| A business opportunity is your own special | | | | The baby boomers are aging. In the 80s, the |
| idea for a product or service you can sell | | | | baby boomers created a bulge in the |
| successfully. In order to find your own niche | | | | population in the age category of 35 to 44. |
| as an entrepreneur, there are a few important | | | | In the 90s, the baby boomers will be 45 to 54 |
| things to consider. First, you should analyze | | | | years old. What impact will this have on the |
| the population changes and shifts in your | | | | market? Most baby boomers have already |
| local community that create market | | | | purchased the basics for their home. In the |
| opportunities. In addition, you should | | | | 90s, if they buy anything for their home, |
| carefully consider your own interests, | | | | they are looking for quality. In addition, |
| activities, and abilities. This last part is | | | | the aging baby boomers will probably increase |
| especially important. Development of a | | | | the demand for health care service. |
| product or service that will sell requires | | | | |
| creativity and knowledge, so it's best to | | | | The baby boomers produced a shadow baby boom, |
| draw your ideas from that which you know | | | | which includes current middle school |
| best. | | | | students. In the 90s, the children of the |
| | | | baby boomers ranged in age from toddlers to |
| The people a business serves are its market. | | | | college students. Although these children |
| Your market, for example, might be your | | | | represent a smaller hump in the population |
| friends, neighbors, classmates at school, or | | | | than the baby boomers, many of them have more |
| colleagues at your current job. What might | | | | material possessions than their parents did |
| these people want to buy? No one knows the | | | | at the same age. For example, children of |
| answer better than you do. | | | | baby boomers have more technological |
| | | | equipment than their parents did. |
| You might not realize it yet, but you have | | | | |
| unique knowledge that will help you to | | | | There are more elderly in the population than |
| develop a business idea. Your everyday life | | | | ever before. They need products and services |
| is constantly providing information about | | | | that help them to live full lives. It is no |
| market opportunities: What do your friends | | | | wonder that the home health care industry and |
| like? What do your parents do on weekends? | | | | retirement housing is booming. |
| What are some problems in your community? | | | | |
| Answers to these questions might lead you to | | | | Lifestyles: |
| a business opportunity. | | | | |
| | | | With the increase in dual career families, |
| The great thing about entrepreneurship is | | | | time is very important. Dual career families |
| that your success is not limited by your | | | | are buying many products and services to help |
| abilities or education. You should never feel | | | | them save time running the household. House |
| that you are not good enough, or creative | | | | cleaning services, day care centers, and lawn |
| enough, or smart enough to succeed. | | | | care services are all becoming more popular. |
| | | | So are fast-food restaurants, particularly |
| The goal of an entrepreneur is to figure out | | | | those that prepare entire "home-style" meals |
| what he or she can sell that consumers need | | | | for take-out. Think about the young |
| to buy. The most important thing an | | | | entrepreneur we mentioned above, who knows a |
| entrepreneur needs for success is a vision of | | | | lot about cooking and wants to start a |
| what consumers need. Sometimes entrepreneurs | | | | catering business. She might decide to target |
| can imagine, or envision a need that other | | | | her service to working families, providing |
| people don't see immediately. Think about | | | | nutritional meals for them to share. |
| some of the things we take for granted today, | | | | |
| like televisions. The companies that invented | | | | Americans are becoming increasingly concerned |
| and marketed the first televisions imagined | | | | about the environment and the importance of |
| an unprecedented home entertainment system. | | | | recycling. Many products come with labels |
| Before then, most families were happy with | | | | that indicate if they or their packaging was |
| their radios, and didn't feel a specific need | | | | produced in an environmentally-friendly |
| for a new form of entertainment. But as you | | | | manner. Other trends we might observe include |
| know, today most families have televisions - | | | | interest in health and fitness, and an |
| to the point where we almost feel like we | | | | interest in the Internet and |
| "need" them. Another example: computer | | | | telecommunications. |
| entrepreneurs saw a future with computers in | | | | |
| every family's home well before people could | | | | You can turn into an entrepreneur by turning |
| imagine using a computer regularly. | | | | everyday experiences into business |
| | | | opportunities. Learn to look at life |
| Changes in the business environment create | | | | differently: If something is inconvenient or |
| opportunities for entrepreneurs. Successful | | | | troublesome, imagine a solution... and |
| new businesses are usually created to meet a | | | | there's a business opportunity. If you use a |
| specific need in the society. So, what does | | | | product in a new way, you could redesign it |
| society, or the market, need? Let's start by | | | | ... and there's a business opportunity. |
| looking at shifts in the general population's | | | | |
| age and lifestyle. | | | | Cedrick Brent is a writer and entrepreneur |
| | | | with 3 years of home business and marketing |
| Age: | | | | experience. |
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