Four Essential Qualities of an Opportunity

• attraction
• time
• durable
• bus or service that adds value to its buyer

Ways to Identify an Opportunity

Approach 1 ⇒ Observing Trends

Trends create opportunities for entrepreneurs to pursue.

Trend 1: Economic Forces

Economic trends identify promising and risky areas for start-ups.

Example:

A weak economy benefits start-ups that help consumers save money, like GasBuddy.com, which helps users find cheaper gas.

Trend 2: Social Forces

Social trends change behaviors and priorities, creating business opportunities.

Examples:

• Aging population
• Increasing diversity
• Millennials in the workforce
• Growth in mobile device use
• Focus on health and wellness