Basic principles to remember while investigating an opportunity
Nobody is lucky unless they deserve it; famous Roman philosopher, Seneca, states that luck is what happens when preparation meets opportunity. Small and Medium Enterprises usually look towards successful entrepreneurs or firms and think that this person was in the right place at the right time but that is not true. Every business had its ups and downs before they became giants.
It is always about creating an opportunity in the market and exploiting it with a perfect mix. Consider the example of Pizza Hut. Everyone was eating Pizzas before they came in but no business was solely concentrating on the production of Pizzas and giving a mind-startling ambiance to the consumers. Pizza Hut exploited that opportunity and introduced the product that was already available in the market with a new look and enhanced the customer service. Look at the gigantic growth of the firm now. They are almost everywhere around the globe with free home delivery service installed in most places.
In order to create an opportunity, SMEs must look into the following factors:
- Pay attention to small things like consumer gestures, behaviour, feedback and responses.
- Make sure the employees are happy with the environment of the organization and they are interested in taking it to the next level.
- Never underestimate or overestimate the potential of an idea. A biased approach can lead to disasters because everything estimated will be way off realistic targets.
SMEs should consider that they have nothing to lose. If you are too strict on finances while investing in the Research and Development process, you won’t probably end up with something fascinating that will rock the world. So spend wisely on R&D.