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- [Instructor] Welcome to Week 2 Part 4.

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So this is the fourth part
of the lecture for this week,

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the fourth and final.

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And we'll be talking about opportunity.

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So not the opportunity
in the SWAT analysis,

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but the opportunity of
what should you go for,

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what's out there that
creates a chance for you

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to run a successful
business or organization.

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The last topic is an opportunity,

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which is the beginning of any venture.

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So any organization, any business,

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that begins should find
an unmet need or want

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that they are going to meet.

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So, we talked about

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the external factors
and environmental scan

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on how to find them,

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and now we're going to talk
about how to evaluate them.

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I'm gonna walk through in
summary the characteristics,

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and then, go through each one.

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So there's five of them
and the first one...

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So the first three here,

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so, good opportunities,
first, they create value.

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So there is a real need,

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a desire or a problem that they address.

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And remembering our value equation

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that they provide benefits.

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Next is the potential for profit.

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So if you are a for-profit organization

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that the expected reward in the longterm,

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the revenue should be greater
than the risk and the costs.

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And looking at the internal analysis,

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that it should be a good fit
for the firm's resources,

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that the strengths that the
firm or the organization has

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for addressing it should be
greater than the weaknesses.

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That the organization
should have the experience,

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the skills, the resources
like labor and management,

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and have the values and the passions

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to meet this need or solve this problem.

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The last four are,

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will the demand for this
be durable over time?

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It's not based on some fad
or some obsolete technology.

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And finally, can it obtain financing?

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And then, a few extras
that I want you to ponder

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are for the community entrepreneurs.

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Does it protect and enhance the natural

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and the built environment?

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And does it equitably
share risk and reward

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among all stakeholders?

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And is it a YIMBY? A yes, in my backyard.

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So if you put all of those things together

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and if you can say yes,

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then I think that would be
an excellent opportunity

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for a budding community
entrepreneur, such as yourself.

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So again, looking at sustainability,

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looking at the three legs of the stool

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or the (indistinct) line,

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how does it do that?

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And, how would you operationalize this?

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What are the key decisions
you have to make?

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And what are the trade-offs
that you might have to make?

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Who's going to win and lose from this?

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One step in any opportunity

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is to be able to validate
it with potential customers.

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That if we remember back,

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and we ask who will buy
it and they say everyone,

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they probably haven't done a very good job

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of thinking through who
their customers are.

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So, by thinking about who are
folks that would buy this,

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and then, would they buy it
and how much would they pay,

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and to get feedback so they
can help co-create the value

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to really help to design its attributes

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to meet their needs and wants even better.

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So, I'll go through
each one of those five.

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First is creating value.

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So, it's a better product or service

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It performs better, or a better price,

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faster, more reliable.

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There has to be something it does

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that the existing products don't.

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One thing is to serve
dissatisfied customers,

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or if it's a new product or service,

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to make this a latent need or desire.

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But there has to be something about it

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that creates value for
someone who will then buy it.

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Or if it's an organization,

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fits a need so that
someone will support you.

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Next, is it a good fit
based on your passions

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and your commitment and your skills,

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and the skills and knowledge and abilities

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of the team that you're
going to put around yourself?

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Is it a good fit for
your internal resources?

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Do you have the needed knowledge,
experience and technology?

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And, is it a good fit for
your firm's mission statement?

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To think back to our grid,

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is it an opportunity
greater than the threats

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in our, the strengths that
you have to put toward

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meeting a greater than the weaknesses.

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Can you play offense?