Unit 27-L.O.4 Evaluate the entrepreneurial idea in the context of the market and competitors and make an assessment of potential viability

Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business

Evaluating an entrepreneurial idea in the context of the market and competitors can be a difficult, but necessary step. It should start with identifying what causes a need or problem that is not currently being met by the marketplace. Considering who your potential customer is will help answer questions about how they might use your product, and what additional functionalities it may require for ease of use or increased efficacy.

Assessment about potential viability includes considering whether the product could be manufactured at an affordable price point, what distribution channels you plan to use to reach consumers, and how you might go about marketing and advertising so that customers know your brand.

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Finally, when considering product monetization strategies (e.g., free or paid), it’s important to think through which pricing options will allow you to turn a profit without leaving money behind on the table.

Methods of Evaluation:

Evaluation of ideas using SWOT based on evidence from the macro-environment, market, and competitor analysis.

A SWOT analysis of an idea is the evaluation of strengths, weaknesses, opportunities, and threats from the macro-environment, competitor analysis, and market.

The process includes evaluating whether there are new trends in the environment that could lead to positive or negative changes for our company; researching the competition’s current or potential offerings in how they compare with ours; considering staffing needs to ensure adequate coverage across work activities while reducing overstaffing against contingencies that may arise.

A SWOT focuses on future challenges as well as those inherent in today’s operating conditions. It also takes into account relationships with suppliers and partners who are necessary for success — both their commitments and what we might depend on them for. It can’t be done without quantifying all of this in some way by way of a spreadsheet model.

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A SWOT is not meant as a blueprint for action; rather it’s intended to provide direction and, if used properly, will bring about an informed decision about whether or not to move ahead with our expectations based on the conditions we currently face or may encounter in the future. … Continuing down this avenue of thought takes us into another realm: evaluating whether going forward makes sense at all from both a financial and emotional standpoint.

Objective assessment of the idea to judge whether it is likely to be viable as a business or social enterprise proposition.

“For a social or business enterprise to be successful, it is necessary to have a compelling concept”

The first step in developing your idea (whether for a business or social enterprise) is to find out whether this idea has been addressed before.

You can do this by searching ‘competitors’ at Google and seeing what your competitors are doing.

The second step after assessing whether the idea has been done before is ensuring that you are addressing an audience’s need. In other words, potential users of your product will need to want your product enough to buy it and keep on using it; so make sure the message you’re campaigning with resonates well and persuasively balances relevance with perspective (the issue plus why people should care about that issue right now), and ideas with action (what you’re going to do about it).

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A third step is to assess whether the potential market you will be targeting has a sizeable enough market share for your product.  Consider, too, that there are other factors that may affect how well your product is received by the public: its price; the quality of its ingredients; if anyone else is already doing it; etc.

The final step towards assessing the viability of an entrepreneurial idea or business venture is to make an assessment of whether the resources at hand can sustain a sustainable growth trajectory. It’s also important to ensure that there isn’t any aspect of your product or service that will require large amounts of capital investment in order for it develops.

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