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What are the characteristics of a good opportunity?

What are the characteristics of a good opportunity?. Big enough Need is strong enough Need is recognized by customers Competitive advantage attainable Business sustainable Business model understandable We have competencies needed (or we can get them readily). Market Research. Purposes:

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What are the characteristics of a good opportunity?

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  1. What are the characteristics of a good opportunity? • Big enough • Need is strong enough • Need is recognized by customers • Competitive advantage attainable • Business sustainable • Business model understandable • We have competencies needed (or we can get them readily)

  2. Market Research • Purposes: • Determine whether a market opportunity exists– exploratory • Determine whether a market opportunity exists – confirmatory • Market size; segment size • How should the offering be structured

  3. Concept testing • Talk to prospective customer • Ask what their problems are and relative strengths • Ask how they address these problems currently • Ask how you wish these problems would be solved • Show concept – get feedback

  4. Market sizing • Find secondary source that gives a demographic breakdown of a market • E.g. Census; Annual Survey of Manufactures; County Business Patterns; Trade Association reports, www.fedstats.gov • Make assumptions that divide the larger market into pieces • E.g. 20% have problem X

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