2.5.8 Other strategic criteria
One or two of the criteria below have been covered in the sections above. However, repetition here reinforces their importance.
Is the timing of the venture appropriate? Starting a venture prematurely can be futile. Similarly, latecomers may find the market saturated or the demand having declined.
How flexible is the opportunity? One must be able to modify strategies and products, including exit and expansion strategies, to be able to match these with the times.
How competitive is the product or service in terms of price?
Are the distribution channels accessible? In other words, are distributors willing to give you products? Sometimes they do not want to upset their existing suppliers by selling to start-ups. In addition, suppliers sometimes do not want to upset their distributors by selling to start-ups. So the venture may just be shut out of a profitable channel.
What is your competitive advantage? In other words, what advantage do you have over the competition? Do you have better location, product or service quality, technology, more flexibility?
Tasks
Watch this video to understand how business opportunities are sought:
2.5.8 Other strategic criteria