are a good fit for both your skills and your community. It is sort of like searching for “eggs” in a famous game, Pokémon-Go. It requires a little bit of luck, but mostly, you need to be aware of the opportunities that are available and take advantage of them. That is a skill that can developed with practice. In this article, I will explain how to become open to opportunities and how to develop your business intuition. Business intuition will help you understand which opportunities are worth pursuing.

Finding business opportunities online

In the internet era, there is so much information available online, but it can be difficult to decide what information is reliable and accurate. Most online resources offering business opportunities are poisoned with spam or irrelevant content. I found myself wasting a lot of time online without any success. Surprisingly, there are only a few quality and spam free message boards worth your time. Below is a list of the most popular trustworthy websites that you can use in your search.

PartnerUpList.com (http://partneruplist.com/)

This is a popular message board solely dedicated to business opportunities and business partner search. It is free to use, but closely moderated to avoid spam and irrelevant content. This message board has a broad audience from all around the world, including the U.S. and Europe. Its convenient Google-like search feature allows you to quickly filter posts by region and keywords. If you publish ads here, you can quickly expose your business idea to millions of people. The range of topics is very wide, from crypto currencies and tech startups to local and small businesses. Overall, it is a powerful tool to research the market, generate leads, and find business opportunities.

Imexbb.com (http://www.imexbb.com/business-opportunities-leads)

This is one of the oldest message boards for import/export and international trade. It has a directory of companies organized by industry. It has buy, sell, and business opportunities sections. The most interesting section here is “business opportunities” with posts from individuals and businesses offering their products or services from different parts of the world. This can be very useful if you are thinking of starting a resale or distribution kind of business.

Globalbx.com (http://www.globalbx.com/forums/Business_Opportunities/forumid_21/tt.htm)

This is another established resource that is mostly dedicated to buying and selling businesses. In addition, it has a popular forum for entrepreneurs in the business opportunities section. You can browse posts in this section or sign up and post your own idea. The posts are dated from the most recent to the oldest.

Ukbusinessforums.co.uk  (https://www.ukbusinessforums.co.uk/forums/opportunities.119/)

This  is a UK-based discussion forum for small businesses and entrepreneurs. It has a wide array of topics from General Business to Sales, HR, and Legal sections that can help you start a new business. One of the sections here is about opportunities and finding business partners. It has many quality posts that are it is closely moderated to protect from spam. This is a good place to start if you are looking for new ideas, investors, partners, or new opportunities. You need to purchase a membership to post to certain sections and use the additional features, like custom signatures.

Finding business opportunities in the real world

There are plenty of ways to find business opportunities without using the Internet. The key idea here is developing, growing, and keeping a wide network of connections in different areas. It is not a quick process. It takes time and effort to meet people and establish a network of connections. Overall, the success factors here are expanding your horizons, learning new things, travelling, making connections with people at different levels, and being open to new cultures and experiences. Below are a few practical tips that can help you spot new business opportunities.

Professional networking

The more connections you have, the more you are exposed to new opportunities. Professional networking is a great source of business deals, new projects and joint ventures. There are lots of great sources of information on networking, including books, YouTube channels, and online articles. You goal is to learn how to master making connections with different types of people.

Industry groups and professional organizations

Attending various events and activities also helps build connections which makes you aware of new business opportunities. The easiest way is to join professional organizations or industry groups available in your area. An example would be a young executives’ club, or a venture capital pitch event hosted by a local investors’ group. It is more beneficial to attend a group’s activities repeatedly. It is easier to build connections when you meet the same people on a regular basis.

Meetups and events

Meetups and various events related to your interests are also good sources of new connections and ideas. It usually takes more than a single meeting to connect with someone and establish a rapport, so it is better to attend activities that meet regularly. There is one exception from this rule. When people are tuned in to some idea and share the same passion, they may connect after a single meeting. For example, this instant connection often happened among blockchain enthusiasts in the early stages of its development, when everyone was very passionate about this idea.

Traveling

When you travel, especially internationally, you become familiar with different businesses, marketing strategies, products, and services that often times are not available at home. A good strategy is to notice the unique strategy or product, analyze its usefulness, and think about how it can be utilized in your country, city or market. During any trip, you should be in a discovery mode where you intentionally pay attention to new things and see how you can use them at home.

Tenders and contests

These heavily depend on your industry. For example, there are numerous tenders for government contractors where you can source new projects. Some companies publish information about projects available for contractors, so everyone has an equal opportunity.

Business opportunities analysis

One activity that dramatically improved my business intuition was researching and analyzing business opportunities published online. You can use the list of resources mentioned above to locate business opportunities, or you can compile you own list. Browsing business opportunities helps you understand the kinds of businesses that will be a good match for your skill set. Secondly, you should think about your target audience and how you can reach out to potential clients to launch a product or service. Browsing business classified ads stimulates your brain and helps you come up with your own ideas to pursue. Another important step is to analyze the financial commitment necessary to successfully launch a business once you have chosen it and identified the target audience.

Leave a Comment

Your email address will not be published. Required fields are marked *