Entrepreneurship, Second Edition

3.4. "I Don't Have an Opportunity"

After doing a thorough analysis, some entrepreneurs conclude that the marketplace isn't as large or accessible or that the competition is much greater than they expected, and they quickly reach the conclusion that they should abandon their dreams. But in fact, if you analyze every aspect of the business and if you do your assessment completely, you'll always find a reason for the business to fail. There is no perfect business. There will be areas of weakness in any business model, and it is human nature to amplify those weaknesses until they seem insurmountable. Step back, take a second look, and ask yourself two questions: First, how can you modify your business model so that it isn't as weak in those aspects? Second, what can go right as you launch your business?

The entrepreneurial process is one of continuous adjustment. Many times entrepreneurs stick stubbornly to an idea as it was originally conceived. After a thorough customer and competitive analysis, you need to find ways to modify the business concept so that it better matches the needs of your customer and so that it has advantages over your competitors. The more you learn about the opportunities that exist for your product, the more you must refine your business plan. For instance, as you open your doors and customers come in and provide feedback, you'll find more ways to improve your business model. If you ignore feedback and remain stuck to your initial concept as you originally ...