-: Welcome to Part Three of the Situational Analysis Video.
So now we're gonna look at,
last time we used the word opportunity
for beneficial external
forces.
Please note that we're gonna think of it
as a new term now in another context,
which is, how do you find an opportunity?
How do you find a good thing for you to do
that would benefit you,
that's a good fit for your organization?
How do you hear opportunity knocking on your door?
How do you find them and how you evaluate them?
So we talked about in environmental scan as a way
to find them, and this is mainly gonna focus on
how do we evaluate them?
And we're gonna go through each one,
they must create value,
that there should be a potential for profit.
The risk bigger than the reward,
the revenue bigger than the cost,
must be a good fit for your firm.
So this is where that strengths
and weaknesses part of the SWOT really comes into play.
We want it to be durable over time,
that it's not just a one shot deal
and something that can obtain financing.
And then also for the community entrepreneurs,
is it good for the environment?
Does it enhance sustainability?
Will it create equity?
Is it a YIMBY?
So we wanna look at is it good
for the environment and
community and the economy?
How and to what extent, how does it work?
What are the key decisions?
And what are the trade-offs?
You always want to evaluate this.
So this is again, where those environmental scans are good.
Not everyone or is gonna buy it,
but would they buy it and would they pay?
And to learn more about what they wanna need,
it can help you co-
create the value.
So first we want to think about
how do we create value
that yours should be better in some way, bigger, faster,
stronger, better price, more reliable.
It may also be that you can serve the dissatisfied folks
or meet a latent
need or desire with a new product or service.
You want to think about the hedgehog model,
your skills, what you love,
your
mission, and does it fit to that?
Is it something that you can and should do?
So again, this is where that strengths
and weaknesses, SWOT analysis, comes into play.
Is it durable?
So here are things that tend to,
have a list here that are sort of faddish.
So you can sort of
protect it through a patent.
Some things are specific to a location,
but one really important way is to be authentic,
that to be the right one to really do this,
that you won't easily be
copied and think about what makes a business authentic.
What's a business that you find authentic and why?
What can you learn from that?
You'll also need to be able to get financing.
So unless you're financing it through your savings,
you're gonna have to get money from someone else.
There's this, so-called the Three F's,
friends, family, and fools.
You might get it from a bank,
there may be angel and investors,
but if it's any of these other than you yourself,
you're gonna have to sell the the idea.
And here's just a quick slide
about the four C's of creditworthiness
so that this is a good thing to remember.
So again, we look for opportunity
through this environmental scanning
at the social economic,
technological, competitive,
and regulatory environment.
What's out there? What need is being unmet,
what want is being unmet?
So we will make sure that it creates value
and advances the triple bottom line.
So this is a recap
of what we did
in these three parts.
And thank you.
(silence)