If you want to be successful in business, one of the things that you are going to have to do is be able to recognise an opportunity when it knocks. An opportunity to fill a much-needed gap in the market or to change your business to take advantage of a trend could mean the difference between a little bit of success and a huge amount.

Recognising Opportunities

But you must know what these opportunities look like so that you can grab them when you see them. Here are three ways to recognise an opportunity – if you know of anymore, we welcome your feedback!

It Might Not Be Perfect

One of the earmarks of a good opportunity is that it doesn’t sound too good to be true. A true opportunity that has great potential isn’t going to be perfect when you come into contact with it – you are going to have to do the work to make it into a successful venture. However, one thing that it should always have is potential. If you can see it becoming a great idea in the future, then it might just be the opportunity that you been looking for. Always remember, just because an idea is imperfect, this doesn’t mean you should discard it completely and/or right away.

It Is Built on Previous Failures

The best ideas are the ones that have evolved over time, because they have been honed through past failures. If an idea has been through the furnace of discovery, there is a much greater chance of it working when you decide to implement it.

Recognising Opportunities

In other words, you might want to give an idea time to fail at least a few times before you decide to run with it yourself. Otherwise, you’ll be making all of those mistakes yourself and that won’t result in the grand opportunity the you’re envisioning.

It Might Not Be What It Was Intended to Be Used for Originally

Some of the best ideas that have ever been thought of were completely different takes on what a product or service was originally intended for. The idea might’ve been a failure as it was intended but it sparked an entire new thought process and brand-new applications. These accidental inventions ended up being something completely different because someone had the ability to see past the original application. For example, both the slinky and silly putty toys were intended for industrial application. However, they failed as intended and instead became some of the most popular toys ever invented.

Have you had an idea that hasn’t turned out as planned, but ended up being a great business step? Tell us about it!