s A chance to do something that you would like to do
A situation or a time in which it is possible to do
something that you would like to do.
A chance to take advantage of a situation.
It can relate to several situations in career, sports,
business, etc.
It is what makes the difference between real leaders,
winners, and quitters.
A business opportunity is the chance to take advantage of an
occurrence in the market for business gain.
It is what makes some businesses succeed while others fail.
.”
“Act of identifying, evaluating and then
acting on an opportunity”
“To use the imagination and abilities to
identify opportunities for creating value”
3 KEY STEPS TO SPOTTING OPPORTUNITY
1) Network:
- Put yourself in positions where you meet high-quality people
- once you are in their presence, engage in conversation
- share your value proposition to them in the context they operate in.
2) Listen, think, and converse.:
- the more you get to know people, the faster you know how to connect with them and how your service, product,
or ideas fit into their interests.
- Think about what value you’re capable of providing them so that they can meet their needs better.
- Have a conversation with them about it and keep refining your proposal on the spot as the potential client
shares their views on your ideas.
3) Follow up:
- Follow up with a call, text, or email with the intent to share a customized proposal (within 12 hours of realizing
the opportunity).
- Drop them a message saying “It was nice interacting with them”, state the concept that was briefly discussed
and let them know that you’re working on a tailored proposal to be shared by a specific date.
OPPORTUNITY EVALUATION
- It is the judgment that an opportunity is potentially valuable that triggers entrepreneurs to take action to shape a
new business idea and form a new venture
- To take into account various factors based on which he evaluates opportunities and how such factors are likely
to influence those evaluations..
- It is meant to assess future opportunities and identify wealth creating resources that can be controlled and
utilized
- The entrepreneur may possess what appears to be an excellent idea, but whether it can be turned into a
profitable opportunity has to be explored.
- It is whether the entrepreneur can turn it into a product/service and take it to market, whether it will attract
customers’ attention and bring profits…
- An entrepreneur should ascertain who the customer is,
(find the fact) if his product/service whether the product/service can bring financial rewards,
if there are any barriers to its entry into the market,
is likely to provide a solution to a
competition and quality of competition,
problem the cost involved in launching the product/service in the market,
marketing strategy,
time needed to break even, (neither a loss nor a profit)
expected market share and investment opportunities
- If the Entrepreneurs find opportunities more enticing (Attractive) & if some opportunities match their
existing skills, knowledge and capabilities…
- they may get equally strongly attracted to opportunities even if they are inconsistent with their capability
- Thus they develop the willingness to learn something new and move beyond their existing sphere of activity.
• The entrepreneur must evaluate an opportunity based on the risks and rewards involved in it.
• They should also assess if the market is ready for the product/service.
• They should also ensure that his team is the right one for the assignment and the members are knowledgeable in
matters related to the business.
• Make sure that business concept that matches the objectives
of the team for the success of the business opportunity.
INDUSTRY RESEARCH
- Collecting information related to a specific industry
- and the factors that influence it, such as economic, market, political or financial factors.
- A tool to see where they stand within their current industry among their competitors.
- Provides insight into what's happening within industry, such as supply and demand, degree
- Extent of the competition both inside and outside of the industry, and the future threats/opportunities
- Companies can develop an understanding of the internal and external factors influencing their industry
Why industry Research Important?
- Provides a framework for making informed business or market
decisions.
- Provides key summary of the industry with a number of
Example: Can support strategic business planning for sales and marketing, and
determine performance benchmarks to see whether a company is
performing above or below competitors.
How to Structure Industry Research Reports?
i) Introduction:
- Overview of the industry, followed by trends, such as the industries growth potential, or historical data.
- key influencing factors, competitors, competitive strategy, and a SWOT
2) Aim:
- will help writing the report by ensuring to stay on track, but also make this clear to those who read the report.
3) Data and Analytical Presentation:
- share the data collected in words and aid this with graphs, charts and the key reference points.
- Make use of financial and industry data to forecast growth, or fluctuations and highlight projections.
- Example: Predict an industry's growth potential, or income projections based on the competitors.
4) Analysis:
- The data and information from the introduction can be used to answer the questions and context outlined in
aims.
- This is essentially the findings section that brings everything together.
5) Future:
- Outline the long and short term impact indicated by the findings, and address future challenges that may arise.
- A good and popular framework is to highlight industry competition and the effects.
Use market research to find customers:
- Market research blends consumer behavior and economic trends to confirm and improve the business idea.
- Market research lets you reduce risks even while your business is still just a gleam (Shine) in an eye.
- Gather demographic information to better understand opportunities and limitations for gaining customers.
- This could include population data on age, wealth, family, interests, or anything else that’s relevant for the
business.
Then answer the following questions to get a good sense of your market:
• Demand: Is there a desire for your product or service?
• Market size: How many people would be interested in your offering?
• Economic indicators: What is the income range and employment rate?
• Location: Where do your customers live and where can your business reach?
• Market saturation: How many similar options are already available to consumers?
• Pricing: What do potential customers pay for these alternatives?
Here are a few methods you can use to do direct research:
• Surveys
• Questionnaires
• Focus groups
• In-depth interviews
EVALUATING BUSINESS IDEAS AND OPPORTUNITIES
- Involves a comprehensive analysis to determine their potential viability and success.
- Helps to assess whether the ideas can translate into profitable ventures.
- systematic process of assessing the potential success, feasibility, and profitability of a new business idea or
market opportunity.
- Involves analyzing various factors such as market demand, competition, financial viability, and operational
requirements.
Purpose
• Identify Viable Ideas: To differentiate between ideas with high potential and those that are less likely to
succeed.
• Minimize Risk: To reduce the risk of failure by understanding potential challenges and preparing for them.
• Resource Allocation: To ensure that time, money, and resources are invested in the most promising
opportunities.
Key Components are…
1. Market demand: Is there a genuine need for the product or service?
2. Competition: Who are the existing players, and how can you differentiate yourself?
3. Target audience: Who are your ideal customers, and what are their pain points?
4. Financial viability: What are the startup costs, revenue projections, and potential returns?
5. Unique value proposition: What sets your idea apart from others?
6. Scalability: Can the business grow and expand easily?
7. Feasibility: Can the idea be implemented with available resources and expertise?
8. Risk assessment: What are the potential risks and challenges?
9. Team and leadership: Do you have the right team and leadership to execute the idea?
10. Adaptability: Can the business pivot if something isn't working?
