Manchester, October: The future belongs to the entrepreneurs. We are in an era of entrepreneurship, in which people are leaving their 9-5 job to launch a business of their own. With the digital world booming to new heights, the young generation is driven to create income, with more freedom and flexibility. In the pursuit of entrepreneurship, Manchester-based businessman Samuel Kahn has earned his name among the most intelligent entrepreneurs.
From an early age, Samuel Kahn wanted to be his own boss. He entered the business world at the age of 13 by selling watches and other trinkets to his friends at school. From then on, he started to explore more sources of income and his regulated claims management company is a result of his great success within his business career.
We asked successful businessman Samuel Kahn to share his insights for young entrepreneurs in identifying business opportunities.
“The easiest way to identify a business opportunity is to see what is already selling or working”, says Samuel Kahn. “To find the best selling products, all it takes is a simple Google search. You can filter through the product reviews on the shopping or website pages and find out what are the best sellers. This way you can see what is already working and see how you can innovate the ideas for yourself.”
Samuel Kahn says, “Finding a solution to a current and already existing problem is also a great way to identify potential business opportunities”. Just look at your life, and if you are unable to find a solution to a problem that you may be faced with, then you could use your initiative and create one. Since the problem doesn’t have any solution other than yours, you can enjoy a monopoly on the business.”
Samuel Kahn’s favourite way of finding business opportunities is to look for industries where you can cut out the middle man. A good example of this is OTT platforms, where they have eliminated the need for theatres to watch the latest movies. If you can figure out a way to eliminate the middleman, you’re well on your way to creating a viable business opportunity.
Another important area that Samuel Kahn advises you to look at is venture capital funds. Do some research and find which startups are getting the majority of funds and see if there is a trend. If you can see a recurring trend in a particular industry, that is a great indicator that the industry has high growth.
A Final Word From Samuel Kahn
“I’ve seen many people succeed by utilizing these strategies. To get started, it is essential to create an action plan and adhere to it. While trying to set up your own business streams, it’s easy to put off the tasks, but keep in mind that each delay results in a loss of revenue – both when you’re awake, and also while asleep”.