Page 11 - MICROHUB Handbook - ENGLISH

Now that you know why it is important you can learn how to do it.
Spotting opportunity can be broken down to identifying the opportunity,

evaluating it, and then acting on it. To use your abilities to create some
value (EntreComp, 2016 p. 12).

● Identifying the opportunity: When starting any kind of business,
you might want to answer this question first: Is your product a solution to

some already existing problem? Will it fill the gap in the market? Can you
improve an already existing product? Many successful businesses were

created by trying to solve some personal need or problem. Founder of
the cosmetic brand Malinna was looking for an effective and

biodegradable cleaning product and ended up creating a prosperous
family business.

● Evaluation: When you decide on your product, you should find out if
it’s viable. This phase is also known as market research or analysis (we

are covering it in more detail in the section SWOT and market analysis). In
this stage you should get feedback on your idea from real people – do

they wish to buy your product? Do they need it? This also helps you to
specify your target group (who will be your buyer, how big is the potential

market).

● Action: If the answers to these questions lead you to believe that
your product is needed and wanted, it is time to act on it. An idea will stay
just that, an idea, unless you do something about it.

IDENTIFYING THE
OPPORTUNITY

EVALUATION ACTION

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