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“The Singapore market is too small. There are no more business opportunities because all good opportunities are taken by up the GLCs (Government-Linked Corporations), MNCs (Multi-National Corporations) and NTUC (National Trade Union Congress).”
Sounds familiar doesn’t it ? You have probably heard this many times uttered by friends and relatives who are dead set against setting up a business in Singapore. So is this real or perceived barrier ?
A look at the statistic from ACRA may prove otherwise. More than
45,000 businesses and companies were set up in 2006 and for the 1st
half of 2007, slightly more than 25,000 enterprises were started.
So what opportunities did these people see when the other group of nay-sayers can only see road blocks. Let’s start with the basic question: Where do entrepreneurs look for their business ideas or opportunities?
Gathering Ideas
The answer is simply everywhere and anywhere because there are plenty of ideas around us waiting to be discovered. The first thing one needs to do is to keep our mind open to ideas for
products or services that might satisfy consumers’ needs, and also we
should watch for ways we can improve on what is already on the market.
For instance, when you are in a shopping center , browse through the
shops, look at their displays and , observe the customers and the
products .
• Who are the people who buy certain product ?
• What are the items that sell best ?
• Which item caught your eyes and why ?
• Observe more closely and watch for details.
• Hear what others say and listen attentively .
You can also gather ideas as you work, chat with friends, drive, having
dinner at the coffee-shop, watch TV, at the Library or even while
shopping for groceries.
Apart from this, there are also various ways one could look out for business ideas and opportunities:
1. Launching a New Product :
• Product combination. eg. Combine your product with another item
so that customers’ reaction is “That’s something new, different.” Eg.
McDonald toys.
• Reproduce an item no longer made. Eg. Framed pictures of old, colonial Singapore for sale to collectors and tourists.
• A novelty item. Eg. An alarm clock that looks anything but a clock.
• Take features out. Eg. Budget airlines, QB house.
2. Product Improvement :To add improvement and features to an existing product
• Improves its appearance and appeal. Eg. Make alarm bell more pleasing appearance and not an eyesore in buildings.
• What new features can you add ? Hand-phone with PC, DVD and full HD functions.
• Improving the functioning. Eg. Can I make it: safer, cleaner,
more convenient- pleasant-reliable-efficient,
easier-quicker-simpler-less irritating to use.
• Improve the presentation. Eg. The Taiwanese wedding cakes are very creatively designed and put in unique packaging .
3.What you cannot buy locally ? :
• What’s available overseas but now here ?
• Why are these things not available ?
• What have you not being able to obtain ?
• What have you seen abroad ? Eg. It often seemed what the Americans and Japanese have today, we’ll have tomorrow.
4. Networking with People :
Eg. Talk to friends, relatives, acquaintances and ex-colleagues who are in sales.
• What are their drawbacks.
• What do customers complained about?
• What about customers’ requests ? Eg. “Why we can’t do in smaller packs ?”
• What are the customers’ unmet needs and problems?
5.Opportunities created by changes:
• Observe current changes and predict what is on the horizon.
• Changes in business practice, age-range of consumers Eg. Senior citizens and the aging Baby-boomer industry
• Use statistics to identify trends : Survey, economic reports, unemployment figures.
• Past failures of other businesses : Product ahead of its time, insufficient funding, high overheads, vested interest.
6.Other sources for business opportunities:
• Professional associations : Eg. Singapore Chinese Chamber of
Commerce & Industries, American Association, British clubs etc.
• Trade fairs and exhibitions .Eg. Manufacturer looking for distributors or agents
• Modeling on other successful businesses.
• Watch the media :TV, magazines, newspaper are rich sources for ideas
At the end of the day, in-order for a business to succeed, a business
idea should meet a genuine need in the marketplace. It should be a
product that is a real enhancement of an existing business model and
not just a passing fad, like the Bubble Tea. And most importantly,
your product should focus on a specific market niche and satisfy it,
like the Banquet Food Court that caters specifically to the Muslims.
Article by Charles Loh, a self-employed businessman and a member of the
Asia Entrepreneur Association. A free seminar on “Mind my own Business”
will be held at SAFRA Toa Payoh on the 24 Feb and 9 Mar 2008.
Website: www.asiaea.org Email: enquiries@asiaea.org
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