Dyna Moriga
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May
9
Look outside the Box
May 9, 2007 |
In the business world you must look outside the box as an entrepreneur. Looking outside the box you will notice there is opportunity every where. Even though other people see something else:
problems instead of opportunity. The discriminator will notice the difference between opportunity and failure.
The Opportunity Business Model:
Don’t over analyze your business ideas. These ideas should be able to pass a determination test; which will help to validate the opportunity. Your ideas should be able to pass a simple test: Need in the market, market ready, and the most important test is the ability to receive a proven return on your investment. Also during this market evaluation do you have the resources? Will your idea have a market place. Market demand? Do you have the labor and resources to put this idea in place before the market closes?
As an entrepreneur you need to be opportunity-focused with the customer and market. Analyzing the market structure, size, growth, capacity, market share, cost, and barriers.
Some of the all time questions to ask yourself, while evaluating your product in the market you wish to capture.
Opportunity evaluation:
What need are you filling?
Market target?
What makes your company different from existing companies?
Are there any barriers in the market?
What is your competition in the market?
What is the market size in dollars?
Is there market growth or not?
How much of the market would you capture?
Marketing strategy of the company?
Start up cost?
Will you raise investment capital or use debt capital?
With these questions in mind will your idea be profitable? How long will it take you to break even? If you do need investment capital; how much is needed to get you into the market.
Which ever direction you decide to take keep in mind that you need to develop a plan.
A written plan will give you a strategy to follow.
Having a developed structured plan will give you
a greater advantage in capturing your market share.
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