IDENTIFYING and capitalising on factors which assist the success of a potential business opportunity requires significant research and planning. The greater the planning detail, the greater the opportunity for success.
In beginning, a thorough assessment/ benchmarking of the proposed venture is critical for success.
A detailed assessment of a new opportunity would begin with a stakeholder matrix – assessing the need for the product and service and the demographic who the business is aimed at.
Assessment of the longevity of the opportunity under consideration will help determine whether to proceed – is the opportunity for a defined period of time or ongoing?
Exploration of demand, competitors, resources to support the business, inhibitors, taxation and government funding support are all factors which will impact on the likelihood of success.
The quality of the business plan will also affect the venture’s likely success.
This plan would identify how the business would be structured, funding requirements, income streams, resources required (staff expertise), the proposed market and delivery strategy. This plan would identify issues and risks as well as market opportunities (local and export) and respond to each of these elements.
A detailed understanding of where the business would be positioned in the marketplace, its point of difference and its capacity for expansion or evolution in a changing market is also required to build business success. An emergent opportunity may be the only one in the marketplace – hence at initiation have no competitors. Even so, it is critical the business clearly identifies and articulates its goals, objectives, values and positioning within the marketplace. This assists the business to stay on track as well as develop a strong brand for stakeholders to be affiliated with;
Identification of taxation requirements, export capabilities and costs and any associated ‘start-up’ assistance for example government grants are among other issues affecting opportunity for business
Other factors impacting on the viability of the business include:
- Maintaining relevance;
- Longevity of the product or service to be provided by the business;
- Emergent technologies and an understanding of the potential impact of these on the business;
- A willingness to take risk
- Appropriate skills to deliver the business at hand;
- Access to resources which will support the business outcomes;
- A marketing and engagement strategy;
- Financial resources;
- Good relationship skills – after all business at its core is all about people and if you are operating within a competitive field the customer, the business partner and the potential employee will always gravitate towards the business which values relationships – and demonstrates this;
- Product/ professional capacity to deliver the business at hand – there’s no point in launching a digital communication agency with only personal knowledge of social media platforms.
Positive role models, passion for the product or service, commitment to success, perseverance, vision for the future and self belief are attributes which on their own can either make or break a venture.
Is your venture positioned for success?
