12 Rs of Opportunity Screening

Entrepreneurship 4Q

Relevance

The opportunity must be aligned with what the entrepreneur has as his or her personal vision, mission, and objectives for the enterprise being set up

Resonance

The opportunity must match the values and desired virtues that you have or wish to impart

Reinforcement of Entrepreneurial Interests

How does the opportunity resonate with the entrepreneur’s personal interests, talents, and skills?

Revenues

It is important to determine the sales potential of the products or services you want to offer. Is there a big enough market out there to grab and nurture for growth?

Responsiveness

If the opportunity that you want to pursue addresses the unfulfilled or underserved needs and wants of customers, then you have a better chance of succeeding because you are responding to a very promising customer need or want

Reach

Opportunities that have good chances of expanding area-wise to other locations through branches, distributorships, dealerships, or franchise outlets in order go attain rapid growth are better opportunities

Range

An opportunity can potentially lead to a wide range of possible products or service offerings, thus tapping many market segments of the industry. Does the opportunity have this range of segment possibilities?

Revolutionary Impact

If you think that the opportunity will most likely be the “next big thing: or even a game changer that will revolutionize the industry, then there is a big potential for the chosen opportunity

Returns

It is a fact that products with low costs of production and operations but are sold at higher prices will definitely yield the highest returns on investments. Returns can also be intangible, meaning, they come in the form of high-profile recognition or image projection

Relative Ease of Implementation

Will the opportunity be relatively easy to implement for the entrepreneur or will there be a lot of obstacles and competency gaps to overcome?

Resources Required

Opportunities that require fewer resources from the entrepreneur may be more favored than those requiring more resources

Risks

In an entrepreneurial endeavor, there will always be risks. However some opportunities carry more risks than others, such as those with high technological market, financial, and people risks