Here are 5 tips to recognize a meaningful business opportunity when you see one

You’ve discovered a remarkable market inefficiency

It is no surprise that solving a meaningful problem leads to the best ideas. I have written before that it is easy to spot these opportunities by looking in your own meaningful business opportunity community and drawing on what you have experienced.

These methods are important because they can help you identify areas that you are more passionate about. This will make your business more welcoming and help you create meaningful results.

Identify and implement successful meaningful business opportunity models in similar markets

Alex Cruder is Curbie’s CEO. I had the opportunity to meet him recently. Our conversation revealed that Alex Cruder, Curbie’s CEO, advised us to “pay close attention” to business models and products which work in similar markets to ours but aren’t available in our area. You can bring these ideas to your local markets by finding ways to do so. They are less risky than more innovative ideas. For example, online car dealerships were a new business model in America that I witnessed succeeding. It was a great idea that brought success to a new market.

A fresh approach to an old-and-true idea

Raffi, Wharton professor of management, spoke about how digital entrepreneurs create winning ideas in a podcast interview from 2009. It provided a platform to connect buyers and sellers directly.

It may not sound like eBay is unique in its description of it as a “virtual marketplace,” but this is an important part of why it has been so successful. It took a concept people already knew and appreciated and brought it to the digital age. Similar ideas have worked for many other brands. Rapid growth will be possible by digitizing or streamlining in-demand concepts.

It is something that people want.

Your work experience will give you the opportunity to speak with customers, regardless of whether your business is a start-up or an established company. Customer feedback, buying trends, or other requests can give you a better understanding of the market.

It is possible to act quickly

Although market research and other preparatory steps can be important, the best business opportunities will be those that are quick to launch and flexible, iterative. This allows for quick market disruptions to be addressed and pivots to better serve customers.

Your market leadership position can be established by being the first to market a particular idea. McKinsey evaluated the market for pharmaceutical launches and found that 40 percent of those products remained on the market for 10 years. Those who came in fifth place or later did not achieve 10 percent of total market share.