The most important thing in the start-up is not really coming up with a ‘game-changing idea’. In fact, all it takes is half a day with a group of entrepreneurs to come up with quite a few ideas that could be considered viable business opportunities if executed correctly. Ideas aren’t that hard to come by. However, proper execution of those ideas is quite the rarity, and that’s what separates the successes from failures every single time.
This is why, if you are trying to start your own business, thinking of ‘the next big thing’ isn’t the biggest issue. Most of the million and billion dollar ideas were simply borrowed from others- borrowed from the markets.
However, your idea is, of course, very important in the sense that it is something that you should be passionate about. The best way to find out about your idea is by doing a market research and see which areas are taking interest, and then diving deeper to into those sectors that grab your fancy. The three sectors that promise to present endless start-up opportunities in the years to come:
There is a growing belief in the business world that email, as we know it is a rather miserable form of communication. And I have to say I am firmly on board with this way of thinking.
In light of this, many companies are implementing email alternatives in an effort to wrestle back control of their inboxes and spend more time doing what they are paid to. Without a doubt, the biggest beneficiary of this move away from traditional email is Slack, a tool that brings together all channels of communication, including email, IM, social media and file sharing. Slack has capitalized on this anti-email feeling to such an extent that in only its third year in operation it already has a valuation of several billion dollars.
There are plenty of opportunities here. If Slack is doing that well that fast, this is clearly just the tip of the iceberg, and entrepreneurs with a flair for communication will want to take a much closer look at this space.
Virtual reality training and education
Virtual reality (VR) is an industry with a great potential, but even more so in the area of education and training. Can you imagine any better way to spark the imagination of a group of high school students than by giving them the opportunity to experience flying through the cosmos or walking beneath the famous arches of the Roman Colosseum? And what about the much more advanced applications – such as VR’s potential in training doctors or surgeons?
Naturally, there are plenty of big boys vying for market share here, including Facebook, Google, and Microsoft. But the infrastructure players are often simply there to lay down the framework in which you specialists get to build.
So if education is your thing, you will want to take a closer look at how VR is going to change the way in which we learn, because there is no doubt in my mind that you will literally be tripping over great ideas here that simply need the skilled entrepreneur’s touch to bring to life.
Drones have kicked off in a huge way in the last few years – so much so that aviation authorities around the world are scrambling to introduce regulations to deal with the increasing numbers of these devices in our skies. It is important to remember, however, that drones are far from just a very expensive stocking filler for the occasional hobbyist.
The real opportunities, according to analysts, are in the practical uses of this technology in a range of industries from construction to agriculture.
The applications are truly vast: drones assessing damage to skyscrapers, inspecting farmlands and oil fields and mines, helping to combat forest fires by providing images and other intelligence – to name just a few examples.
It is no doubt a sector where the creative meets the practical, and as such it is in many ways the true entrepreneur’s ideal challenge.
Original source: Arabianbusiness.com