Improving Your Ability to See Opportunities

We have started businesses in the middle of a recession. We have grown and thrived throughout pandemic conditions.

The trick?

Learning to recognize opportunities for what they are.

During this period, everyone wants to help. Resources are out there to help people launch their own opportunities or step into open positions. It’s a time for new beginnings.

Do you know how to spot them when they come your way?

1. Consider your industry.

Look for opportunities that already exist within your industry. How can you connect with customers and get a better idea of exactly what they want?

During times of recession or change, people often have unique needs. That means incredible opportunity! Can you:

• Offer a niche service that others don’t have
• Provide wider offerings
• Provide offerings at a different price point
• Adapt services to meet current needs in a way that other industry authorities have not?

The better you know your industry, the better you can react to the changes within it, and the greater the likelihood that you will provide exactly the services your target audience needs to excel.

2. Work closely with a mentor.

A mentor who knows your industry and understands your personal capabilities is critical to improving your ability to accept and even jump on opportunities when they arise.

Work closely with a mentor to help you better understand what you can accomplish and your place within your industry. Your mentor should know:

• What you can do
• What resources you have available
• How you currently fit into your industry and how you plan to do so in the future
• Your goals and ideas

If you do not have a mentor, finding one could offer the perfect way to better understand your industry and get a better idea of all you can accomplish.

I took this photo in Puerto Vallarta.

3. Keep your eyes open.

Opportunities rarely pop up out of nowhere. In fact, most of the time, you have plenty of warning before opportunities appear. Many people, however, fail to notice the signs that an opportunity could be imminent. Be aware of these potential signs that an opportunity could be on its way:

• You notice an increased need, either within your industry or somewhere close to you.
• You’ve found the chance to learn something new, or you’ve recently learned something new that you can put into action.
• You’re working and collaborating with new people, which could open new doors for you.
• You’ve heard more information about something new within your industry recently: a lot of buzz that could change the shape of your industry.

If you notice those signs starting to increase, start looking for the opportunity. Work closely with your mentor to learn more about how to take advantage of them.

4. Be prepared to act.

In order to take advantage of an opportunity, you have to be prepared to act on it. Opportunities can crop up at any time, and they can appear in a variety of ways–but they often do not last forever.

If you aren’t prepared to act–with the right funding in place, the right tools at your disposal, or simply the willingness to move on a potential opportunity–you may find that the opportunity passes you by.

Many times, opportunities are time-bound: that is, if you do not act, they will vanish before you have a chance to do anything about it. Someone else could even step into that opening! Make sure you carefully evaluate opportunities to ensure that they fit your needs.

Consider:

• Whether you have a market for this specific opportunity
• Whether you have the resources to take advantage of it
• What the cost is associated with this opportunity–whether you succeed or fail

Not every opportunity is right for you. You must carefully evaluate the potential in those opportunities before moving forward. However, by preparing to act ahead of time, you can ensure that you will not miss out on those opportunities when they come your way.

Are there more opportunities in front of you than you think? Could you have the chance to take advantage of new opportunities you perceive in your industry even in the midst of periods of disruption? Connect with a mentor today to learn more about how you can excel in your industry.