Wouldn’t it be great to have a crystal ball? Who would have thought a company with a funky name like “Google” would end up worth so much? It’s not a blue chip company like HP or IBM – could it end up worth billions?
In retrospect, it seems obvious, right? But I do remember the debate over whether a search engine could command such dominance, or generate substantial revenues. However, there were plenty of people who crunched the numbers, saw the increasing demand for accurate web results, and knew they could be monetized. A lucky guess? Not likely.
The old saying “Success occurs when Opportunity meets Preparation” is one every entrepreneur should live by. I think the preparation portion of the equation is the easiest to wrap my mind around…it’s the “opportunity” portion that is a little more elusive.
How do you know when you’ve been presented with an opportunity? How do you spot the beginning of a trend? I remember hearing the first mainstream use of the term “organic” not more than few years ago and stores like Trader Joes were a novelty…now look at them! Wondering why? Not rocket science…they were selling a product that made sense for people to buy, and positioned those products with greater access, education and selection. What other industries do we see at the same cusp of exploding?
Yes, you guessed it, Mobile Marketing (insert shameless self-promotion here). When you see mobile phones evolve from a basic flip phone to a sophisticated micro-computer with everyone 10 years old and up running around with one in less than a decade, I’d call that some kind of opportunity! How exactly do we make money from this tremendous proliferation of technology and mobile accessibility? That is vetting itself out. Text marketing, mobile web pages, app, games, and more, pick your choice. All that’s left is to see who is “prepared” to capitalize on it.
The strongest advantage one has to aid in identifying opportunity is your previous experience. If you’ve been a farmer your whole life, don’t try to jump into mobile marketing just because someone tells you there’s money to be made. Leverage your previous experience and passion (see my previous article about using passion to drive your business) to give you the best chance of recognizing the next big trend.