Understanding Market Opps

Mind the Gap: Understanding Market Opps and How to Make the Most of Them Leave a comment

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This past year, we saw first-hand how a host of ideas were borne out of market necessity in the face of the pandemic. Suddenly, companies were forced to do business in a completely different way if they wanted to survive the changing times.

In March 2020, when the pandemic officially disrupted U.S. businesses, innovation moved to the top of the priority list. To meet customer needs, established businesses had to become creative to find new ways to provide products and services and many looked to solutions brought forward by internal innovation teams or offered by start-ups.

Contactless service is a prime example. After businesses spent years emphasizing the value of personalized service, in a matter of weeks, an about-face in consumer behavior made “touch-free” the preferred method – if not a mandated requirement.

And today the pandemic has brought forth significant business challenges, while also presenting significant opportunities. Beyond any one pivotal event though, it’s important to identify the right opportunities. Here are three things to consider before you dive in:

Be Open Minded
There is always a better, smarter and faster way to do something – this is what separates quick moving entrepreneurs from large corporations who are traditionally slower to innovate. Entrepreneurs thrive on solving problems no matter how difficult or complex; they love thinking through different and better ways of doing things for the benefit of all their stakeholders; including their colleagues, and future clients.

Be Adaptable
This is some of the best advice I can give to an emerging entrepreneur. Learn everything you can about the issue you are trying to solve and do something every day to further that knowledge. Ideally you should work in the industry for a few years so you are well versed in the culture and industry protocols. With dedication and perseverance, you will become an expert. The business you think you’re going to create is never the business you actually create. In the discovery phase of a new idea, it is crucial to be open to the different directions it might take you and other often better approaches to solving a problem. If you cannot adapt to an idea or a solution changing, you cannot see the clearest path forward.

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