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Billionaire Vision: How To Capitalize On Opportunity

 

Most billionaires are so wealthy and successful because they learned the art of capitalizing on opportunities. Whether we know it or not, opportunities are constantly presented to us. Some of us take them while most of us pass them up.

 

 

The problem actually stems a lot deeper than that. Most people passing up those opportunities don’t really know it’s an opportunity because they aren’t looking for one. Entrepreneurs usually keep their eyes open for opportunities.

 

 

In this article, I’m going to share insight on how to capitalize on opportunity by having vision.

 

 

Scratch Your Itch 

 

Ever since the age of 17, I have written down every single problem I have ever faced. I write down the date it happened, what would be the best possible solution for it and whether it exists or not.

 

 

My iPhone notepad has over 250 entries in just 3 years. That means I have over 250 different business opportunities in my phone simply because I took 5 minutes to write down every problem I faced.

 

 

Many billion dollar companies were formed around problems the founder once faced. Instead of cussing out their situation and forgetting about it, they used that opportunity to create a solution. If you want to capitalize as an entrepreneur, seek out solutions to your problems and see how many others are dealing with the same issues.

 

 

Jump Into Hot Markets

 

Successful entrepreneurs have vision. This means that they can look ahead and see what people want or are going to want in the future. They use that vision to capitalize by building  products or services for tomorrow.

 

 

When the bitcoin began gaining huge popularity, some entrepreneurs decided to take advantage of it. Sites started allowing you to create bitcoin payment gateways and bitcoin wallets started coming out. They saw an opportunity and struck while the iron was still hot.

 

 

As a result, many of these sites have processed transactions worth millions of dollars or have made tons of money during a short period of time. People always ask me what I think is the next big market to capitalize on right now. My answer to that is apps for the Google Glass.

 

 

The Google Glass has been very well-marketed and I truly believe a lot of consumers will buy the product when it is released. If you can get your hands on a pair and start developing high performance apps for it, you have the potential to make a LOT of money.

 

 

Listen

 

Lot of people have the poor tendency to talk too much. As an entrepreneur, I quickly found out that I learned the most when I kept my mouth shut and listened to others. If you’re really seeking out opportunities, listen to what others are saying.

 

 

You may hear about opportunities directly from them or you may learn about problems/issues they are facing. The smartest people in the room aren’t usually the ones talking, but rather the ones who silently sit there and take note of everything happening.

 

 

Some of the greatest opportunities go missing simply because people spend too much time talking. Seek out successful people in industries that interest you and see what they have to say. Most people miss out on great opportunities because they’re too busy to listen.

 

 

Imitate and Improve 

 

Many businesses have become extremely successful because they have taken an existing concept while making dramatic improvements to it. As an entrepreneur, you can capitalize on opportunity by looking for ways to make things better.

 

 

My startup StatFuse allows students to calculate their odds of admission. Whether you’re in high school or community college, we find out your chances of getting accepted and analyze your college applications.

 

 

We were definitely not the first website to calculate a students odds of admission. We started learning about the way other sites did it and realized they had huge flaws. While other sites were using crowd sourced data to provide such an important result, we decided to aggregate our data directly from the University admission offices to maintain a high level of accuracy.

 

 

A year and a half later we have been able to triumph over most of our competitors and make a huge impact in the college admissions space. Instead of getting discouraged by our competitors, we studied them carefully and improved upon their flaws.

 

 

Simplify

 

Apple is such an amazing company and brand because they simplify everything. You know you’re going to get something clean, simple and beautiful when you purchase Apple products. Simplicity is truly bliss.

 

 

As an entrepreneur, you can really build a solid business by simplifying something that is generally complicated. What are things people hate to do because it’s complicated? Going to the doctor, commuting from place A to B, finding an apartment, making coffee and so many other tough tasks exist.

 

 

Find pain points people have and create solutions for them. If you make something easier, you will always have a market for yourself.

 

 

Conclusion

 

In this article, I shared different points on how to capitalize on opportunity. Share some of the ways you have successfully capitalized on opportunity through the years in the comments below!

 

 

photo credit: Philipp Lücke via photopin cc

 

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