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How to find an opportunity for a Venture

Learn a simple technique to see the world differently, identify new products/services, enrich ideas, and pitch them effectively. Find out how to determine if an idea is a real opportunity by assessing the market, its readiness, and financial viability.

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How to find an opportunity for a Venture

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  1. How to find an opportunity for a Venture Developing the entrepreneur within

  2. Today's session is to... • help you with a simple technique that can be used any time, anywhere, to help you see the world .. differently • you will work as a team to explore an everyday scenario to; • Identify new products or services • enrich ideas to make them better • pitch ideas to other people

  3. When is an idea an opportunity? It is not that hard to have ideas - how do you know if it is a real opportunity? • Is there a market for the product or service? How do you know? • Is the market able or ready to accept the product or service? How will the market react? • What are the margins? How much will it cost to deliver the product or service and how much can you charge for it? Do the numbers add up?

  4. You should split into groups of 8 (or as close to 8 as you can get) Find a free table. http://www.ideaplay.org.uk/ Before you start

  5. The first phase – 30 mins • you should work through the experiences of the fictional characters • Read the scenario on the Ideopoly sheet. • In pairs (corners) think up a number of potential opportunities for our characters and record them on the sheet provided. • Refine your ideas down to a single one.

  6. Discuss your ideas amongst your group you should judge each idea against a set of criteria – to be found on the ideopoly sheet. establish the "best idea" from your team Phase 2 – 20 mins

  7. The idea you have identified should be "enriched" – use the questions on the ideopoly sheet to help. you should attempt to communicate your idea to others by developing adverts etc develop a short 2 min elevator pitch for your idea. phase 3 – develop the idea – 15 mins

  8. phase 4 – the pitch – 15 mins • Each group should pitch their idea to the rest of the groups • We decide on a best idea by a vote of hands....

  9. Finally... • If you like the approach – why not think of everyday scenarios from your lives and try the same approach to developing your business ideas! • You could work up ideas from school, your clubs, your sport.. the list is up to you!

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