An entrepreneur has the skill of identifying commercial opportunities where customer needs are not fulfilled by existing products or services, otherwise known as “gaps in the market”.
Such “gaps” present opportunities to develop a sustainable business that meets customer needs profitably.
Investigative mindset
Entrepreneurs are always scanning for opportunities and trying to understand how customers think. By this, entrepreneurs can fuel their business plans with better ways to compete against existing products or services.
Constantly researching
Entrepreneurs are avid researchers. They consume a lot of media based on their business interests and enjoy learning from their peers.
Engineering feedback loops
Successful entrepreneurs advocate asking customers to provide feedback on their products or services. This way, they can validate their business decisions with evidence from customers to support their direction.
Product-(service)-market fit
Developing products or services that accurately satisfy customers profitably is the entrepreneurial goal. This is called achieving product-market fit (or service-market-fit).