Business opportunities by applying screening analysis

 

 

Demonstrate how to generate business opportunities by applying screening analysis to assess the window of opportunity.

All opportunities start with an idea. We find the ideas that most often lead to successful businesses have two key characteristics. First, they are something that the entrepreneur is truly passionate about. Second, the idea is a strong opportunity as measured on the opportunity checklist. To be sure of having a strong opportunity, entrepreneurs need a deep understanding of their customers. Better opportunities will have lots of customers currently (market size) with the potential for even more customers in the future (the market is growing). Furthermore, these customers will buy the product frequently and pay a premium price for it (strong margins). Thus, entrepreneurs need to be students of the marketplace.

Address the following questions:

What trends do you see converging now, and how do these shape customer demand today and into the future?
Of these trends, which would you invest in or be part of as an entrepreneur and why?

Sample Solution

You must investigate various areas of your business idea in order to determine its viability. Entrepreneurs assess creative product ideas, methods, and marketing trends through the opportunity screening process. This screening helps identify the possibility for success in following the idea and can help refine planning by focusing on the viability of financial resources, the abilities of the entrepreneurial team, and the competitors. When it comes to determining whether your idea is viable, the sources recommended by the US Small Business Administration are a solid place to start. These include data from the United States Census Bureau.

Possibility based hypotheses of authority propose that there is no right or most effective way to lead a gathering, or association, because of the huge number of imperatives on a circumstance (Flinsch-Rodriguez, 2019). Fiedler, in his Contingency Theory of Leadership (Fiedler, 1967), recommends that the viability of a gathering is reliant upon the administration styles of the pioneer and their favourability to the circumstance. A significant part of the hypothesis is laid out around the most un-favored associate scale (LPC). The LPC expects to evaluate a potential chiefs way to deal with an undertaking on a size of relationship inspired to task spurred, where the pioneer fits on the scale permits what is going on to be derived, and in this manner permits the distinguishing proof of reasonable pioneers for errands. The favourableness of the circumstance relies upon three attributes: pioneer part relations, the help and trust the pioneer as from the gathering; task structure, the lucidity of the errand to the pioneer; and positional power, the power the pioneer needs to evaluate a gatherings execution and give prizes and disciplines (Fiedler, 1967). In the event that the pioneers approach matches what is expected from going on, achievement is anticipated for the gathering. Fiedler’s possibility model offers an exceptionally severe categorisation of initiative, obviously characterizing which circumstances endlessly won’t bring about progress for a likely pioneer. At the senior administration level of a hierarchal construction inside an association the hypothesis can be applied unreservedly, right off the bat because of the straightforwardness at which people can be supplanted in the event that their LPC score doesn’t match that expected of the circumstance (Pettinger, 2007). Besides, and in particular, is to guarantee that the senior administration are ideally suited to effectively lead the association. Nonetheless, further down the ordered progression Fielder’s possibility hypothesis starts to hold substantially less significance, it becomes unreasonable according to an authoritative viewpoint because of the quantity of individuals at this degree of administration. The operations of coordinating the pioneer with their most un-favored colleague I

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