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Anyone who travels on the London underground hears the three words often just before the doors open. Like those travelers, entrepreneurs always need to be spotting gaps. It always makes me think of moving people from one place to another. Predicting gaps that are emerging is where there is most opportunity.

A gap to an entrepreneur must be defined as something that not being supplied, or supplied well, which can or will satisfy a frustrated need. The same product at a better price through more efficiency of production might be the gap you are looking for. Often if there is something not currently available it could be because nobody wants it. You might be in a long list of entrepreneurs who stumbled upon this idea only to then lose your risk capital. So be mindful of any gap and examine any opportunity thoroughly in terms of costs and realistic sales, and how those sales can be made.

Innovate to prosper
People often think that entrepreneurs focus their ideas purely on creating new products or services. Ideas and innovation are equally important in running the business itself. If you have an idea to produce an existing product in a way that is far more efficient, you can compete for sales on price.

The enterprise might be founded on a manufacturing process that the consumer is not even aware of. Ford Motor Company in its relatively early days turned its innovation and ideas not just to new and better motor cars but more cost effective methods of production. They eventually revolutionized the industry with what seem common methods now, but which were radical then.

Companies, when they do well and establish a lead, gain advantages from economies of scale and brand awareness. Quite often, this comfort zone takes away the pressure that stops them innovating, thus producing opportunities for entrepreneurs. Big companies can seem frightening competition, but as well as their advantages they also have several disadvantages, depending sometimes on the industry or markets in which they are operating.

Whatever dilemma you face there are:
- Always three ways out of it.
- Always three ways to turn it to advantage.
- Always three lessons to be learns to improve future decision making.

I guarantee the above. If you don’t believe me I will run a day seminar for you on the basis that if I don’t deliver, you don’t pay. Think about the advantage of the above to any company that you know. Those suffering a downturn in their market, those facing overseas trading issues, those with production problems. You only have to look.