WEBVTT 1 00:00:02.400 --> 00:00:06.153 Welcome to Part Three of the Situational Analysis Video. 2 00:00:08.820 --> 00:00:10.020 So now we're gonna look at, 3 00:00:10.020 --> 00:00:13.320 last time we used the word opportunity 4 00:00:13.320 --> 00:00:17.416 for beneficial external 5 00:00:17.416 --> 00:00:18.510 forces. 6 00:00:18.510 --> 00:00:20.580 Please note that we're gonna think of it 7 00:00:20.580 --> 00:00:24.750 as a new term now in another context, 8 00:00:24.750 --> 00:00:28.860 which is, how do you find an opportunity? 9 00:00:28.860 --> 00:00:32.580 How do you find a good thing for you to do 10 00:00:32.580 --> 00:00:34.380 that would benefit you, 11 00:00:34.380 --> 00:00:38.700 that's a good fit for your organization? 12 00:00:38.700 --> 00:00:42.240 How do you hear opportunity knocking on your door? 13 00:00:42.240 --> 00:00:44.590 How do you find them and how you evaluate them? 14 00:00:47.040 --> 00:00:50.160 So we talked about in environmental scan as a way 15 00:00:50.160 --> 00:00:53.880 to find them, and this is mainly gonna focus on 16 00:00:53.880 --> 00:00:56.460 how do we evaluate them? 17 00:00:56.460 --> 00:00:59.010 And we're gonna go through each one, 18 00:00:59.010 --> 00:01:01.023 they must create value, 19 00:01:01.860 --> 00:01:06.780 that there should be a potential for profit. 20 00:01:06.780 --> 00:01:09.390 The risk bigger than the reward, 21 00:01:09.390 --> 00:01:12.870 the revenue bigger than the cost, 22 00:01:12.870 --> 00:01:16.620 must be a good fit for your firm. 23 00:01:16.620 --> 00:01:18.540 So this is where that strengths 24 00:01:18.540 --> 00:01:23.493 and weaknesses part of the SWOT really comes into play. 25 00:01:25.950 --> 00:01:29.280 We want it to be durable over time, 26 00:01:29.280 --> 00:01:32.400 that it's not just a one shot deal 27 00:01:32.400 --> 00:01:34.920 and something that can obtain financing. 28 00:01:34.920 --> 00:01:39.920 And then also for the community entrepreneurs, 29 00:01:40.110 --> 00:01:41.880 is it good for the environment? 30 00:01:41.880 --> 00:01:45.450 Does it enhance sustainability? 31 00:01:45.450 --> 00:01:47.670 Will it create equity? 32 00:01:47.670 --> 00:01:49.143 Is it a YIMBY? 33 00:01:51.780 --> 00:01:54.420 So we wanna look at is it good 34 00:01:54.420 --> 00:01:56.470 for the environment and 35 00:01:59.490 --> 00:02:02.283 community and the economy? 36 00:02:03.150 --> 00:02:06.393 How and to what extent, how does it work? 37 00:02:06.393 --> 00:02:08.460 What are the key decisions? 38 00:02:08.460 --> 00:02:10.053 And what are the trade-offs? 39 00:02:11.430 --> 00:02:13.920 You always want to evaluate this. 40 00:02:13.920 --> 00:02:17.730 So this is again, where those environmental scans are good. 41 00:02:17.730 --> 00:02:20.100 Not everyone or is gonna buy it, 42 00:02:20.100 --> 00:02:22.980 but would they buy it and would they pay? 43 00:02:22.980 --> 00:02:27.510 And to learn more about what they wanna need, 44 00:02:27.510 --> 00:02:28.773 it can help you co- 45 00:02:30.630 --> 00:02:32.913 create the value. 46 00:02:34.800 --> 00:02:36.880 So first we want to think about 47 00:02:37.800 --> 00:02:39.960 how do we create value 48 00:02:39.960 --> 00:02:44.070 that yours should be better in some way, bigger, faster, 49 00:02:44.070 --> 00:02:48.390 stronger, better price, more reliable. 50 00:02:48.390 --> 00:02:51.990 It may also be that you can serve the dissatisfied folks 51 00:02:51.990 --> 00:02:53.800 or meet a latent 52 00:02:54.960 --> 00:02:59.733 need or desire with a new product or service. 53 00:03:01.770 --> 00:03:04.770 You want to think about the hedgehog model, 54 00:03:04.770 --> 00:03:07.590 your skills, what you love, 55 00:03:07.590 --> 00:03:08.423 your 56 00:03:11.274 --> 00:03:14.160 mission, and does it fit to that? 57 00:03:14.160 --> 00:03:17.133 Is it something that you can and should do? 58 00:03:19.080 --> 00:03:22.290 So again, this is where that strengths 59 00:03:22.290 --> 00:03:26.343 and weaknesses, SWOT analysis, comes into play. 60 00:03:28.710 --> 00:03:30.450 Is it durable? 61 00:03:30.450 --> 00:03:32.340 So here are things that tend to, 62 00:03:32.340 --> 00:03:35.640 have a list here that are sort of faddish. 63 00:03:35.640 --> 00:03:37.420 So you can sort of 64 00:03:39.570 --> 00:03:42.030 protect it through a patent. 65 00:03:42.030 --> 00:03:45.540 Some things are specific to a location, 66 00:03:45.540 --> 00:03:50.130 but one really important way is to be authentic, 67 00:03:50.130 --> 00:03:54.600 that to be the right one to really do this, 68 00:03:54.600 --> 00:03:56.830 that you won't easily be 69 00:04:00.810 --> 00:04:05.190 copied and think about what makes a business authentic. 70 00:04:05.190 --> 00:04:08.460 What's a business that you find authentic and why? 71 00:04:08.460 --> 00:04:10.293 What can you learn from that? 72 00:04:12.810 --> 00:04:16.500 You'll also need to be able to get financing. 73 00:04:16.500 --> 00:04:20.100 So unless you're financing it through your savings, 74 00:04:20.100 --> 00:04:23.700 you're gonna have to get money from someone else. 75 00:04:23.700 --> 00:04:25.800 There's this, so-called the Three F's, 76 00:04:25.800 --> 00:04:27.690 friends, family, and fools. 77 00:04:27.690 --> 00:04:29.220 You might get it from a bank, 78 00:04:29.220 --> 00:04:31.593 there may be angel and investors, 79 00:04:32.536 --> 00:04:35.550 but if it's any of these other than you yourself, 80 00:04:35.550 --> 00:04:38.133 you're gonna have to sell the the idea. 81 00:04:40.350 --> 00:04:42.900 And here's just a quick slide 82 00:04:42.900 --> 00:04:47.900 about the four C's of creditworthiness 83 00:04:48.510 --> 00:04:53.373 so that this is a good thing to remember. 84 00:04:56.190 --> 00:04:58.770 So again, we look for opportunity 85 00:04:58.770 --> 00:05:01.170 through this environmental scanning 86 00:05:01.170 --> 00:05:03.210 at the social economic, 87 00:05:03.210 --> 00:05:04.830 technological, competitive, 88 00:05:04.830 --> 00:05:07.800 and regulatory environment. 89 00:05:07.800 --> 00:05:10.140 What's out there? What need is being unmet, 90 00:05:10.140 --> 00:05:12.033 what want is being unmet? 91 00:05:13.935 --> 00:05:18.870 So we will make sure that it creates value 92 00:05:18.870 --> 00:05:23.133 and advances the triple bottom line. 93 00:05:24.810 --> 00:05:28.500 So this is a recap 94 00:05:28.500 --> 00:05:29.430 of what we did 95 00:05:29.430 --> 00:05:31.293 in these three parts. 96 00:05:32.730 --> 00:05:33.563 And thank you. 97 00:05:35.126 --> 00:05:37.293 (silence)