Assessing the Opportunity

The first fundamental of entrepreneurship is opportunity recognition – understanding what it takes both to recognize an opportunity and to move from recognition toward assessing what is actually a good idea for a business. You need to realize that a viable business opportunity is not just about providing a product or service with better functions or more features than those that are currently available. You must understand the nature of the opportunity in terms of customer needs and market potential. This requires that you find concrete answers to a number of key questions. These are: Who and where are the potential customers? What needs of theirs are you addressing? What problem does your product solve for your customers, or what benefit to them does it provide? Has anyone else tried to fix the problem or address the need before, and if so, why didn’t they succeed? How will I reach my customers? How will I deliver the benefits my customers need or solve the problems they have? Is the market for my product or service large or rapidly growing? Is the size large enough or the growth strong enough to make this an economically viable business idea?

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