Before starting with the main content, let us first address the term white space. White space, particularly in terms of business, refers to the arena where numerous unarticulated and unmet needs are being uncovered for creating more and more innovative opportunities. The products and services which are available here exist independent of any business, value or competencies. Now, post the term being made clear, we now need to understand as to why entrepreneurs should find their white space.
Today’s world is a world of innovation where new ideas and thoughts generate in the minds of the people every moment. So, it becomes very much necessary for the entrepreneurs to identify anything which is unknown rather than ignoring them. This is when white space mapping comes in hand. The entrepreneurs definitely need to explore certain under – served businesses or markets which are totally from outside their core. Most of the times, entrepreneurs often think about two things – either they think about exploring a few more strategies to expand their business or they think about closing their existing business in search of some higher opportunities. So, white space mapping helps them in identifying these opportunities and strategies.
So, white space is very much helpful in looking at something from an entirely different perspective. Most importantly, it helps in uncovering opportunities which are almost untouched or unknown to other individuals and groups. Sometimes, these opportunities may not seem obvious and may sound remote to the entrepreneurs who might think of them to be something related to an entirely different industry. However, these can still be put to use with a little bit of innovative thoughts and ideas, don’t you agree?
White spaces help in incurring a lot of benefits because they are a result of discoveries and numerous customer inquiries. This leads to new growth opportunities in terms of profit through the identification of potential gaps in the already existing markets. They also help in identifying new markets and innovation of new products and services. In other words, white spaces can help in the translation of consumer values into economic values.
However, the thing is that many entrepreneurs may have second thoughts before entering white spaces. The reason behind this is obviously the fear of the unknown consequences which are about to come. So, it is absolutely normal for white spaces to imbibe hesitation and fear in anyone. Most of the time, entrepreneurs do not want to take any risk and like to stick to their core. However, with a little bit of innovation and well – efficient strategies, the entrepreneurs can overcome such fears and can enter the white spaces with the aim of finding something new for the growth and welfare of their business in the mere future.