Identifying Opportunities

Online Entrepreneur Survival Guide The Secrets Of Successful Entrepreneurship
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Transcript

So let's talk about opportunities as an online instructor, the first thing we have to be is be able to spot market changes. So if we're working in a particular industry, we need to be keeping an eye on what's going on. A great way to do that is if you're using Google Chrome, you can set up news alerts. That's news alert, and then put a subject in there. And make sure that you receive news digests of everything that's happening in your market join communities that are involved in what you're doing, because they will spot market changes very quickly. You got to keep your finger on the pulse.

Now, the key thing is whenever you're doing this is do what you enjoy. So let's just say you're going to create an online residual income based business you're going to blog about something and sell advertising on your site. That's your business model, very simple. Online residual income business models one of the older models now. They If you hate writing, don't write a blog. You have to do what you enjoy.

When you, you craft business when you look at an opportunity before embracing it think well, I enjoyed doing this. Three years from now. Am I just doing this right now just to add a little bit of money? Can I support maintain this really important question when you look at an opportunity and you want to watch the big movements you want to watch when you see companies like Amazon, saying we're going to get involved in this like recently, Amazon. It's been said that we are moving into the online education arena when a company like that does that when LinkedIn by lynda.com, a training platform, one of the more established training platforms and they go by that we can see it with those big movements where things are going so make sure that you're spotting market changes, but also Look for those big movements when you see the big money getting involved is often an opportunity.

So we have to follow the money. We have to this is the thing with opportunities. Let me give you a practical example from when I was running the antiques business. I would give you some examples from my digital products. But I like to be a little bit predictive about what's working and what isn't. But when it comes to the antiques, follow the money.

So very simply, it sounds obvious, but it isn't. When I was out buying stuff I soon realized after those first few years, which I mentioned in a previous video of piling as soon realized that Chinese porcelain was very popular. This was what people were spending money on. So I followed the money I could see where the money was being spent. And the way you can see that is a lot of places As you can see what people are buying what's successful, you can see by number of reviews, so if it's physical or digital products, if a website scan a lot of hits, you can see if a YouTube channel is getting a lot of traffic, you can see where the people are going, if you can see where the people are going, oftentimes you can follow the money. Because wherever people are lots of people, there's money.

So we want to make sure we're keeping an eye on what is popular, and what people are spending money on, or what we think they're spending money on. So whenever we see an opportunity, follow the money when you see someone else moving in there has a habit of making money, keep an eye, keep an eye on what they're doing. And the real opportunity is not by copying what everyone else is doing. see an opportunity and then differentiating so for instance, when I did the Chinese porcelain are selling that a lot of people trading in Chinese porcelain, but I started trading in 19th century Chinese fakes. I was selling fake porcelain. But that fake porcelain was a 19th century fake of a 17th century piece of porcelain.

And I specialized in that so I could go into an auction room. And I could tell you, which was a fake 19th century fake from the modern fake, which are still on the market. And I could buy the fake there was 100 years old and antique in its own right and then I could sell it back to the Chinese buyers who were buying it back in droves because it although originally it was a fake and sold. The 17th century actually became an antique in its own right. And the Chinese collectors were buying it back and paying very, very good money and it was a lot of profit in that at that point in time. So I differentiate, I didn't just do Chinese porcelain and niche down I found one A farm at work.

So when you're looking at opportunities, make sure that yes, we want to follow the trends. Yes, we want to see what the markets going. We want to make sure that's an opportunity, we're going to enjoy it. We want to watch the big movements want to watch the big companies, we want to follow the money, the crowd, the reviews, want to see what's popular. And when all that being said, insert yourself into that marketplace. Make sure you differentiate.

And I'm gonna give you a tip here. This is an excellent, excellent resource by a guy called Pat Flynn. It's called the Smart Passive Income podcast is a website where you can go on there, and he has podcasts with lots of people that are making money online in lots of different ways. It's a wonderful resource, and it's going to give you so much inspiration because you're gonna be amazed at the way people are making money and how they differentiate and how they do different things. Pat Flynn smart Passive income, just search for Pat Flynn, you'll find him on Google Gary net, start listening and start listening. When you're not when you're ironing when you're, when you're driving, when you're you know, download onto your phone, listen to every opportunity you got maybe at work, still listen to it in your lunch break, listen to it on the way to work on the bus.

Stop listening, because you're gonna start hearing where the really successful online entrepreneurs are getting their success. And you're gonna start to see a pattern. And you'll start to be able to identify opportunities that you might be able to also follow as long as you remember to differentiate. So you're not just a clone of someone else, trying to be someone else, be yourself. But there's lots of opportunities out there. You just got to start watching and listening and immersing yourself until you find something that's going to work for you.

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