C6: Opportunity Identification

Question 1

Entrepreneurial Process of Opportunity (4)

Answer 1

Identify Opportunity
Analyze Opportunities and Choose 1
Test Solution
Validated, gain resources

Question 2

What is central to entrepreneurship

Answer 2

Opportunity identification

Question 3

Opportunity components

Answer 3

pain point and solution

Question 4

Paint Point

Answer 4

situation where something can be improved.

Question 5

When does a Paint Point Occur?

Answer 5

value can be created for the customer and captured by creator

Question 6

Solution

Answer 6

conception of how to make improvement

Question 7

Is it possible for Paint Points to have a bounce effect?

Answer 7

Yes, if the solution does not solve the pain point and instead makes it worse

Question 8

Good Opportunities (5)

Answer 8

1. Bother or Bug People
2. Gaps in market
3. New science and technology
4. Changes in world (trends)
5. Solutions in fields applied to another

Question 9

Opportunity Identification Takeaways

Answer 9

1. Look at Surroundings
2. Original or old ideas

Question 10

What if someone creates a company with same pain point as you?

Answer 10

Go ahead with yours and add your own spin and differentiation

Question 11

What if a company currently exists similar to you idea

Answer 11

Don’t abandon, dig deeper and find what they are missing

Question 12

Pitch

Answer 12

Short summary used to quickly and simply define start up idea and value proposition

Question 13

How many domains of Attractive Opportunities

Answer 13

7

Question 14

What are the 4 sides of market domain matrix

Answer 14

Macro, Micro, Market and Industry

Question 15

Market

Answer 15

group of set buyers having a willingness and ability to buy products to satisfy wants and needs

Question 16

Industry

Answer 16

sellers or organizations that offer products similar or substitutes

Question 17

Macro

Answer 17

Large and Growing Markets
Structurally Attractive Industry

Question 18

Micro

Answer 18

Superior Benefit to segment
competitive advantage over present and near future

Question 19

Market Attractiveness

Answer 19

Macro and Market

Question 20

Industry Attractiveness

Answer 20

Macro and Industry

Question 21

Target Segment Benefits and Attractiveness

Answer 21

Micro and Market

Question 22

Sustainable Advantage

Answer 22

Micro and Industry

Question 23

Mistake 1 of Matrix

Answer 23

Forget Industry

Question 24

Mistake 2 of Matrix

Answer 24

Forget Micro Level

Question 25

Last 3 areas of Opportunity Evaluation

Answer 25

Social Impact
Environment Impact
Personal Fit