Assessing Entrepreneurial Opportunities
"A key skill that successful entrepreneurs learn is to more efficiently and quickly assess possible opportunities before they make extensive commitment of time and money. It allows them to weed out ideas that don't have a good chance or working. In effect, it gives the entrepreneur a chance to fail on paper.
I have entrepreneurs examine three basic questions to assess opportunities:
Is there a MARKET?...
Is there a MARGIN?...
Is this for ME?...
These three basic questions should become the first thing you do when you look at an idea for a new business. If the idea passes this test, it offers real potential as a true business opportunity and should be pursued further toward a possible launch. Using opportunity assessment will help increase your success rates with business start-ups. It will also help you deal with an idea and move on if it does not seem to offer a good chance of success."
Read more in this post from The Entrepreneurial Mind.
