Management - Opportunity Analysis and Development Pitch - Assessment Answer

Opportunity Analysis and Development Pitch Management Assessment Answer

Assessment Task:

Part A – Opportunity Analysis

The characteristics of seeking opportunities, taking risks beyond security and having the tenacity to push an idea through to reality combine into a special perspective that permeates entrepreneurs. In Chapter 1, you learnt that entrepreneurs are individuals who recognise opportunities where others see chaos or confusion. They challenge the unknown and continuously create the future. In addition, potential entrepreneurs are always looking for unique opportunities to fill needs or wants. They sense economic potential in business problems by continually asking ' if only they...', "what if...?" or ' Why not...?" They develop an ability to see, recognise and create opportunity where others find only problems.

Think about the following areas to get a sense of ideation and initial concept:

1) Your next business idea doesn’t have to reinvent the wheel. Can you build a better mousetrap?
2)  Think about your skills and whether they might be useful in a new area?
3) Find a category lacking recent innovations. 
4)  Companies often get their start by offering customers an existing product at a lower price.
5)  Where you do nothing but write down ideas about the area that interests you.
6) A method for obtaining new ideas focusing on the parameters.
7)  A group method for obtaining new ideas focusing on the negative.

1. In your introduction, you must address which methods you employed from the processes above that lead to your insight of your idea. You will also use these questions as a guide to your elevator pitch, in part B of the assessment.

2. What problem are you trying to solve? In other words, what do your customers need and how do you know for sure? Look and apply from every angle. Applying this rule means an entrepreneur will analyse a problem from every possible angle: What is the problem? Whom does it affect? How does it affect them? What costs are involved? Can it be solved? Would the marketplace pay for a solution? For bonus points, what type of need is it? (continuing need, declining need, emerging need, future need)

3. Think about how much is it or how much are customers willing to pay? What are the perceived benefits and risks? Think of appeal characteristics, utility to customer, customer taste and preferences, buying motives, consumption habits).

4. How well do you know your competitors? What is the position in the life cycle? What is the market size and potential?

5. Who are you (what experience, expertise, and talent do you have to offer) and who is on your winning team?

6. What is your unique selling point or value proposition? Is it scalable? What is the return on investment (need to determine the value of the product idea with cash flow,cash inflow, profit, relative return)?

Part B – Concept Development Pitch

1. Clear and methodical identification and rationale/ justification of entrepreneurial opportunities (needs/wants canvassed thoroughly as well as market analysis).

2. Demonstration and application of key processes towards successful new- venture creation; including development practicalities and viability assessment.

3. Considered outline of target markets, stakeholders and industries involved.

4. Evaluation of self- concepts is critical with good rationale provided, demonstrating self- reflection on concept development.

 5. Substantive evidence of preparation; including professionalism in pitch presentation.

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