Business Opportunity Assessment Action Plan
Complete the following assessment form by answering questions and or
completing tasks set forth in the four assessment areas. Use the answers and data
collected to summarize and evaluate the potential for success of the new business
1. Why do I want to start this business?
2. Do I have the ability and personal commitment to run this business?
3. Why is this idea likely to be successful?
• Who is the Customer?
• What do they look like (demographics)? RESEARCH
• Do they have the money to by the product (likely price of the item
vs. demographic income)?
• Does the product or service solve a problem or fulfill a need the
would justify a customer buying the product?
• Are the customers likely to be repeat customers?
• Why will a customer come to you rather than your competitor?
• Collect data on your competition by searching the internet for
existing and potential competition for your new idea. Research by
reviewing competitor’s ecommerce websites and local
newspapers, journals or newsletters to get an idea of who your
customers would be, what they do with the idea of why your
product would stand out from the others.
4. Do you have the money to start this business?
• How much will it cost to start the company?
• How much money will you be able to contribute personally?
• Where will additional funds come from if needed?
5. Assess the Market
• Create a focus group using friends, family or classmates asking
their ideas via survey or interview as to the validity of the
customer need and desire for the product or service. And/Or
• Create groups on social media and ask their general impressions.
In both suggestions, be sure to ask if they would buy the product
AND how much they would pay for the service or give the price
you want to charge and ask if they would pay that price. Research
may be needed to develop the best questions but not required.
6. SUMMARY AND EVALUATION OF THE MATERIAL COLLECTED
• What major points did you learn about the strength of your startup
• What did the data from the market analysis and competitor review
tell you about the likelihood of success in the marketplace?
• Is the business likely to be successful? If so why, if not why not?
• If not or if the evaluation suggests modifications of the idea what
would you do? (Do not continue in the course with an idea that
will not make money. Contact the instructor for direction.)
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