Spotting A Business Opportunities

Some terms/definition on how to spot a business opportunities.

Idea Generation Techniques

Idea Generation Techniques

Methods like brainstorming, mind mapping, and SCAMPER used to foster innovation, identify emerging trends, and solve market problems effectively.

Market Needs

Recognizing customer demands and requirements to increase the likelihood of success, foster customer satisfaction, and achieve long-term profitability.

Market Trends Analysis

Studying current behaviors and patterns within a market to understand its direction, anticipate changes, and make informed decisions.

SWOT Analysis

Helps businesses capitalize on strengths, address weaknesses, seize opportunities, and mitigate threats for strategic decision-making.

Brainstorming

Group activity where participants generate many ideas quickly without criticism, fostering creativity and innovation.

Mind Mapping

Visual tool for organizing ideas hierarchically around a central theme, aiding in brainstorming and clarity of thought

Scamper

Technique involving substituting, combining, adapting, modifying, putting to other uses, eliminating, or rearranging elements to spark creative problem-solving and innovation.

Market Research Basics

This refers to the fundamental techniques used to collect data on what consumers prefer. It involves methods like surveys, interviews, and analyzing existing data to understand market trends and consumer behavior

Target Customers

This involves defining and identifying the specific group of people or demographic that a business aims to reach with its products or services. Understanding the characteristics, needs, and preferences of these target customers helps businesses tailor their offerings to meet their expectations effectively.

Business Opportunities

Chances to start or grow a business for profit, created by favorable conditions like market trends, technological advancements, or changes in consumer preferences.

Customer Pain Points

These are the problems or challenges that customers encounter in their lives or experiences with products or services. By recognizing and analyzing these pain points, businesses can identify opportunities to develop solutions that address customer needs and improve their overall satisfaction.

Market Gaps

refer to areas within a market where consumer needs are not adequately met or where there is an absence of competitors.

S.W.O.T.

Strength, Weaknesses, Opportunities, and Threats

Give the three evaluation criteria.

Profitability, Scalability, and Sustainability

Business plan

refers to a detailed plan covering the idea, market operations and finances?

Prototype

refers to testing idea on a small scale to confirm the viability of business.

Execution

refers to implementing the plan and monitoring progress

Sustainability

refers to the long-term viability and impact of the opportunity.

Scalability

refers to the capacity of the opportunity to grow and expand.

Profitability

Evaluate whether the opportunity can generate sustainable profits in the long term.