How to Identify and Pursue Good Business Opportunities
George Scorsis was at a crossroads. He had spent the better part of 15 years in an executive role at one of the world’s top energy drink companies. He’d helped lead the company to success in both brand awareness and sales. Then, he founded and served as CEO of another company that did extremely well. The young executive and philanthropist was racking up accomplishments one after another.
Finally, he uncovered a brand new opportunity that would allow him to leverage his business skills: he was named executive chairman at WeedMD, a Canadian licensed producer of cannabis for the medical and adult recreational markets that has a market value of over 100 Million.
“The company is well-positioned for growth, which makes it an excellent business opportunity,” says Scorsis. “We own and operate a state-of-the-art greenhouse, 27 acre outdoor growing area and processing facility in Strathroy, Ontario, and we recently acquired Starseed Medicinal Inc., a medical cannabis licensed company operating in nearby Bowmanville, Ontario.”
Given that cannabis had in recent years been embraced by many in the medical community who could cite case stories about its effectiveness, as well as by residents in places where it was now just as legal to purchase an ounce of marijuana as it was a bottle of beer or wine, George Scorsis believed he was in the right place at the right time.
He’s one of many successful entrepreneurs across North America who have been able to gauge the market and identify new opportunities for business growth.
“The key is to find a company or a venture that has a lot of built-in potential,” he says. “With WeedMD, I was able to identify an opportunity for which the integration of WeedMD’s assets paralleled with Starseeds medical platform would make the merged entity a leader with a differentiated model”
To some people, this might sound like a dream. But it’s possible. Countless business-minded people do it all the time.
So how can you place yourself in a position to be aware of good opportunities, the kind worth jumping on?
One thing anyone can do is stay alert and try to identify where potential opportunities might exist. In some cases, you might see something that’s problematic in the marketplace and have a great idea for addressing or even eliminating a problem through an innovative solution.
Mark Mastandrea, cofounder of Ikonick, says that, “Any business opportunity that comes my way, I look to the DNA of the problem and where the opportunity stems from. I dig into the problems that have created those opportunities, to figure out if I can provide the proper solutions to those problems. If so, I act quickly and move fast on seeing where I can create value and potentially be involved in the project.”
Sometimes, a business opportunity arises as the result of not a problem, but a need in the marketplace that hasn’t yet been recognized by anyone else. Not that it’s easy to do this, but many more than just a few successful companies have been launched due to a need that existed. How many times have you thought that, if only someone had created this or that, it would make my life so much easier?
Many enterprising people have the innate ability to uncover things that people didn’t realize they needed. “A good example of this might be the fitness workout chain Curves” writes Joel Young in the Kelowna Capital News. “Founded in 1992. Curves is a fitness centre that caters just to women. Curves is targeted at a segment of the market being ignored by traditional workout centers—overweight, middle aged women. That is a gap that opened up an entrepreneurial opportunity.”
There are many ways to identify new business opportunities. Look around, talk to people, ask your existing customers, participate in online forums, and watch trends. You’ll never know when a potentially profitable opportunity might cross your path.