how to evaluate opportunity
DESCRIPTION
You have a lot of opportunity to grow your business, but evaluating opportunity is challenging – how do you know if you have made the right choice? Entrepreneurs and small business owners need to conduct a regular "Opportunity Analysis" to sort the good ideas from the bad ones. You can waste tons of time evaluating and chasing down bad opportunities. Worse, if you choose the wrong opportunities, you can compromise your company’s future.TRANSCRIPT
How to Evaluate Opportunity
Virginia Ginsburg, MBA
www.swellstrategies.com
The Problem
You have a lot of opportunity to grow your business, but evaluating opportunity is challenging – how do you know if you have made the right choice?
Virginia Ginsburg, MBA www.swellstrategies.com
The Reality
You can waste tons of time evaluating and chasing down bad opportunities.
Worse, if you choose the wrong opportunities, you can compromise your company’s future.
Investing in an “Opportunity Analysis Process” is a worthwhile use of your time.
Virginia Ginsburg, MBA www.swellstrategies.com
Opportunity Analysis ProcessFacet 1: Revenue
What sort of revenue can you expect from the opportunity?
Build out the revenue model for the opportunity. If it is a non-revenue generating
opportunity, try to apply some level of analysis on the revenue side anyway.
Virginia Ginsburg, MBA www.swellstrategies.com
Opportunity Analysis ProcessFacet 2: Costs
What can you expect the opportunity to cost your business?
Consider cost of development, design, production, and company overhead.
Virginia Ginsburg, MBA www.swellstrategies.com
Opportunity Analysis ProcessFacet 3: Time
How much time and energy will this opportunity require?
Your time and energy are valuable – don’t waste them!
Virginia Ginsburg, MBA www.swellstrategies.com
Opportunity Analysis ProcessFacet 4: Risks
What are the risks of this opportunity?
Could you get ripped off? What if nobody buys it?
Virginia Ginsburg, MBA www.swellstrategies.com
Opportunity Analysis ProcessFacet 5: Brand Impact
Could this benefit or damage your brand?
Will it make you look cool or lame?
Virginia Ginsburg, MBA www.swellstrategies.com
Opportunity Analysis ProcessFacet 6: Your Gut
Do you think this is a good idea?
Do you like this opportunity? Do you feel excited, scared, timid, powerful? Pay attention to the
base-level feelings that come up for you during the evaluation process and take them seriously.
Virginia Ginsburg, MBA www.swellstrategies.com
Opportunity Analysis Process
Virginia Ginsburg, MBA www.swellstrategies.com
Revenue
Costs
TimeRisks
Brand Impact
Your Gut
CONSIDER:
Do you need more information to make a decision or are you ready to go with what
you have?
Don’t rush this step – it can save you a ton of money and heartache.
Virginia Ginsburg, MBA www.swellstrategies.com
