Screening

• Screening the opportunity


  • A process of cautiously selecting the best opportunity
  • Entrepreneurs internal intent (the main objective)
  • External intent (addressing the compelling needs of the target market)
• Risk appetite


  An entrepreneurs tolerance of business risks
• Time must be considered by the entrepreneur in screening the opportunities at hand, as it is considered one of the most critical resources of an entrepreneur
• Business opportunity elements

  • Has superior value to customers
  • Solves a compelling problem, issue, need, or a want
  • Is a potential cash cow
  • Matches with the entrepreneur skills resources and risk
• Mission, vision, and core values

  The mission and vision statements of brands are mostly a reflection of their business and its future
• Mission statement


  • A reason that a company exists for or the demand it is trying to fulfill
  • It answers: what does your company do today? how? for whom? how does it benefit that group?
  • Brands update their mission statements from time to time
  • Is grounded in the short term
• Vision statement


  • Sets the course for future helping the brands navigate towards it through changing market situations
  • A description of the world that will eventually be if organization can fulfill its mission statement
  • It answers: what do you want to achieve? where do you hope to be?
• Core values


  • "Code of ethics" for a business
  • They represent the fundamental beliefs that all employees should embody and stand behind, as well as the conduct expected of your team
  • Indispensable attributes of your company culture.
  • Some combination of character traits and convictions