The Opportunity Analysis Canvas - Edition 2.0 by James V. Green

Author:James V. Green
Language: eng
Format: mobi
Published: 0101-01-01T00:00:00+00:00

Tips and techniques for success in challenging industry conditions

By considering new venture ideas that build on your existing knowledge, you can create favorable knowledge conditions for yourself.

Explore ideas that align with your educational or work experiences. Seek ideas that intersect your know-how, your interests, and your social capital. This provides you with a head start versus existing and new competitors as you’re able to use your existing knowledge and resources faster and better than competitors.

To capitalize on demand conditions, focus on three aspects: (1) the magnitude of customer demand for products and services, as this quantifies your number of prospective customers; (2) the rate of growth of that demand, in that you should enter a growing market; and (3) the consistency of that demand across customer segments.

These three focuses ensure that you are pursuing a sufficiently large and growing market with a similar set of needs and wants.

Segment your market into smaller sub-groups based on needs and wants, location, demographics, etc. This is valuable to prioritizing your resources and aligning your focus. How can you, as the entrepreneur, carve out a niche that is sizeable enough to reach your goals, yet small enough to be unattractive to large companies?

Segmentation also presents an opportunity for entrepreneurs to specialize. As you build a reputation and a brand for doing one thing well, you can leverage that into new segments later in your venture’s lifetime.

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