BUS203 Entrepreneurship And Venture Capital

Assessment Type Report and Presentation
Assessment Number 2 and 3
Assessment Name Opportunity Analysis and Development

Assessment Description Assessment 2 : Opportunity Analysis and Development Report (Around 2000 words, Turnitin submission)

In the unit, you learnt that entrepreneurs are individuals who recognize
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, recognize and create opportunity where
others find only problems.

Think about the following areas to get a sense of ideation and initial
concept: BUS203 Entrepreneurship And Venture Capital

1) Look for new niches. Your next business idea doesn’t
have to reinvent the wheel. Can you build a better

2) Apply your skills to an entirely new field. Think about your
skills and whether they might be useful in a new area?

3) Find a category lacking recent innovations. Revisit Module 2
on Innovations.

4) Make a cheaper version of an existing product. Companies
often get their start by offering customers an existing product
at a lower price.

5) Have an idea quota; write ideas down. You need to be as
tenacious as you can with this. Every day, set out an idea
quota within a period of roughly 45 minutes to an hour, where
you do nothing but write down ideas about the area that
interests you.

6) Creative Mind Tools such as brainstorming – a
method for obtaining new ideas focusing on the

7) OR, Reverse Brainstorming – A group method for obtaining
new ideas focusing on the negative.

After you come up with a promising insight, there is no guarantee that
success will follow, of course. You need to turn a great insight into a
thriving business, which is incredibly challenging. You will need to write
up around 2,000 word summary of your key findings, critique and
insight in your evaluation.

The following structure is best suggested for
this document:

1. Introduction
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. Problem & Need Analysis
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. Consumer Analysis
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. Market Analysis
How well do you know your competitors? What is the position in
the life cycle? What is the market size and potential?

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

6. Commercial Viability
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)?
Note: You do not need to do a rigorous screening or evaluation of the
business idea. This guide is to give you a taste of what is expected of
you on your entrepreneurial educational journey. The guide is enough
for you to eliminate those ideas that are impractical and ones that show
potential to move toward the concept stage, the product development stage, the test marketing stage, and finally into commercialization.

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