VENTURES AND WINDOWS OF OPPORTUNITY

BDP301

WINDOW OF OPPORTUNITY

• BEFORE STARTING A NEW VENTURE, IT IS IMPORTANT TO CONSIDER HOW THIS VENTURE FITS INTO THE BIGGER PICTURE

• THIS PROCESS IS CALLED THE WINDOW OF OPPORTUNITY: TIMING YOUR VENTURE SO THAT IT WILL FIT INTO THAT WINDOW, REGARDLESS OF WHETHER THE WINDOW IS BIG OR SMALL

• WINDOWS OF OPPORTUNITY CAN BE DETERMINED BY DOING RESEARCH AS WE DISCUSSED EARLIER IN THIS UNIT

EVALUATING VENTURE IDEAS

• THESE ARE SOME STEPS THAT CAN HELP YOU EVALUATE IF YOUR VENTURE IDEA IS A GOOD ONE: (SEE HANDOUT)

• 1. LIST AND DESCRIBE FEATURES/BENEFITS OF YOUR PRODUCT

• 2. DEFINE THE MAIN GEOGRAPHIC AREA YOU INTEND TO SELL YOUR PRODUCT

• 3. WHAT PRICE DO COMPETITORS CHARGE? ESTIMATE MAXIMUM PRICE THAT STILL ALLOWS YOU TO BE COMPETITIVE

• 4. LIST AND BRIEFLY DESCRIBE TRENDS IN YOUR MARKET/INDUSTRY

• 5. HOW ARE YOU GOING TO CUSTOMERS KNOW THAT YOU EXIST?

EVALUATING VENTURE IDEAS CONT.

• 6. ESTIMATE YOUR SALES

• 7. LIST ANY GOVERNMENT APPROVAL YOU MAY NEED TO LAUNCH YOUR IDEA

• 8. MAKE A LIST OF POTENTIAL SUPPLIERS

• 9. MAKE A LIST OF RESOURCES YOU NEED TO START YOUR VENTURE

• 10. LIST FINANCIAL STRENGTHS AND WEAKNESSES.

USE BLUE HAT THINKING

• AFTER YOU HAVE CONSIDERED WHAT YOU VENTURE WILL LOOK, USE YOUR BLUE THINKING HAT TO EVALUATE THE PRACTICALITY OF YOUR PLANS (REMEMBER, BLUE HAT THINKING COMBINES ALL OF THE OTHER HATS)

• COST:

• WILL YOUR COSTUMERS BE ABLE TO AFFORD YOUR PRODUCT/SERVICE?

• OPPORTUNITY COST:

• HOW STRESSFUL IS YOUR VENTURE LIKELY TO BE?

• TIME:

• WILL YOU HAVE A LONG-LASTING OR SHORT TERM VENTURE?

• FEASIBILITY:

• IS YOUR IDEA GOING TO WORK?

• ACCEPTABILITY:

• HAVE YOU CAREFULLY CONSIDERED WHO YOUR CUSTOMERS ARE GOING TO BE?

• USEFULNESS:

• WILL PEOPLE WANT TO BUY YOUR PRODUCT/SERVICE INSTEAD OF THE COMPETITORS?

ASSIGNMENT TIME

• SEE HANDOUT