All businesses revolve in filling a customer’s needs or wants.
Untapped opportunities abound even in times of economic stress. As the world turns, new needs and wants begin emerging, opening new opportunities for the intrepid businessperson who cares to look for them. The entire paradigm governing startups revolves around taking calculated risks in filling never-before-filled niche markets. However, this often takes the form of a long, drawn-out process of trial and error, which may be off-putting to more conscientious investors.
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Rather than throwing things against a wall and seeing what sticks, investors should look for innovative business ideas that fill a need. Reaping massive rewards in trailblazing new markets without incurring the accompanying risks takes a sharp eye to sense potential unfilled demand.
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It pays to start with the obvious. Many logical yet untapped business opportunities lie underneath one’s nose. For instance, several lending companies have begun catering to the financial needs of small businesses and startups, a demographic often considered risky by banks in recent years. For the first adopters, this new niche has proved to be very lucrative.
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Think the same, but in a different way
A new opportunity may not necessarily be based on a new idea. Old but sound concepts that have fallen out of popularity may prove to be successful if retooled to meet new needs. Carpooling, in the decline since the 1970s, is making a comeback as alternative cab services like Uber and Lyft began offering discounted fares for people willing to travel with others going the same general route. Once created to save gas in during wartime, carpooling had been retooled as a fast, comfortable, and affordable alternative means of commuting.