Opportunity Analysis
Free
About this course
About this category
Opportunity analysis is the first key step in the process entrepreneurs go through to select ideas to follow through on before doing more detailed market research, prototyping, and testing. Though opportunity analysis is the first step, it is revisited throughout the development process as new information is discovered and the idea becomes more defined.
Opportunity analysis is the process of deciding which ideas represent a market opportunity. A market opportunity is an idea that:
•Can realistically be turned into a product or service. This means the technology and resources needed exist or can be obtained.
•Meets the needs of customers who would also be willing to buy the product.
•Can be priced in a way that generates sufficient sales and profits for it to be attractive to the entrepreneur and any investors.
Finding out if an idea represents a market opportunity is not an exact process. There are many factors to consider – students should recognize that by carrying out opportunity analysis they gain a deeper understanding of the idea and its likely success. The process also helps to highlight what is not yet known about the idea and determine where more research is needed.
Entrepreneurs often talk about a window of opportunity for an idea, which refers to whether the timing is actually right to act on this idea. The window (time period) for an idea being a real opportunity for a successful product will depend on many factors such as social, technological, and economic trends, as well as the actions of competitors.
Many entrepreneurs have had great ideas only to have a competitor launch first, thus closing the window of opportunity!
Learning from Failure
Self-starters, learn from business failure when owners, founders or managers can use the information available about why the business failed to revise their existing knowledge of how to manage their own business effectively.
Looking at Existing Products
Market research is the important piece that helps them step back and see the big picture of how their product might fit into the marketplace. Through market research, entrepreneurs gain valuable information about industry trends, who their competitors really are, and which consumers they should target and how.
Opportunities for the Future
The best part about developing a future-oriented mindset is that it can transcend traditional entrepreneurship and business creation. People who believe they control the future and learn to think like entrepreneurs make better employees. They change lifestyles, technology, communities, businesses and policy.
Syllabus
Opportunity analysis is the process of identifying and exploring revenue enhancement or expense reduction situations to better position the organization to realize increased profitability, efficiencies, market potential, or other desirable objectives.
Learning from Failure
Self-starters, learn from business failure when owners, founders or managers can use the information available about why the business failed to revise their existing knowledge of how to manage their own business effectively.
Looking at Existing Products
Market research is the important piece that helps them step back and see the big picture of how their product might fit into the marketplace. Through market research, entrepreneurs gain valuable information about industry trends, who their competitors really are, and which consumers they should target and how.
Opportunities for the Future
The best part about developing a future-oriented mindset is that it can transcend traditional entrepreneurship and business creation. People who believe they control the future and learn to think like entrepreneurs make better employees. They change lifestyles, technology, communities, businesses and policy.
Reviews
Our course begins with the first step for generating great user experiences: understanding what people do, think, say, and feel. In this module, you’ll learn how to keep an open mind while learning.