MODULE 2 PART 6: Idea Generation (Opportunity Screening)

Question 1

After searching for opportunities, the subsequent phase is to ___ those opportunities. Entrepreneurs must
be cautious when selecting and analyzing potential opportunities within their reach if they want to significantly enhance their chances of success.

Answer 1

• screen

Question 2

The (12) Rs of Opportunity Screening:

Answer 2

1. Relevance
2. Resonance
3. Reinforcement of Entrepreneurial Interests
4. Revenues
5. Responsiveness
6. Reach
7. Range
8. Revolutionary Impact
9. Returns
10. Relative Ease of Implementation
11. Resources required
12. Risks

Question 3

Entrepreneurs should aim for an opportunity that aligns perfectly with their business’s vision, mission, and goals, ensuring a solid foundation for success.

Answer 3

• Relevance

Question 4

The opportunity should be perfectly harmonious with the values and virtues that the entrepreneur desires for the business

Answer 4

• Resonance

Question 5

Entrepreneurs should seize opportunities that perfectly match their interests, talents, and skills.

Answer 5

• Reinforcement of Entrepreneurial Interests

Question 6

Verify if the products or services possess a market with substantial potential for growth and sales.

Answer 6

• Revenues

Question 7

The opportunity should effectively meet the needs and desires of customers.

Answer 7

• Responsiveness

Question 8

Entrepreneurs should use opportunities to grow their businesses by creating branches, franchises, distributors, and dealerships. This will help them achieve consistent and ongoing
growth.

Answer 8

• Reach

Question 9

Opportunities abound for creating a wide range of products and services to meet the diverse needs of various markets.

Answer 9

• Range

Question 10

The entrepreneur must visualize the business as a revolutionary force of
the future.

Answer 10

• Revolutionary Impact

Question 11

The opportunity should offer a low initial investment with the potential for substantial returns upon selling at a higher price.

Answer 11

• Returns

Question 12

Entrepreneurs should find it simple to seize this opportunity, as there are only a few obstacles to overcome.

Answer 12

• Relative Ease of Implementation

Question 13

Entrepreneurs should choose opportunities that require fewer resources.

Answer 13

• Resources required

Question 14

Entrepreneurs should be able to recognize high-risk opportunities with clarity and confidence.

Answer 14

• Risks