Business Opportunities and Analysis

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What is an opportunity in business?

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A situation that enables an entrepreneur to offer products or services to interested or potential buyers.

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What are the key components of the opportunity development process?

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1. Identify Opportunity 2. Evaluate Opportunity 3. Select Opportunity

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What factors should be considered when evaluating an opportunity?

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Market conditions, operational processes, and financial aspects.

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What does SWOT stand for in SWOT analysis?

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Strengths, Weaknesses, Opportunities, Threats.

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What is the purpose of SWOT analysis?

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To develop strategies that maximize strengths and capitalize on opportunities while assessing internal and external factors.

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What are the four elements of the Business Model Canvas (BMC)?

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1. Customer Segments 2. Value Propositions 3. Channels 4. Customer Relationships.

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What is the significance of customer segments in a business model?

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They represent distinct groups of customers with common needs and behaviors.

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What is a value proposition?

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It differentiates a firm's products or services from competitors and explains why consumers should choose them.

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What are the types of channels in a business model?

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Distribution Channels and Marketing Channels.

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What are revenue streams in a business model?

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They identify how a business makes money from each customer segment.