Starting and Managing a Business for Profits and Wealth Part 24: Top Ten Business Opportunities in 2014

STARTING AND MANAGING A BUSINESS FOR PROFITS AND WEALTH
Part 24: Top Ten Business Opportunities in 2014

by K.C. See

This is the time of the year where I would be asked by my students and members of the Money Mastery community, what the top 10 business opportunities for 2014, would be. I used the same process I used before called Opportunity Search designed by my guru Alan Weiss. The process is based on the concept that opportunities come from change and from the opportunity; we derive the possible business idea. So the three words are Change – Opportunities – Ideas. So lets start by identifying some possible changes in the market place.

  • Higher cost of living and running a business.
  • Crime rate perceived to be growing.
  • Urbanization of population.
  • Health consciousness continually increasing.
  • Work life balance as younger generation wants different life style.
  • Aging population who higher propensity to spend compared with the previous aged.
  • Younger generation willing to spend more.

You would note that these are strictly my opinion and you may not agree with it and further more, the business ideas are primarily for smaller operations. Some of the opportunities I mentioned last year remain so, as I believe the opportunities still hold for 2014. So they are not entirely new ideas.

1) Area of Opportunity: Business Improvements for SME
Business Idea 1: SAAS ( Software as a service) / PAAS ( Platform as a service) / cloud computing for niche areas
Small and Medium size operations in the past are owned and run by baby boomers and Gen X and although investment in information technology has been emphasized, their resistance to change and the cost barrier to entry makes actual adoption slow and in some cases non-existent. Time has changed, with the younger people taking charge and with cloud computing making initial investment lower creates significant opportunities.
Business Idea 2: Business Consulting/ coaching
For the same reasons above and coupled with the fact that organizations are pressured by rising costs, the need to get external help for new ideas and to improve efficiency provides opportunities for consulting and coaching.

2) Area of Opportunity: Mobile Marketing
Business idea 1: Mobile apps for business
I have a vested interest in this being part owner of the largest mobile app developer in this region. The signs are obvious ; the shift is from computers to mobile devices and every business would need to have their own mobile app. The list of reasons is too long to explore in this article.
Business Idea 2: Wechat / Whatsapp marketing
Wechat has grown at such a tremendous pace ( 600 million and counting) that it is simply amazing and from the perspective of Facebook and the other social media platforms; threatening . So as Facebook marketing is the hot area now; wechat or whatsapp marketing will be the future and it would not be faraway.

3) Area of Opportunity:  Organic & Healthy Food
I repeated this from 2013 list. However the idea of opening up cafes and restaurants are increasingly restrictive as retail rental continues to go higher . I suggest the alternatives.
Business Idea 1: Food delivery
Food delivery is common and big in other countries such as China and in a place where going out to eat for lunch is a hassle, food delivery will be an idea to consider
Business Idea 2: Food trucks
For similar reasons food trucks make this opportunity more doable and viable.

4) Area of Opportunity: Health Empowerment
Business Idea 1: Health analysis & information
As health consciousness increases more and more people wants to take charge of their own health and to follow a preventive regime rather then to look for help only when they face health problems. To empower themselves they need three things; Diagnosis, Information and Solutions. They will look for methodologies, systems and devices to diagnose and analyse. They need more information on health issues and better understanding of causes and possible solutions.
Business Idea 2: Anti aging and weight management
These are two areas that will continue to be big and are million-dollars industries.

5) Area of Opportunity:  Marketing Services
Business needs help and will continue to be challenging as they look for new avenues to market their products or services.
Business Idea 1: Online marketing
Online marketing are capabilities that most small and medium size operations may not have but would require in order to remain successful and to be more global. They need to go beyond the traditional ways on how they do business and would now be more receptive. Providing such capabilities as a service especially in a holistic form would be a big area.
Business Idea 2: Lead generation services
With the implementation of the Data Protection Act( different names in different countries); organizations can no longer do random SMS or email marketing. However getting leads is still an important part of the business process and organization that can provide this as a service, would be of value.

6) Area of Opportunity: Contracting and Outsourcing
Business Idea 1: Online market place for services
By market place I mean providing a platform where potential customers can find and choose their suppliers or vendors all in one place. This could primarily be an online opportunity but have existed as a brick and mortar option as seen in wholesales markets, which are thriving in certain sector e.g. fashion. One example would be an online platform for people to find renovators e.g. www.renoqueen.com
Business Idea 2: Niche outsourcing
There are some niche areas of services that organizations are looking for and would require to outsource or to engage people who specialized in these areas. One example would be property management company which would want to outsource their house maintenance service whether it is plumbing, electrical services or minor repairs. Another niche area is home inspection services required by home buyers who need to inspect their newly bought homes and has no idea how to do that well before they sign off on that piece of paper which absolve the developers from future responsibilities.

7) Area of Opportunity: Human Resource Management
Business Idea 1: Free-lancing providers or sites
Free-lancing will continue to be an opportunity as organization finds it challenging to recruit and employ permanent staff in some job areas. They will have to shift to using free-lancers or similar forms such as contract staffing. Whilst there are online sites that would be a market place for this, niche areas freelancing could be an opportunity.
Business Idea 2: Human Resource and performance monitoring systems
There will be more and more employees working from home and as many organizations and managers are not equipped to manage and monitor this category of staffing; technology and performance management system to do that would be required.

8) Area of Opportunity:  Recreational and lifestyle
Business Idea 1: Specialized sports and niche hobbies
As work life balance is treasured more people would embark on personal pursuits and especially niche and cool areas  such as mountain biking, marathon running or even belly-dancing.
Business Idea 2: Home-based entertainment systems
People spending more time at home will need to find home based entertainments, be it in exotic games and or home based equipments
Business Area 3: Pets Services
Pets are big businesses. Most things that relate to pets cost more than for normal human beings; such as pet grooming, pet hotels and toys for pets.

9) Area of Opportunity: Services for Seniors
Business Idea 1: Tours for seniors
Seniors’ holidays are different from the normal. They can’t do the 6-countries-in-6 days tour, typical Asian style. They need more time and specialized care.
Business idea 2: Retirement planning & homes
This opportunity has often been talked about but more can be done. The elderly today wants to live in a more holiday type resort for their retirement and the market that can afford this is increasing.

10) Area of Opportunity:  Smart Devices
Smart devices go beyond smart phones and Ipads or the like. Technology advances to include wearable technology and over the next few years, no homes would be without some form of these ‘smart’ devices.
Business Idea 1: Repair services
Obviously there is a need for people who will look after these areas as reliance become more. Try to be without your smart phone for a week.
Business Idea 2: Accessories
Especially for the younger generation, personalizing your ‘toys’ is a self expression of who you are, they want to ‘customize’ their ‘toys’ and accessories for these becomes their fashion statements.

You are welcome to write to me at kcsee@masteryasia to discuss these suggestions.
“KC See is the Founder of MasteryAsia an organization dedicated to coaching people for multiple sources of income. He is a serial entrepreneur with businesses ranging from health to mobile technology and runs the renown Money Mastery Mentorship Programme since 1997.”

Starting and Managing a Business for Profits and Wealth Part 23: Critical Success Factors: The Retail Business

STARTING AND MANAGING A BUSINESS FOR PROFITS AND WEALTH
Part 22: Critical Success Factors: The Retail Business

Starting your own retail business can be really exciting and rewarding. Retail business with the right strategies and concept, could take you a height of success not just locally but may even be a global possibility, as long as you dare to dream.

We heard of giant retail names such as Apple, Nike, IKEA, The Body Shop, Giordano and dozens of others where its presence are recognized all across the globe. What is it that they have that makes them so distinctive and wildly successful through the years where their competitors struggles to overtake them?

Is it possible for you to build your retail business in such a way where you can be as unique and successful as those big names that attracts an extremely loyal customer base? Nothing is impossible when your passion is on fire, your determination is unbreakable, and you are ready to do what it takes. You may just be at the stage of thinking to start your own retail business. Or you are waiting to bring current business to another level. Whatever stage you are, you want to do it right.

We talk to JASON TEH, a business coach specializing in retail management with a solid portfolio of retail success stories, both from personal experiences as well as from aiding others in achieving their successes.

Q: Tell us a little bit about yourself on how you started into the retail business.
A: I started my working life in my teens being a promoter. I was promoted to a supervisor, to a leader, then a manager, being in charge of both sales and the operations aspect of a retail business for an international brand name. With 18 years of experience building a retail business and creating the fastest growing retail outlet which won itself several awards in retail business category for my company, I was offered an opportunity in 2008 to become a consultant in retail management. It was a turning point for me as I realized I can continue my practices and even contribute more into building up the retail business industry in the region.

Q: What do you currently do now?
A: I now run a retail business with over 30 outlets across Malaysia as well as manage a human resource business. Being a retail business coach for the MasteryAsia Group at the same time, I’m glad to be able to help others build and grow their business too.

Q: As a retail business coach, what do you have to say about our current retail industry?
A: There is much growing space in our local retail culture and I hope to show a different but better example to the market on how our retail industry can grow and evolve to a more professional and sophisticated level especially in the SME sector.
The current retail business is very tough with the global recession subsequently affecting us. Compare to 5-10 years ago, the operating cost has sky-rocket including rental, electrical bill, transportation and etc. This operating expenditure will continue to increase 5-10% every year.
Rental of retail space is going up and this has increase capital requirements for new retail businesses. Thus to stay ahead in the retail world, any business will need to invest in research and development to be able to evolve and revise its business model to maintain or push for bigger profits.

Q: How do you describe a successful retail business?
A: I define a successful retail business as one that is commercial, enterprising, profitable and able to commit to social responsibility. Having a loyal customer base would say a lot about your business too.

Q: What are the success factors in starting a retail business?
A: To be successful in starting a business, you would need two key factors – a brilliant idea and be very clear on your business purpose. When you find a brilliant idea where it fulfills a need, you can easily sell your idea and joint venture with someone who has the funding. This is perfect leveraging. You need to be self-driven and have that passion and motivation to work hard even in tough times. When you know the reason and purpose on why you’re running a retail business, you will always be willing to sacrifice and do whatever it takes to make your business successful.

Q: Is there a key attitude that one must have to run a successful business?
A: I believe it would be ‘discipline’. No matter what business you’re in, discipline is the key to success.

Q: What are some common pitfalls to avoid when one venture into retail business?
A: There are many people who start a business just to get out of the rat race, thinking it would be easy. However, without knowing the true purpose of your business and not having passion in what you do, it would be the recipe for failure in business. Another common pitfall for business starters is getting the wrong business partner. Most people team up with their best friend but end up as enemies because of the business. When choosing business partners, you need to understand the law of leveraging. The elements to look out for in finding your business partners should leverage on resources, ideas, contacts and expertise.

Q: Why do some retail business fail?
A: I have TEN reasons. All of them are vital for a successful retail business.
1.    No Business Plan
2.    No Merchandising Plan
3.    No Marketing Plan
4.    No Social Presence
5.    No Cash Reserve
6.    No Financial Indicators
7.    No Customer Relationship Management
8.    Not Having a WOW Item
9.    Not Consistently Scouting your Competition
10.  No Add-On Sale Opportunities

Q: Any final advice for retail business wannabes?
A: If you want to grow your business to last for decades, you need to start to think like a new generation consumer and employee. Learn and understand what they want. Once you take care of them, they will take care of your business. For new retail start-ups, you need to equip yourself with knowledge and be flexible to make changes according to circumstances. Always carry out surveys and researches before you venture into the business.

 

Starting and Managing a Business for Profits and Wealth Part 20: Why Giving Customers Personal Experiences Can Gain Market Share

STARTING AND MANAGING A BUSINESS FOR PROFITS AND WEALTH
Part 20: Why giving Customers Personal Experiences can gain Market Share

Consumers today are skeptical lots unlike 20 years ago when they would believe your marketing messages and your claims of what your product or services promises. As Doug Hall Doug Hall in his book “Jump Start you Business Brain” puts it; you need to give them a “real reason to believe”. It is therefore not enough for you to tell your potential market how good your products or services are and how much better you are than your competitors. In a very ‘noisy‘ world where we are bombarded with endless advertising and promotions, we become partially deaf. Not unless you can show me that you can indeed deliver what you promise. However the consumer‘s reality is often a perception rather than a fact. So if we can get the market to ‘perceive’ that we can deliver as we promises, we can win the battle of the mind or at least part of it. Eventually the promise has to be delivered in order to gain long-term customer’s loyalty.

One of the strategies to gain ‘beliefs’ is  “personal experience”. This involves providing the potential customers with an opportunity to see, feel and experience what your products or services can do and what benefits can be derived. This calls for an engagement of some sort.

Perhaps the most common way to do that is sampling. Sampling is done in different industry in different forms. Sampling can be seen from consumer products been tested and in some cases, ‘tasted’ in supermarkets to free ‘previews’ in the seminar business. Even in the online business; you get a certain amount of free usage up to appoint where you will have to pay money for it…once you are ‘hooked’.

So when you tried that ‘new’ juice that they let you taste at the supermarket does it taste better than the one you had before. You walk away carrying a perception and the likelihood that you will probably pick up a bottle when you leave.

The other way to gain your personal experience is using demonstration. This is meant to give product or services a visual impact and enables the vendor to show off what they can do. I am sure; most of us have seen demonstrations in the shopping malls of various kinds. From the ‘ wonder’ knife that cuts everything to the ‘wok’ that does not stick and fries without oil. How about that ‘before and after‘ look when you sat down at the cosmetic counter to get a ‘free’ makeover? All designed to get you to believe. Demonstrations are powerful ways to move products. Designing a ‘killer’ demonstration could be the corner stone of success for some companies.

One other way to gain consumer’s confidence through personal experience is sensory feedback. This involves providing potential customers with inputs that reinforce effectiveness of your product or services. Touching their senses through what they can see, feel, smell, taste or touch enhances the experiences.

My favorite example is the doughnut business. The first doughnut brand that came into Asia in a big way is Dunkin’ Donuts. Over the last few years there are a couple of brands that can successfully gain market share, namely Big Apple and J Co; both very similar to the U. S giant; Krispy Kremes. So what is the difference with these newer entrants? The big difference is that these new brands have their outlets designed whereby you can ‘see’ their people making the doughnuts right in front of you and therefore giving you the perception of freshness. Does it mean that Dunkin Donuts are not as fresh? Well probably not but the perception is different.

Similarly how do you know that a Famous Amos outlet is nearby when you walk into a shopping mall? Well you can ‘smell’ them before you can see them. Impacting the senses creates perceptions of reality. So why do you think that the clever sale assistant in the department store prompts you to ‘touch’ the soft leather of that expensive bag that she trying to get you to buy.

Starting and Managing a Business for Profits and Wealth Part 16: The Work Smart Entrepreneur

STARTING AND MANAGING A BUSINESS FOR PROFITS AND WEALTH
Part 16: THE WORK SMART ENTREPRENEUR

Most of us realize that becoming a successful entrepreneur requires one to put in a lot of hard work into your idea, venture or business. Yet we also realize that there are many who does that and still have not accomplish much. We begin to realize that to be successful as an entrepreneur takes more than just sheer hard work, diligence and dedication. Granted that these are important qualities but then we are also aware that there are many who worked very hard but never seem to make much progress.
We also realize that the outstanding entrepreneurs and those who fail all have one thing in common; they all have only 24 hours a day. We can safely concluded that what they put their time to, determine their success.

In a very competitive business environment, the challenge we have as entrepreneurs is to be able to achieve results in lesser time or to achieve better results within the time we have, or better still, better results in lesser time. Under such demanding situations one has got to take another look at the way we do things.

The issue these days is no longer how much work or items or jobs we can complete in a day. After all… work can never really be completed. There are always more things to do. The issue now is how much result can we achieve in a normal workday. The key is to think in terms of results, not just the number of items or jobs done.

The ability to get a lot of work done could mean that one is fairly efficient. But being efficient is not enough… the way to success lies in effectiveness. The question becomes: how effective are you? What is the difference?

Efficiency relates to performing a particular task within a certain performance criteria, eg. see three customers in a day. Effectiveness involves determining what should be done and how results can be best achieved. So to be effective we ask…which customer should we give our time to? What do we want to achieve with each customer? Is there another way to do achieve that? How do we measure the success of each visit? The effective entrepreneur focuses on the results. The hard working entrepreneur focus on getting things done

In short, I suggest that we work smarter and not just harder. The question is how?

Here’s how:

1.    Keep focus on objective and results. In whatever work you’re doing, two questions should always be kept in mind;
a)    What is the objective?
b)    What results do I want to get out of this?

This is necessary, particularly when one is under pressure. There are some who end up in a frenzy, rushing about and in great haste, getting what appears to be work… done. The concentration is on completing rather than achieving. The focus on results will not be there and ultimately, results will not be achieved. As they say, much ado about nothing.

One also finds this deficiency common among new entrepreneurs who migrate from a job to a business. They are often hard workers but they may lose sight of what they have to achieve. They often lose sight of their goals and get caught up with “busi-ness”.
It is important therefore, to know how to differentiate between activities and results. Activities does not always guarantee results especially if we lose sight of its purpose and its measurement of success … which leads to Principle No. 2.

2.    Challenge the “obvious” and be creative. Challenge the “obvious” because nothing remains static for long. Circumstances changes, so do the environment and the people and even the objectives. One should always test and challenge what appears to be obvious.

With objectives and results to be achieved in mind, one could always look for a better way to do things. This can be done by releasing oneself from the norm and the accepted while keeping focused on what needs to be achieved. Keep asking” how can I do this better, easier, faster?” I call this the Kaizen mentality

The idea is to be creative while remaining purposeful. Being creative brings out the best in you and will set you apart from the rest… most of whom could be just simply hard working entrepreneurs.

3.    Focus on what counts; the 80-20 rule. Some of you may be familiar with Pareto’s Principle which states that “80 percent of the value of a group of items is generally concentrated in only 20 percent of the items.” For instances, 80 percent of the sales of a business would probably come from 20 percent of the customers. In the case of phone calls, 80 percent of your calls would come from 20 percent of your callers.

If you find it difficult to disagree with Vifredo Pareto, you will therefore agree that 80 percent of your effectiveness comes from achieving 20 percent of the work to be done.

Smart entrepreneurs know that it is not the number of things you do every day that determines your success but the number of things that you do which generate results that will determine your success.

In short, spend 80 percent of your time on 20 percent of the work that will bring 80 percent of the results. It is foolhardy to try to do everything. Just do the right things the right way. But of course, you have to know which are the important items that constitute the 20 percent and which the 80 percent. If you don’t know it, you must find out.

4.    Manage your time. There is a proliferation of books and seminars on time management and all of them have one principle in common. The principle is best expressed by Benjamin Franklin who said, “If you want to enjoy the greatest luxuries in life – of having enough time to rest, think things through, get things done and know that you have done them to the best of your ability – there is only one way: TAKE TIME TO THINK AND PLAN ACTIVITIES IN THE ORDER OF THEIR IMPORTANCE.

The key to better time management, better life and eventually better health is to learn to prioritize. Prioritizing is an exercise in determining what’s more important and getting them done.

One should guide one’s daily life in terms of priorities. To this end, one should consider:

a)    Making a daily list of things to do. The famous TO DO list is a well-known and proven tool, but it takes determination to make it work for you. And it will only work if the list is based on the priority of things to do.
b)    Stop procrastinating. Procrastination is a common disease that brings other diseases, such as ulcers and heart diseases that are due to stress. The idea is to make everyday in your life meaningful and not to waste it by procrastinating. There’s no time to say you don’t have time. It’s just an excuse because it is a question of priority.
c)    Learn to say no. The smart entrepreneur knows how to say no. Steve Jobs famously says” I am proud of what we don’t do as I am of what we do. Innovation comes from saying no to 1000 things to make sure we don’t get on the wrong track or try to do too much”
If you can’t say no because you have to please others at your own expense, then you have to live by that decision. If you decide to put away your own priorities for others, that may be well and good. There’s certainly a time and place for that but the ability to say no may just save you from the deluge of obligations that you have reaped for yourself. The trick is learning how to say no and yet remain pleasant. It’s difficult, but very possible.
a)    Delegate. The entrepreneur who tries to do every thing himself is surely going to head towards a disaster. It will be the death of your effectiveness as an entrepreneur. You can’t hope to achieve results all by yourself. Learning to extend results from what you yourself can do to what you can control is a smart entrepreneur’s key tool.

5.    Know yourself. This principle calls for you to
Know yourself.
Know your strengths and weaknesses.
Know what you like.
Know what you want.
Set goals.
Ultimately you should find a business that utilize your strengths and that you love. Confucius once said: “Find a job you love and you will never have to work for the rest of your life.”

If you love what you do, you will do well in it. The smart entrepreneur is a happy entrepreneur… she knows what she loves and wants, she does what she loves and she does it with greater effectiveness and productivity. She’s working smart. Are you?

Part16_Working Smart Principle No3

 Working Smart Principle No.3

Focus 80% of your time on 20% of the work that gives
you 80% of the Results

Starting and Managing a Business for Profits and Wealth Part 11: Top Ten Business Opportunities in 2013

I learn a process called Opportunity Search from my guru Alan Weiss years ago and he wrote a book titled “Entreprenovation”. Using the process, I came out with 10 business opportunities for 2013 for SMEs. As you go through the list you might not agree with every one of them, but please note that these are meant for the startups and does not include those that requires big capital and where only the bigger organizations can consider. Some of the areas brought up are not new, but I am of the opinion that 2013 will be a year of growth for these areas of opportunities. Nevertheless you are welcome to add to or minus from my list.

1) Area of opportunity: Organic and healthy food.

Idea: Hot healthy food delivery.

This is not a new area but the specific idea is to do lunch delivery of organic, vegetarian or healthy food in locations where finding such food would be a challenge. There is quite obviously an increasing population in this region who are getting more health-conscious and concerned about what they eat.

2) Area of Opportunity: Recreational and leisure area

Idea: Provide products and services catering for those who want to embark on a healthier pastime such as biking, running and the outdoors.

There would be specific target groups who would spend time and money to find healthier pastimes beyond work and the traditional indulgences. This group would be growing and the appetite for specialized services and products will grow be significant. Mountain biking and marathon running are examples worth looking into.

3) Area of Opportunity: Mobile Apps

Idea: Provide Mobile Apps for Businesses

By 2014 more people would access the internet through their mobile device than through the computer. Small businesses will realize that the way to beat the big boys is to get into inexpensive technology faster than the bigger players and get a bite of the market share before they wakes up. Mobile apps for business have been proven to increase customer retention and acquisition. The year 2013 will see the growth of mobile apps as the cost of developing mobile apps becomes more affordable.

4) Area of opportunity: Environmental Health

Idea: Provide products that keep homes environmentally safe and healthy

Recent reports of more than 800,000 people in China who died from pollution related ailments and disease in 2012 and more of such similar reports, strike a chord in the increasingly health conscious society. As people begin to realize that the first line of defense for a healthier body is what they eat, drink and breathe, products that serve to ensure pollution-free air, healthier drinking water and toxins-free and chemical-free food would see a boom.

5) Area of opportunity: Home Renovation and interior design.

Idea: Provide highly customized renovation products and interior design services catering to specific needs of individuals

The affluent will continue to spend money on their home renovation and interior design. However there is a trend of people who want to have a home that is their ‘Own” creation, using their own concept and ideas. There is a growing aspiration of people to design their own homes and be able to claim that. Their home becomes their ‘art’ and they want it to be special and unique to their style and personal preference. The term “co-creation” comes into play; so interior designers should consider how to make that happen.

6) Area of Opportunity: The Pet’s business

Idea: From Pet grooming to Pet funeral services

More and more young people are rearing pets and would spend lavishly on their pet’s needs. From cats and dogs to exotic pets, the market is growing continuously. The key is to take one specialized area and expand to be the market leader in it. I have a dog in my house recently and I am convinced that he gets better care than me.

7) Area of Opportunity: Self-Development and Self-awakening

Idea: Provide education and services catering to the needs for personal self-development as well as self-awakening.

The wide and varied personal needs of individuals looking for more meaning in their life and for finding self-fulfillment opens up a whole range of possible programs and products for individuals from numerology to self-hypnotism to DNA profiling to Passion testing. The internet platform makes these areas more viable and more financially sensible. I have a student who specializes in happiness training and I believe that he will soon be quite happy as this will soon  be a fast growing area.

8) Area of Opportunity: Temp staffing and free-lancing

Idea: Set up a platform to link people who don’t want a full time job with companies desperate to get competent help even if it is not permanent

As organization struggles with fresh graduates who are mostly not ready or capable to take on the jobs at hand as well as a Gen Y workforce that is extremely challenging to retain, the need to find new and creative ways to get the job done becomes critical to organizational success. Companies not used to engaging temp staff, free lancers and part-timers will have to begin to do so. This will be the nature of the workforce in the near future in this region.

I am aware that this is already available but I am suggesting that there are opportunities for specializing in the specific areas of help or skills including areas like graphic artist, copywriters, maids, Facebook marketing specialist, accounting and many other specialized areas.

9) Area of Opportunity: SAAS/ PAAS/ cloud computing for niche areas

Idea: Find pockets of process weakness in specific industry and develop software and IT infrastructure to help increase throughput of businesses or reduce cost.

There are still a lot of organizations particularly the SMEs in the region that have not fully tapped the power of IT and technology to improve business. There are two things happening which will make 2013 the year of growth. First is the fact that more and more SMEs are now taken over by the next generation who are more educated and open to using IT s a business enhancer. This coupled with the advent of SAAS(software as a Service) , PAAS( Platform as a Service) and cloud computing thus making the initial cost of entry lower and more plausible.

10) Area of opportunity: Health empowerment

Idea: Provide education, information and self-administrated products or services that would enable the user to take charge of their own health

As health becomes a major concern in society and skepticism of traditional methods of health care and medical care escalates, there is an increasing demand for more information and education on health as it can been seen by the numerous amount of health periodicals and seminars. This coupled with the fact that the typical filial son and daughters who would hope to diminish their sense of guilt for not spending enough time with their parents by buying expensive products and gadgets to help improve the quality of their parents’ life, especially their health.

This list is by no means exhaustive and I am sure there many more hot areas of opportunities in the market. If you need to explore any of the areas listed and like to find out more, you can send me a note through kcsee@masteryasia.com

Starting and Managing a Business For Profits and Wealth Part 1: Positioning for the Opportunity

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STARTING AND MANAGING A BUSINESS FOR PROFITS AND WEALTH

Part 1: POSITIONING FOR OPPORTUNITY

ENTREPRENEURS ARE A SPECIAL BREED – they are a brave lot who are willing to take risks and face an uncertain future, to start and manage their own companies. Perhaps they just want out from the organizations they worked for, perhaps they have ideals on how a company should be run and want to try their hands at it, or maybe they have a great business idea which they are confident will reap them success. In Part One of this series, we touched on the how to position for business opportunities.

Opportunities are always knocking. The question is: “How does one recognize it, when it comes?” Benjamin Disraeli said “ The secret of success in life is to be ready for the opportunity when it arrives ”.
So the first issue in entrepreneurship is recognizing an opportunity and if you are NOT ready; you can walk pass a million-dollar opportunity and not realize it. That happens to be a matter of your mindset, not a skill. As the saying goes, half a glass of water can either be seen as half empty or can be seen as half a glass full. It is obvious that it is NOT the eyes the sees the opportunity; it is your mindset and how you choose to interpret what you see.

Continue reading “Starting and Managing a Business For Profits and Wealth Part 1: Positioning for the Opportunity”