Business Opportunity identification

Question 1

What is opportunity?

Answer 1

Opportunity is defined as a situation (situational factors) that enables an entrepreneur to offer marketable products or services to interested buyer/end users.

Question 2

Types of situational factor and APPROACH TO OPPORTUNITY IDENTICATION

Answer 2

Types of situational factor
Product or service still not in existence.
Product or service is already in market but failed to satisfy the customer- so need to improve it.

APPROACH TO OPPORTUNITY IDENTICATION
Observe market trends .
Recognize a need that is not being satisfied.
Recognize problems and find a way to solve it.

Question 3

how to identify ideas by observing market trends

Answer 3

a. Economic factors( status of economic of customer)
b. social factors (Change in Culture, Habits)
c. Political and regulations( Emergence of new policies)
d. Technological Advancement( Emergence of new technology)

Question 4

What makes a good ideas?

Answer 4

Solves problem
simple/ practicable
can be delivered quickly
clear focus
exploit increasing market

Question 5

what are the tools to screen business ideas

Answer 5

MIcro and macro screening( funnel Model)