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Opportunity Recognition

Opportunity Recognition. Identify a problem or need What would you like to see better What annoys you What needs fixing What can be done better Find a way to solve it Creativity Innovation Does not have to be a major change Small advances can be highly successful Opportunities

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Opportunity Recognition

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  1. Opportunity Recognition • Identify a problem or need • What would you like to see better • What annoys you • What needs fixing • What can be done better • Find a way to solve it • Creativity • Innovation • Does not have to be a major change • Small advances can be highly successful • Opportunities • Add value • Ideas that can become businesses • Make a profit

  2. Developing the Concept • Take ideas from different fields and integrate them • Check for new laws and regulations • Use technology that solve a different problem and apply it to yours • Find new uses for old things • Talk to people • Especially potential customers • Brainstorm • Remember to protect your interests • May require that you join with other people who compliment your skills

  3. Feasibility • Define the opportunity • What is the product/service • Who is the customer • What are the benefit • How do you get the product/service to the customer • Distribution • Testing the concept • Talk with friends and relative to get feedback • List the pros and cons of the idea • Identify significant hurdles • Access your own personal level of interest and commitment • Get feedback from potential customers • See if they would actually pay for your idea

  4. Feasibility Study • Answer two key questions • Is there a market • Are there customers • What is the market size • What do you need to do to develop that market • How much start-up capital is required • What kind of team do you need

  5. Product and/or Service • Define the specific properties • Is it unique • Is there competition • What makes it different from the competition • How much development is required • Who will do the development • What skill sets • How long will it take • How much money will it cost • Is it proprietary • Patent potential • Does it interfere with anyone else’s patents

  6. Industry • In what arena will your product compete? • Is the industry growing or remaining static • Who are the big players • How does one sell in this industry • Gross margins and pricing • Buying practices • Overall market potential

  7. Market and Customers • Market analysis • Size • Customer need • Buying habits • Location • Determine if there is a need for the product • Show evidence • Make contact and speak directly with potential customers • Find experts • Will they give endorsements • Will they recommend your product to people who follow them

  8. Financing • What will your venture cost? • Where will you get the capital? • How much risk are you willing to take? • How much are you willing to give up? • What is your overall potential for earnings? • How long before you will have revenue? • How long before you become profitable?

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