Project: Business Model
Tuesday, June 26th, 2007Anatomy of a Business Opportunity
- Three C’s: Identify the specific capacities, capabilities, and competencies of the company. The physical, mental, financial ability and legal right to meet customer expectations.
- Opportunity: Is there a favorable or advantageous set of circumstances that you can exploit to create a unique advantage in the market.
- Motivation: What are the events surrounding their life that causes them to become aware of the need for your products or services? Define who, what, and when people look to buy. What is the Buying Cycle? Is the market accessible and cost effective to reach? Or will you need to find a way to prompt, motivate, inspire or instigate customers into action? What methods or steps will need to be taken to establish the need for your product or service in the mind of your customer?
- Environment: What is the industry situation? Is your market stagnant, declining, or growing? How do you know? What does the financial health of the industry look like? Is there something you can exploit to spur growth and development in your business?