This semester, you will be creating a small business plan through the Lean Canvas Business Model. The first step in this process will be identifying a promising opportunity for your venture. Finding the right opportunity for your business begins with identifying problems based on unmet needs of a particular market segment. Business strategist Koyona Duke illustrates five major components to evaluating an opportunity in the following short video:
How to Identify a Business Opportunity
Consider a potential opportunity you will pursue in the business planning process this semester and analyze it using the following opportunity identification framework:
- Timing: Is now the right moment to pursue this opportunity? Consider market trends, economic conditions, and your personal situation.
- Profitability: Evaluate the potential financial returns. Can this opportunity generate sustainable profits?
- Vision Alignment: Does this opportunity align with your interests, skills, and knowledge?
- Execution Capability: Can you respond quickly and efficiently capitalize on this opportunity? Will your current resources, network, and conditions enable you to pursue it in a reasonable timeframe?
- Problem-Solving: Does your idea address a specific, unmet need in the market? How significant is this problem for your target customers?
In your post, briefly describe your potential business idea you would like to plan during this class and analyze it using at least three of these five criteria.
Grading Criteria
A minimum of 100 words is required for the initial post. Grammar and punctuation are important so points will be deducted for excessive mistakes. No texting language should be used at all (spell out the words and do not use numbers – for example, 4U should be written “for you”).