Save
Entrepreneurship
Lesson 2
Opportunity Screening
Save
Share
Learn
Content
Leaderboard
Learn
Created by
pia
Visit profile
Cards (14)
What is Opportunity Screening?
Bring
value
to the customer
Provides
solution
to a compelling Problem
Fully
satisfy
a need or want
Must be a
potential cash cow
Matches with the
skills
and
resources
of the entrepreneur
12 R's of Opportunity Screening
Relevance
Resonance
Reinforcements
Revenues
Responsiveness
Reach
Range
Revolutionary Impact
Returns
Relative Ease of Implementation
Resources Required
Risks
Relevance
– opportunity must be aligned to MISSION, VISION, and OBJECTIVES of the entrepreneur.
Resonance
– must match the VALUES the entrepreneur wishes to IMPART.
Reinforcements
– must RESONATE to entrepreneurs INTEREST, PREFERENCE, or TASTE
Revenues
– must determine the SALES POTENTIAL of the products or services.
Responsiveness
– must ADDRESS the unfulfilled NEEDS and WANTS of customers.
Reach
– must have good chances of EXPANDING through branches, distributorship, dealership or even franchise.
Range
– must have the potential to LEAD a WIDE RANGE of product or service offered
Revolutionary Impact
– it should be the “NEXT BIG THING” or even game changer.
Returns
– must YIELD the HIGHEST RETURNS on investments.
Relative Ease of Implementation
– must be EASY to IMPLEMENT.
Resources Required
– it should require FEWER resources.
Risks
– the OPPORTUNITY should OUTWEIGH the risks, such as technological, market, financial or people risks.