Demonstrate how to generate business opportunities by applying screening analysis to assess the window of opportunity. Prompt: All opportunities start with an idea. We find the ideas that most often lead to successful businesses have two key characteristics. First, they are something that the entrepreneur is truly passionate about. Second, the idea is a strong opportunity as measured on the opportunity checklist. To be sure of having a strong opportunity, entrepreneurs need a deep understanding of their customers. Better opportunities will have lots of customers currently (market size) with the potential for even more customers in the future (market is growing). Furthermore, these customers will buy the product frequently and pay a premium price for it (strong margins). Thus, entrepreneurs need to be students of the marketplace. Address the following questions: What trends do you see converging now, and how do these shape customer demand today and into the future? Of these trends, which would you invest in or be part of as an entrepreneur and why? Instructions: Write an APA 6th formatted paper of 700-1,050 words

Generating Business Opportunities

In the age of information technology, individuals have realized the benefits associated with innovation because of its ability to shape individual lifestyles. When company managers engage in research activities to understand the changing needs of consumers in the business environment, they utilize the feedback from the target audience to make informed decisions that reflect the ability of individuals to embrace the new products and services. One of the reasons that corporations invest heavily in Research and Development (R&D) is to understand the changing needs of individuals and how they can be converted into opportunities. It is this aspect that inspires individuals to recognize their potential and engage in activities that aim at identifying business opportunities in the business environment. While organizations are always competing with other industry players, the ability to identify business opportunities in the market equips companies with a competitive edge over the rest.

Emerging Business Trends

While technology was once believed to replace human touch, it has been identified that the role of individuals in business cannot be replaced because of the various issues, which require individual participation in the business environment. In many instances, organizations develop products and services that address problems affecting the lifestyle of individuals. Every innovation in the modern business environment aims at creating a conducive situation where people can interact and overcome challenges that emerge in their surroundings (Karimi, Biemans, Lans, Aazami, & Mulder, 2016). One important concept that defines existing processes in the business environment is the increasing focus on the consumer more than the product. Today, consumers dictate the market and compel organizations to develop products and services that address their needs in the modern world. From this observation, it is evident that there is a need among company managers to engage in activities that aim at improving the lifestyles of individuals in their immediate environment.

Subscription services will remain in the market because of the ability of individuals to overcome issues that affect their livelihoods in the immediate environment. While the facility experienced slow growth in its early years, there is a need to observe that consumers are warming up to the product because of its versatility that addresses their needs in the community. Currently, subscription services have been embraced in numerous industries such as entertainment, beauty, food, and apparel where people receive different commodities on demand. In their part, organizations have made subscription services to be more appealing where consumers can access various products at a specific offer that is below the original marked price (Park, Kim, & Yoon, 2016). From this realization, it is evident that individuals associated with corporations that recognize their needs and are committed to developing solutions, which resonate with their expectations. In many instances, the public engages in activities that might interfere with their lifestyles, compelling them to reach out to organizations that understand their changing needs. Hence, companies should develop subscription programs that enable consumers to access different products and services on demand.

It should be noted that subscription-based businesses grow revenues 5.5 times more than other business establishments. In this regard, it is imperative to note that consumers who rely on subscription services are more than willing to spend in numerous products and services because of the level of comfort that has been offered by the corporations. At any given time, subscription consumers spend three times more than the regular customer because of the level of attachment that is associated with the business product. From this realization, it is imperative to note that future businesses will be forced to embrace the subscription module because of its impact on the perspectives of consumers in the business environment. In the same vein, company managers are always looking to establish methods that can be used to connect with the consumers and create an enabling environment that encourages consumers to interact with the organization that meets their expectations.

Subscription Services as a Viable Investment

Observing the market trends enables entrepreneurs to make informed decisions that elevate their social status and improve their ability to overcome different challenges in the immediate environment. In this case, it is essential to note that organizations can benefit from their ability to invest in current opportunities in the market. Similarly, R&D exercises enable one to realize the market gaps that can be explored by an organization. Primarily, subscription services enhance the relationship between consumers and the organization because of the constant communication between the two stakeholders. Today, corporations such as Netflix have reached their exponential growth because of their ability to overcome different challenges affecting consumers in their immediate environment.

When organizations understand the needs of individuals, it is possible for them to develop viable solutions that meet the changing needs of consumers in their immediate environment. These days, corporations are compelled to align their interests with those of the consumer to prevent instances where individuals shift their allegiance from one organization to the other. In a typical situation, individuals should recognize the ability of a corporation to make informed decisions revolving around their existence in the business environment (Björklund & Krueger, 2016). The subscription-service market is always growing as individuals are ever unveiling new products that meet the changing needs of individuals. Importantly, investing in the service can expose an entrepreneur to a ready market that can begin consuming different products as long as the service responds to individual needs.

Aligning the company interests with those of the consumer market will reveal an exciting twist of events that can be used by organizations to accomplish their objectives in the market. In many instances, there is a need by the modern world to discover the paths that can be explored to understand the changing needs of individuals in their immediate environment. Partnering with a profitable business entity to introduce the subscription service is an effective way of ensuring that consumer needs can be resolved in the market from the point of knowledge where individuals can experience the responsiveness of an organization.

Conclusion

While organizations are always competing with other industry players, the ability to identify business opportunities in the market equips companies with a competitive edge over the rest. In this regard, there is a need to observe the issues that can influence the ability of individuals in the contemporary world. The market is always changing because of the growing interests of consumers in different commodities and products. Even though corporations are engaged in R&D exercises, there is a need to observe their impact on the outcomes of events and their ability to conform to the growing requirements of individuals in their immediate environment. When a business corporation sets out to explore the needs of individuals, it is possible for the organization to achieve a competitive edge over other industry players in the market.

References

Björklund, T. A., & Krueger, N. F. (2016). Generating resources through co-evolution of entrepreneurs and ecosystems. Journal of Enterprising Communities: People and Places in the Global Economy, 10(4), 477-498.

Karimi, S., Biemans, H. J., Lans, T., Aazami, M., & Mulder, M. (2016). Fostering students’ competence in identifying business opportunities in entrepreneurship education. Innovations in education and teaching international, 53(2), 215-229.

Park, Y., Kim, M., & Yoon, J. (2016). Generating New Product-Service System Concepts Using General Needs and Business System Evolution Patterns. Industrial Engineering & Management Systems, 15(2), 181-195.