Opportunity Screening and Evaluation

1. Opportunity Screening and Evaluation

2. The Entrepreneurial Process Identify opportunities Select the right opportunity for your team Determine feasibility Make a go / no go decision

3. Selection Criteria Match the opportunity to your personal profile Find a unique way to approach the business Carry out a preliminary screening Look for the �fatal flaw�

4. Evaluating Opportunities Before proceeding, always do a complete business plan There are many opportunities Need a quick and dirty pre-screening method

5. Typical Pre Startup Questions Do we know enough about this business? Do we know enough about the market? demographics growing / declining / static What� s the competition? similar products meeting similar needs How much red tape?

6. Typical Pre Startup Questions What are the resource requirements and can we get them? financial human other Is this something we really want to do?

7. Procedure Evaluate your personal interests and skills Complete a group synthesis Complete the opportunity evaluation questionnaire

8. Opportunity Evaluation Form To complete Section A: refer to the group profile you�ve completed review tasks on sheet assign a weighting of 3 to 5 to each task based on your profile 3 is comfortable, 5 is uncomfortable assign a project number to each of the projects you have identified

9. Opportunity Evaluation Form To complete Section A (continued) rate each of the tasks on the sheet for each project range starts at 1, ends at the weighting you assigned to that task 1 is relatively easy, the higher numbers difficult add the score for each project

10. Opportunity Evaluation Form To complete Section B: use the same project numbers as Section A assign a rating of 1 to 4 to each question 1 is relatively easy, the higher numbers difficult add the score for each project the lowest combined scores of Section A and Section B is often the most attractive project

11. DECISION MAKING Edward deBono�s Six Thinking Hats

12. Yellow Hat Thinking Think of sunshine and optimism Represents the LOGICAL POSITIVE Benefits Value Feasibility

13. Black Hat Thinking Think of officers in dark uniforms Concerned with CAUTION Stops us from doing things that are illegal, wrong or dangerous Represents LOGICAL NEGATIVE

14. Green Hat Thinking Think of vegetation, growth, natural energy, sprouting and branching. Represents CREATIVITY Makes time for deliberate creative effort

15. White Hat Thinking Think of paper with information on it; paper coming out of a computer printer. Concerned with DATA and INFORMATION.

16. Red Hat Thinking Think of a cozy, warm, red fire. Concerned with FEELINGS and EMOTIONS. Put forward feelings, hunches, intuitions, emotions.

17. Blue Hat Thinking Think of blue sky or overview. Concerned with PROCESS CONTROL. Manages the thinking process.

18. Assignment Identify five potential business opportunities Evaluate them using the evaluation questionnaire 10 pages maximum Due October 7