Exploring Business Opportunities Essay example
-Ramachandran T, Section A, PGBE Batch 17, EDI
1. How will you identify viable business opportunities? Describe in detail steps involved in the process. The existing business opportunities can be identified through the following steps:
Step 1: Preparation of personal profile
Step 2: Development of Opportunity selection(OS) Framework
Step3: Generation of ideas
Step 4: Snap investigation of ideas
Step 5: Evaluating in terms of OS framework and shortlisting of ideas
Step 6: Pre-feasibility studies
Step 7: Opportunity Selection
Preparation of personal profile:
Personal profile describes the basic details of the person such as his education, work experience, his area of interest and …show more content…
Evaluation in terms of OS framework and short listing of ideas
Evaluation can be done after the snap investigation of ideas. The viability can be assessed in terms of the OS framework done. But however, it is not an ideal evaluation as there is always a room for intuitive judgment and gut feeling.
There can also be some answers found for the questions like whether there can be learning and grip over the business; what are the key determinants of success and risk factors.
At this stage, one can, often, ill-afford the cost of a comprehensive project-investigation. So, you attach considerable importance to well-meaning judgment of persons supposedly knowledgeable about a given opportunity. You should, of course, cross check such judgment. Pre-Feasibility Study The purpose of this study is to satisfy regarding the viability of the project, without incurring too much cost/effort on the exercise. This is an optional stage because, in the course of initial evaluation or shortlisting,that collected enough information or carried out