Business opportunities – a guide to choosing winners

3rd May, 2024

Business opportunities come in all shapes and sizes.  The key to success is to know which ones to pursue and which ones to leave (at least for the moment).  No one wants to be that guy that let the next new business idea pass him by, but at the same time pursuing too many initiatives at the same time is likely to cause a dip in performance.  What’s needed is a way to systematically evaluate an opportunity which is scalable based on the size of your business and whether you’re just starting off, or a well established business looking for new sources of revenue growth.  That’s why we created this guide:  entrepreneurs can use it as a mental checklist to take the emotion out of their decision process; whereas  product marketers and business managers can use it as preparation for a product/ business development plan.

The AUSPresence guide to developing business opportunities has been developed with aim of not constraining thinking too early in the process.  Working from the market-side, we first scope the new business idea to better understand its characteristics and determine the critical success factors.  Importantly we then ask ‘what would it take?’ – i.e. what would a product have to look like in order to meet the critical success factors?  In this way we can give our product development imaginations free reign before starting to impose realities around strengths and weaknesses, corporate objectives, etc.

The key thing to remember is that the guide is intended as a stepping stone, not a destination in itself.  For those in product development, it’s a useful tool for deciding whether to invest the time and resources to take a new business idea though to a product concept/feasibility stage.  Therefore your research and the level of detail you consider should only be as much as required to take the one of your business opportunities to the point where you (or your stakeholders) can decide whether to proceed or not.  You can save time by engaging AUSPresence to do this work for you.  Contact us for a confidential discussion today.

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