- [Instructor] Welcome to Week 2 Part 4.
So this is the fourth part of the lecture for this week,
the fourth and final.
And we'll be talking about opportunity.
So not the opportunity in the SWAT analysis,
but the opportunity of what should you go for,
what's out there that creates a chance for you
to run a successful business or organization.
The last topic is an opportunity,
which is the beginning of any venture.
So any organization, any business,
that begins should find an unmet need or want
that they are going to meet.
So, we talked about
the external factors and environmental scan
on how to find them,
and now we're going to talk about how to evaluate them.
I'm gonna walk through in summary the characteristics,
and then, go through each one.
So there's five of them and the first one...
So the first three here,
so, good opportunities, first, they create value.
So there is a real need,
a desire or a problem that they address.
And remembering our value equation
that they provide benefits.
Next is the potential for profit.
So if you are a for-profit organization
that the expected reward in the longterm,
the revenue should be greater than the risk and the costs.
And looking at the internal analysis,
that it should be a good fit for the firm's resources,
that the strengths that the firm or the organization has
for addressing it should be greater than the weaknesses.
That the organization should have the experience,
the skills, the resources like labor and management,
and have the values and the passions
to meet this need or solve this problem.
The last four are,
will the demand for this be durable over time?
It's not based on some fad or some obsolete technology.
And finally, can it obtain financing?
And then, a few extras that I want you to ponder
are for the community entrepreneurs.
Does it protect and enhance the natural
and the built environment?
And does it equitably share risk and reward
among all stakeholders?
And is it a YIMBY? A yes, in my backyard.
So if you put all of those things together
and if you can say yes,
then I think that would be an excellent opportunity
for a budding community entrepreneur, such as yourself.
So again, looking at sustainability,
looking at the three legs of the stool
or the (indistinct) line,
how does it do that?
And, how would you operationalize this?
What are the key decisions you have to make?
And what are the trade-offs that you might have to make?
Who's going to win and lose from this?
One step in any opportunity
is to be able to validate it with potential customers.
That if we remember back,
and we ask who will buy it and they say everyone,
they probably haven't done a very good job
of thinking through who their customers are.
So, by thinking about who are folks that would buy this,
and then, would they buy it and how much would they pay,
and to get feedback so they can help co-create the value
to really help to design its attributes
to meet their needs and wants even better.
So, I'll go through each one of those five.
First is creating value.
So, it's a better product or service
It performs better, or a better price,
faster, more reliable.
There has to be something it does
that the existing products don't.
One thing is to serve dissatisfied customers,
or if it's a new product or service,
to make this a latent need or desire.
But there has to be something about it
that creates value for someone who will then buy it.
Or if it's an organization,
fits a need so that someone will support you.
Next, is it a good fit based on your passions
and your commitment and your skills,
and the skills and knowledge and abilities
of the team that you're going to put around yourself?
Is it a good fit for your internal resources?
Do you have the needed knowledge, experience and technology?
And, is it a good fit for your firm's mission statement?
To think back to our grid,
is it an opportunity greater than the threats
in our, the strengths that you have to put toward
meeting a greater than the weaknesses.
Can you play offense?