Small Business Focus

How to assess an opportunity (and how to pounce on it if it’s a good one)

Some opportunities you create yourself while others fall in your lap.

But how do you assess whether it’s really a good opportunity? And how do you strike while the iron is hot?

We interviewed Aurik Business Incubator Director and CEO Pavlo Phitidis. We also took some listeners' calls. Listen to the audio (scroll down) for more detail.

Through experience, and making mistakes, you learn how to spot an opportunity.

Pavlo Phitids, Aurik Business Incubator

Who is the opportunity for? The better defined your market, the better the chance that it’s a good opportunity.

Pavlo Phitids, Aurik Business Incubator

If there isn’t a clear route to the market; stay away! The easier it is to get the product on the market, the better the opportunity.

Pavlo Phitids, Aurik Business Incubator

Does it solve a problem? If so, it’s a good opportunity. Steer clear if you can’t define the problem.

Pavlo Phitids, Aurik Business Incubator

Is it scaleable? If not, it’s probably not a good idea.

Pavlo Phitids, Aurik Business Incubator

This article first appeared on 702 : How to assess an opportunity (and how to pounce on it if it’s a good one)


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