The really good entrepreneurs are very different from others. They look out for glitches as business opportunities. One needs to stay alert to sense these. It is similar to arbitrage in the financial market. A common feature is that they capture trends in one industry and apply it into another so it becomes a business innovation. A prominent example of this is at Starbucks where Howard Schultz leveraged a trend he observed in Italy to create a kind of coffee culture in the USA. The coffee shop now became the third place for most people after home and work. The exact replica of the Italian model did not work out much in Seattle, so it was modified over time. Like an architect, an entrepreneur needs to find an unused space. Elon Musk is another who spotted a bottleneck to develop a solution, as done with sustainable transport. He explored opportunities with the Russian and Chinese space agencies before settling on the USA. Chipotle too has found a niche for itself at the intersection between casual and fine dining. For entrepreneurs, ultimately it is very important to keep asking questions. Curiosity is one’s true fried here.

Source:https://www.gsb.stanford.edu/insights/how-great-entrepreneurs-see-what-others-dont?utm_source=TWITTER&utm_medium=Social&utm_campaign=Insights&Date=20180805&linkId=55123560

Uploaded Date:16 August 2018