Many aspiring entrepreneurs think about starting a business because they have spotted an opportunity in the market and are often in one of these positions:

• I have relevant experience and knowledge in this business or industry
• A problem exists in a market and I might have a solution to improve or solve the problem
• Someone I know (e.g. family, friends etc.) is successful in this business
• Similar types of businesses have sprung up and are seeing success

Opportunities arise usually because there is a need that is not being filled, or there is an existing or potential problem that can be fixed. Ask yourself these questions:

Solving A Problem

• What frustrates customers or users in this industry?
• What have you experienced as a consumer of this industry?
• What would you change or improve based on what you have experienced?
• How would you do business differently?

Filling A Gap/Need

• What should businesses be providing in this industry that none or few are providing?
• Are there customers who will pay for this need?
• What do you believe customers will want immediately that they cannot find now? What about something they will want in a year?
• What does everybody think "won’t work" in this industry? Why?

While it is important to spot trends and opportunities to maximise the chances of success, at the end of the day, you need passion for the business you are planning to start. Some are passionate about the product/service or industry, while others are passionate about the business of running a business.

Whichever applies to you, unwavering passion is what will take you through the challenges that will arise.