ENTREPRENEURIAL THINKING

There has never been a better time to start your own business. Major consolidation continues
by large corporations in many industries creating profitable niches for new businesses to fill.
The advances being made in technology and the Internet have created entirely new industries
for business products and services, which are still relatively untapped. Even companies in the
automobile and insurance industries are finding their way to the Web to capitalize on this rapidly
growing medium. These developments represent dynamic changes for businesses in every
industry and create the perfect chance for you to build a profitable company in your area of
interest or expertise.
Entrepreneurial thinking is about recognizing opportunities in the marketplace and
understanding how and when to capitalize on them. Becoming an entrepreneur is not
necessarily an inherent trait. It takes time to train yourself to use your talents and experience to
see opportunities where others do not. Each individual possesses a different perspective on
products they would find useful and services they would like to see perform differently. It can
often be just as profitable to improve upon an existing business. The advantage here is that you
can learn from the mistakes of competing companies while still borrowing the positive aspects
of their business for your own. Whether starting a completely new type of business or
expanding on current ideas already in the marketplace, the key is learning to use your unique
perspective to produce a product or service that provides increased value to potential
customers.
No one could ever have imagined the impact the Internet would have on the global economy.
New industries have developed in the last few years to support the advanced communications
capabilities of this medium. Many of the entrepreneurs that had the foresight and skills to
capitalize on these opportunities became millionaires almost overnight. In fact, the Internet is
such a dynamic medium that there is still amazing wealth being generated from the creation of
new companies, and this trend shows no signs of slowing. The development of dynamic new
products and services in any industry naturally creates the need for complimentary types of
businesses. By learning to think as an entrepreneur you will position yourself to be ready to
capitalize on these opportunities as they develop.
Entrepreneurial thinking is relatively easy to learn. It involves training your mind to look at
products and services in a different way and understanding how to improve upon them. How
would you change the way a company you are familiar with is currently conducting business?
Are there complimentary products or services that you feel would be of value to the same target
market? Train yourself to be continuously learning about and evaluating other types of
businesses. This is how to create ideas of your own and gain valuable insight into an industry.
Project your understanding of a given industry into the future to get an idea for what types of
products and services will be desired down the road. The marketplace of every industry is
continuously changing, and those that have the foresight, ingenuity, and desire have the
potential to capitalize on the opportunities that develop.