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    Business Opportunity Elements

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    mary gamboa
    Opportunity screening is the process of carefully selecting the best business opportunity based on how well it matches the entrepreneur's vision, skills, and risk tolerance. An effective opportunity screening evaluates opportunities based on their customer value, potential profitability, and whether they solve important problems. The Opportunity Screening Matrix tool helps entrepreneurs systematically evaluate opportunities and choose one that is worth dedicating their time and resources to developing in their business plan.

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    Business Opportunity Elements

    Uploaded by

    mary gamboa
    211 views2 pages
    Opportunity screening is the process of carefully selecting the best business opportunity based on how well it matches the entrepreneur's vision, skills, and risk tolerance. An effective opportunity screening evaluates opportunities based on their customer value, potential profitability, and whether they solve important problems. The Opportunity Screening Matrix tool helps entrepreneurs systematically evaluate opportunities and choose one that is worth dedicating their time and resources to developing in their business plan.

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    Opportunity screening is the process of carefully selecting the best business opportunity based on how well it matches the entrepreneur's vision, skills, and risk tolerance. An effective opportunity screening evaluates opportunities based on their customer value, potential profitability, and whether they solve important problems. The Opportunity Screening Matrix tool helps entrepreneurs systematically evaluate opportunities and choose one that is worth dedicating their time and resources to developing in their business plan.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    211 views2 pages

    Business Opportunity Elements

    Uploaded by

    mary gamboa
    Opportunity screening is the process of carefully selecting the best business opportunity based on how well it matches the entrepreneur's vision, skills, and risk tolerance. An effective opportunity screening evaluates opportunities based on their customer value, potential profitability, and whether they solve important problems. The Opportunity Screening Matrix tool helps entrepreneurs systematically evaluate opportunities and choose one that is worth dedicating their time and resources to developing in their business plan.

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    © All Rights Reserved
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    Download as docx, pdf, or txt
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    Opportunity Screening

     It is the process of cautiously selecting the best opportunity. 


     The selection will depend on the entrepreneur’s internal intent and the external
    intent which will address the compelling needs of the target market. 

    Risk Appetite – refers to the entrepreneur’s tolerance of business risks. 

    The crafting of a business plan starts only when entrepreneurs already said no to
    many opportunities and said yes to one forceful opportunity, to which they will
    devote their time and resources.

    The entrepreneur should say no to an opportunity if it does not contain any of these
    business opportunity elements: 
     Has superior value to customers 
     Solves a compelling problem, issue, a need, or a want 
     Is a potential cash cow 
     Matches with the entrepreneur’s skills, resources, and risk appetite

    Opportunity Screening Matrix (OSM) - aims to assist entrepreneur concretize the


    evidence that the chosen opportunity (or opportunities) is well worth pursuing.

    The 12 Rs of Opportunity Screening 


    1. Relevance to vision, mission, and objectives of the entrepreneur. 
    2. Resonance to values. 
    3. Reinforcement of Entrepreneurial Interests 
    4. Revenues – determine the sales potential of the products or services you want
    to offer.
    5. Responsiveness to customer needs and wants. 
    6. Reach – attainment of rapid growth 
    7. Range – potentially lead to a wide range of possible product or service offerings
    8. Revolutionary Impact – “next big thing” or a game-changer that will
    revolutionize the industry
    9. Returns – high returns on investment 
    10. Relative Ease of Implementation – easy to implement 
    11. Resources Required – fewer resources is better than those requiring more
    resources
    12. Risks

    S3: SEIZING THE OPPORTUNITY

    Opportunity Seizing 
     is the last step in opportunity spotting and assessment. 
     the “pushing through” with the chosen opportunity. Innovation  is the process
    of positively improving an existing product or service. 
     it is a key driver for economic growth.

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