Opportunity Assessment
From Entrepedia: The Entrepreneurship Wiki
Part of setting up your business will involve identifying opportunities in the market on which you, or your particular idea, product, or service, can capitalise. This can offer you the means of developing a business idea, but it can also give you the tools to better understand where an existing business idea might stand, and to look at the future potential for that idea.
Opportunities don't just exist in an economic upturn; sometimes a recession or downturn economy can present an opportunity or gap that didn't seem viable previously. A successful entrepreneur should be able to assess opportunities no matter the economic climate.
THE SEVEN DOMAINS MODEL
The Seven Domains Model offers the ability to identify both key strengths and key questions, as well as absolute deal-breakers, with regards to your product or service
TARGET MARKET
Market research is the collection and analysis of data in order to better understand both their customers and competitors.
INDUSTRY ANALYSIS
COMPETITOR ANALYSIS
Competitor analysis involves the identification of the strengths and weaknesses of the competition in order to better evaluate the situation of a product or service in relation to others.
Further Reading
- Tom Byers (Stanford Technology Ventures Program): "Difference Between an Idea and an Opportunity" in Stanford Entrepreneurial Thought Leader Speaker Series (video)
