business opportunity assessment form

Business Opportunity Assessment Action Plan

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3. Why is this idea likely to be successful?

• Who is the Customer?

• What do they look like (demographics)? RESEARCH

• Do they have the money to by the product (likely price of the item vs. demographic income)?

• Does the product or service solve a problem or fulfill a need the would justify a customer buying the product?

• Are the customers likely to be repeat customers?

• Why will a customer come to you rather than your competitor?

• Collect data on your competition by searching the internet for existing and potential competition for your new idea. Research by reviewing competitor’s ecommerce websites and local newspapers, journals or newsletters to get an idea of who your customers would be, what they do with the idea of why your product would stand out from the others.

6. SUMMARY AND EVALUATION OF THE MATERIAL COLLECTED

• What major points did you learn about the strength of your startup idea?

• What did the data from the market analysis and competitor review tell you about the likelihood of success in the marketplace?

• Is the business likely to be successful? If so why, if not why not?

• If not or if the evaluation suggests modifications of the idea what would you do? (Do not continue in the course with an idea that will not make money. Contact the instructor for direction.)