1. growthink www.growthink.com How to Judge Business Ideas and Select the Winners growthink Session # 2

2. growthink www.growthink.com 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

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

4. growthink www.growthink.com SWOTS are Dead (Do “SO” Analysis)

5. growthink www.growthink.com 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

6. growthink www.growthink.com Write Down & Rank Your Strengths

7. growthink www.growthink.com 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

8. growthink www.growthink.com Judging Your Opportunities

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

10. growthink www.growthink.com 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)

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

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

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