This is an article from the Entrepreneur Asia Pacific, taken from The Small Business Encyclopedia.

It is very interesting to see that a business opportunity may not necessarily be unique or generated by yourself. However, it can be in the form of package franchises, product franchises and business opportunity ventures.

To me, the most important thing about a business, no matter if it is a business model or a business product, it should be innovative. The reason being is, there are so many businesses out there, various industries, various ideas, various products. But it is rare that you can get something unique. Unique as in that product or system is conducted solely by you only.

Therefore, in order to differentiate your product/ business with the other competitors, an innovative business model concept kicks in. I think most people would know Airbnb. The way they differentiate themselves with the other accommodation providers is the benchmark of what an innovative business model is. Their business model builds on the sharing economy and on the strong belief that house owners are willing to rent out free space to strangers and it has disrupted the accommodation industry.

Hence, as a conclusion, business opportunities should not be limited by the product itself. A successful entrepreneur should focus more on how to innovate their business model in order to increase the chances of being successful.

Do you agree about it? Let us know by leaving your message to us if you have a different opinion!

You can access the full article mentioned above at the link below:
How to Research a Business Opportunity

Written by,
Kingsley Tan
Co-founder of The Tech Connectors

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