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A brief introduction explaining different methods to identify business opportunities.
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How To Identify A Business Opportunity
Dr Michael Edmondson
the circle method
Opportunity circles – the larger the circle the greater the opportunity – now go confirm through research and customer analysis
the 5 whys method
Opportunity of prevention – what product or service could you great to prevent this series of Whys from happening in the future?
the tripod method
What are you good at?
What do you like to do?
What will/have people paid you to do?
Opportunity of finding your element
the frustration method
Frustration opportunities –
Identify the top 3-5 things that frustrate you and see if you can create a product or service to ease that frustration.
the visionary method
Visionary opportunities –
Identify the top 3-5 things that you see that no one else can (or at least you don’t think they do)
The Golden Circle by Simon Sinek
•Write a 75-100 word description of WHY you are doing what you are doing; then 75-100 words on WHAT you are doing and 75-100 words on HOW you are doing WHAT you are doing. Start with Why!
