Opportunity Analysis & Development Pitch

Description  Details  Attached Files (1)

Discipline Business

Assignment type : Other types 

Description

In this assessment, you will explore a creative process to flex your muscle in spotting an opportunity by firstly

coming up with a new product or service idea that does not exist in the marketplace. You will use this idea in

part B of the assessment to prepare a pitch presentation to an investor. This assessment task is therefore split

into two parts

Part A – Opportunity Analysis, 2000 words

The characteristics of seeking opportunities, taking risks beyond security and having the tenacity to push an idea

through to reality combine into a special perspective that permeates entrepreneurs.

In Module 1, you learnt that entrepreneurs are individuals who recognise opportunities where others see chaos or

confusion. They challenge the unknown and continuously create the future. In addition, potential entrepreneurs

are always looking for unique opportunities to fill needs or wants. They sense economic potential in business

problems by continually asking ‘ if only they…’, “what if…?” or ‘ Why not…?” They develop an ability to see,

recognise and create opportunity where others find only problems.

Think about the following areas to get a sense of ideation and initial concept:

1) Look for new niches. Your next business idea doesn’t have to reinvent the wheel. Can you build a

better mousetrap?

2) Apply your skills to an entirely new field. Think about your skills and whether they might be useful in a

new area?

3) Find a category lacking recent innovations. Revisit Module 2 on Innovations.

4) Make a cheaper version of an existing product. Companies often get their start by offering customers

an existing product at a lower price.

5) Have an idea quota; write ideas down. You need to be as tenacious as you can with this. Every day,

set out an idea quota within a period of roughly 45 minutes to an hour, where you do nothing but write

down ideas about the area that interests you.

6) Creative Mind Tools such as brainstorming – a method for obtaining new ideas focusing on the

parameters.

7) OR, Reverse Brainstorming – A group method for obtaining new ideas focusing on the negative.

After you come up with a promising insight, there is no guarantee that success will follow, of course. You need

to turn a great insight into a thriving business, which is incredibly challenging. You will need to write up a 2,000

word summary of your key findings, critique and insight in your evaluation. The following structure is best

suggested for this document:

1. Introduction

In your introduction, you must address which methods you employed from the processes above that lead to

your insight of your idea. You will also use these questions as a guide to your elevator pitch, in part B of the

assessment.

2. Problem & Need Analysis

What problem are you trying to solve? In other words, what do your customers need and how do you know for

sure? Look and apply from every angle. Applying this rule means an entrepreneur will analyse a problem from

every possible angle: What is the problem? Whom does it affect? How does it affect them? What costs are

involved? Can it be solved? Would the marketplace pay for a solution? For bonus points, what type of need is

it? (continuing need, declining need, emerging need, future need)

3. Consumer Analysis

Think about how much is it or how much are customers willing to pay? What are the perceived benefits and

risks? Think of appeal characteristics, utility to customer, customer taste and preferences, buying motives,

consumption habits).

4. Market Analysis

How well do you know your competitors? What is the position in the life cycle? What is the market size and

potential?

5. Internal Capabilities

Who are you (what experience, expertise, and talent do you have to offer) and who is on your winning team?

6. Commercial Viability

What is your unique selling point or value proposition? Is it scalable? What is the return on investment (need to

determine the value of the product idea with cash flow, cash inflow, profit, relative return)?

Note: You do not need to do a rigorous screening or evaluation of the business idea. This guide is to give you a

taste of what is expected of you on your entrepreneurial educational journey. The guide is enough for you to

eliminate those ideas that are impractical and ones that show potential to move toward the concept stage, the

product development stage, the test marketing stage, and finally into commercialisation.

——

Part B – Concept Development Pitch (Video Recording)

As your module 8 & 9 has taught you what an Elevator pitch is, the question is why would we need to do it?

Simply put, to be successful within the world of work, entrepreneurship and to succeed in the face of these

challenges such as the Sharks, Dragon, Tiger or Venture capitalists, the Elevator pitch is the single most

important thing that you must master to succeed.

You must produce a 1 minute elevator pitch video ** using the opportunity identified in Part A to generate

interest, intrigue, and commitment of financial investment from a Venture Capitalist. Pitches must frame the

value proposition of the opportunity specific to your start-up entrepreneurial firm

Format APA

Academic Level: Masters

Volume of 1700 – 2000 pages (7 pages)

Type of service: Custom writing

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