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It’s probably fair to say that by the time everyone else has seen the opportunity, it’s too late to really take advantage of it. So how do you spot the gap early enough?

We put together five things to keep in mind – by no means comprehensive but they might get you thinking about some others.

Keep up with new technology. Your field or industry will probably not change nearly so much as technology and it stands to reason that there will be more opportunities in applying new uses of technology to an old industry than in reinventing the industry itself.

Watch other industries, especially those which are moving or growing relatively quickly. What lessons can you learn? What methods can you adapt to your own business?

Keep an eye on new trends. First movers almost always have the advantage. Read industry research. Keep in touch with younger people in your field. Keep alert to new opportunities and you’ll be surprised how many you start to see.

You don’t always have to be the innovator to ride the wave. Can you provide products or services to a company which is known for being at the leading edge? As they grow, your business almost certainly will too.

If you spot a gap, move fast and “own” it. Be crystal clear in your vision, manage your brand flawlessly, secure the capital to do it properly and look after your intellectual property. While realistically you may not want to own an international corporate, great, small companies are often bought out because they “own” their niche. And if you decide to grow your global giant – good on you! New Zealand can do with more entrepreneurs like you.

Maybe you have some other ideas - please share by adding your comments!