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Opportunity Assessment & Evaluation
Due: Mon Sep 9, 2024 10:00amDue: Mon Sep 9, 2024 10:00am
Ungraded, 10 Possible Points10 Points Possible
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Available: Aug 29, 2024 5:30pm until Dec 14, 2024 11:59pmAvailable: Aug 29, 2024 5:30pm until Dec 14, 2024 11:59pm
Details
Objective: In this assignment, your team will explore a wide range of ideas and select one that you believe has high potential as a new venture opportunity. Your goal is to validate your assumptions through market research, gather relevant data, and present a compelling case for why your chosen opportunity should be pursued as your term project.
Instructions:
Idea Generation and Selection:
Collaborate with your team to brainstorm a broad array of ideas for potential products or services. Aim to generate as many ideas as possible without filtering or critiquing them initially.
Once you have a substantial list, evaluate the ideas against key criteria such as market need, feasibility, potential for innovation, and alignment with your team’s interests and skills.
Select one idea that stands out as a high-potential opportunity. This will be the focus of your investigation and analysis.
Testing Assumptions:
Formulate hypotheses about the market need, target users, and potential competitors for your chosen idea.
Engage with potential users, customers, partners, and competitors to validate or refine your assumptions. Gather qualitative and quantitative data on the market, product category, and potential demand.
Use this information to assess the viability and attractiveness of the opportunity.
Opportunity Evaluation:
a) Opportunity Description: Explain why this opportunity appeals to your team. Discuss why you believe it represents a new venture opportunity, considering factors like innovation, market demand, and potential for growth.
b) Alignment with Characteristics: Analyze how this opportunity aligns with the characteristics of a successful venture as discussed in the lecture and your textbook. Consider aspects such as scalability, competitive advantage, and market timing.
c) Team Competencies: Describe the competencies and skills your team members bring to this venture. Discuss how these strengths will contribute to the success of the project.
d) Passion and Commitment: Reflect on the passion and commitment your team has for this opportunity. How does your collective enthusiasm translate into a strong drive to pursue this idea?
e) Opportunity Evaluation Based on Criteria: Provide a detailed evaluation of the selected opportunity using the criteria discussed in the lecture and your textbook. Explain how the opportunity meets or exceeds these criteria and why it is a compelling choice.
Deliverables:
a) Paper: Write a comprehensive report addressing the points listed above. Your paper should be well-structured, with clear sections for each part of the evaluation.
b) PPT Presentation: Create a PowerPoint presentation that summarizes your opportunity assessment. This presentation should be compelling and concise, highlighting the key findings and justifications for your chosen idea.
