Entrepreneurship Project
Wonderwoman4
Slides03.1NEW.pptxSlide 1
Opportunity Recognition and the Opportunity Assessment Plan
The Opportunity Recognition Process
• The key to successful domestic and international entrepreneurship is to develop an idea that has a market with a need for the product or service idea conceived.
• Opportunity assessment is often best accomplished by developing an opportunity assessment plan.
• An opportunity assessment plan is not a business plan.
An opportunity assessment plan has four sections:
– The first section develops the idea, analyzes competitive products and companies, and identifies the unique selling propositions.
– The second section focuses on the market—its size, trends, characteristics, and growth rate.
– The third section focuses on the entrepreneur’s and management team’s skills and experience.
– The final section develops a time line indicating the steps to successfully launch the venture.
Slide 5
An opportunity assessment plan is not a business plan, to see if the ideal/opportunity is worth pursuing. Compared to a business plan, it:
Is shorter.
Focuses on the opportunity, not the venture.
Has no computer-based spreadsheet.
Is the basis for making the decision to either act on an opportunity or wait until another, better opportunity comes along.
Opportunity Assessment Plan
An opportunity assessment plan has 4 sections:
2 major sections and
2 minor sections
Slide 6
Opportunity Assessment Plan
1- A description of the idea and its competition
2- An assessment of the domestic and international market for the idea
3- an assessment of the entrepreneur and the team
4- A determination of the steps needed to make the idea the basis for a viable business venture
Slide 7
The first major section discusses and develops the product/service idea, analyzes the competitive products and companies, and identifies the uniqueness of the idea in terms of its unique selling propositions. This section includes:
A description of the product or service.
The market need for the product or service.
The specific aspects of the product or service.
The competitive products presently available filling this need and their features and prices.
The companies in this product/service market space.
The unique selling propositions of this product/service.
The First Major Section
Slide 8
Slide 9
The second major section of the opportunity assessment plan focuses on the market its size, trends, characteristics, and growth rate. It includes:
• The market need filled.
• The social condition underlining this market need.
• Any data available to describe this market need.
• The size, trends, and characteristics of the domestic and/or international market.
• The growth rate of the market.
The Second Major Section
Slide 10
The third section (a minor one) focuses on the entrepreneur and the management team in terms of their background, education, skills, and experience. It should include answers to the following questions:
• What is exciting about this opportunity?
• How does the product/service idea fit into the background and experience of the entrepreneur and team?
• What business skills and experience are present?
• What business skills and experience are needed?
• Is there someone who has these needed skills and experience?
The Third Section
Slide 11
The final section of the opportunity assessment plan develops a time line indicating what steps need to be taken to successfully launch the venture by translating the idea into a viable business entity. This minor section should focus on:
• Identifying each step.
• Determining the sequence of activities and putting these critical steps into some sequential order.
• Identifying what will be accomplished in each step.
• Determining the time and money required at each step.
• Determining the total amount of time and money needed.
• Identifying the source of this needed money.
The final section
Slide 12
