Identifying a good opportunity can ensure startup success

“Learn how to identify a good business opportunity in the market to assist in the development of new digital tools and solutions from startups.” &

The delimitation of an opportunity with great chances of success in the market represents one of the first steps for the development of a startup. With technological innovation and the development of complex data management systems, there has been an improvement of services and identification of problems that can be solved from digital tools and solutions.

Increasingly, digital businesses are created to delineate specific problems and pain directed using emerging technologies, such as Artificial Intelligence (AI). Thus, with technological innovation present in the DNA of startups, these ventures showed significant resilience in the face of instabilities in the financial market and events that reconfigured the global economy, such as the pandemic.

1. Finding a problem

Most often, the development of a startup begins in the identification of a relevant problem this step involves market research and deep data analysis to ensure the viability of the business.

The structuring of the idea and the planning of the startup model represent later phases to the identification of the business opportunity. The problem needs to present sufficient recurrence to maintain the activity of the enterprise.

2. Defining the customer profile

Determining the customer profile, based on the opportunity outlined by the startup feasibility study, allows you to measure the size of the target audience, able to direct campaigns and personalized product development.

In addition, establishing the customer profile serves to validate the public interest in the business. It is important to understand whether the idea really represents an innovation in the market, and how scalable the business can be.

3. Empathy validation

Understanding the market pains goes beyond identifying a good business opportunity. Maintaining empathy with the customer, proposing an efficient solution to a given problem, ensures more assertiveness in creating products in startups.

That is, understanding the user and creating product-oriented research are points that allow us to attest to the accuracy of the business in the market.

4. Activity management

From the selection of the initial problem to be solved, other challenging tasks will arise in the way of those who are undertaking. Therefore, the chance to leverage the business is related to the management of activities in the startup.

It is not possible to solve all problems quickly. Therefore, the management of activities in a scalable way is necessary to delegate tasks and keep running all the stages of development of the idea.

5. Create products to serve in the market

The search for scalability in a startup must obey some indispensable precepts for the healthy maintenance of the business in the long term. The opportunity poorly explored can result in substantial losses for the enterprise.

However, it is necessary to maintain the balance between business opportunity and scalability. The product developed must serve and meet the market, and not only the expectations of the entrepreneur.

Technological innovation has enabled startups to survive in the face of unforeseen events such as the pandemic and economic instability in developed countries, which would not be achieved without the precise identification of a problem to be solved in the market. Therefore, delimiting the opportunity and validating public empathy are key steps to maintain the scalability of the business in a digital environment.