growthink How to Judge Business Ideas and Select the Winners growthink Session # 2

growthink In this presentation, we’re going to Explain the importance of opportunities Explain why strengths trump all Determine your strengths Brainstorm growth opportunities Judge your opportunities to find the right ones to pursue

growthink Great entrepreneurs and companies go after great opportunities, and pivot when needed Be open to change and new opportunities

growthink SWOTS are Dead (Do “SO” Analysis)

growthink What are YOUR strengths? You and/or your company Examples – Reputation and/or market awareness – Assets (equipment, cash on hand, etc.) – People – Experience – Location – Product quality – Licenses/accreditations – Processes/systems – Culture/morale

growthink Write Down & Rank Your Strengths

growthink Opportunities for Growth Brainstorm opportunities to grow your business – New/improved products or services? – Further penetrating existing markets New marketing channels or strategies? – New customers or markets to target

growthink Judging Your Opportunities

growthink 1. Judge Against Your Strengths Which opportunities best leverage your existing strengths – Move those up on your list Or…is strength easy to acquire?

growthink 2. Judge Against the Ansoff Matrix The Ansoff Matrix, or Product/Market Expansion Grid, shows the four most common ways you can grow your business 1.Selling your existing products to existing customers 2.Selling new products to existing customers 3.Selling your existing products to new markets 4.Selling new products to new markets (hardest)

growthink 3. Judge Against Market Criteria Big Market Size? Positive Market Trends? Competitive Gaps? Solving a Real Pain? Ability to Target Customers?

growthink 4. Judge Against Financial Projections What is the potential financial impact (and financing required) of each opportunity? “Back of the envelope” for now

growthink Write down, in order of importance, your top 1-3 opportunities to grow your business