How do you identify and research new business opportunities?
July 26, 2009 1 Comment
Asked by Francois Andlau
There are a few mandatory steps and some optional to-dos in researching a new business opportunity:
1. Read the current research in all allied fields and collect data on entry points around your defined entry point – new product, business model innovation, new geographical market etc.
2. Size the opportunity based on the available universe of listed and unlisted companies with due sensitivity analysis of each environmental factor – policy, competition, innovation, industry CAGR, and others
3. Identify chunks that deliver a market size beyond a cut off mark based on your preferred strategy or if you are creating a new industry then cut off based on dominant player strengths in the sector/market
4. Verify your results with those of other allied industry research hawks ( some of them are here on linked in)
5. Throw your first draft at market practitioners and rebuild the report based on their feedback. otherwise it would be of fat use to anyone!
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