The 12 Rs of Opportunity Screening

After opportunity-seeking comes to the rigorous process of Opportunity Screening. Because of the many opportunities possible for the entrepreneur, it is important to come up with a shortlist of a few very promising opportunities, which could be scrutinized in detail.

  1. Relevance to vision, mission, and objectives of the entrepreneur. The opportunity must be aligned with what you have as your personal vision, mission, and objectives for the enterprise you want to set up.
  2. Resonance to values. Other than vision, mission, and objectives, the opportunity must match the values and desired virtues that you have or wish to impart.
  3. Reinforcement of Entrepreneurial Interests. How does the opportunity resonate with the entrepreneur’s personal interests, talents, and skills?
  4. Revenues. In any entrepreneurial endeavor, it is important to determine the sales potential of the products or services you want to offer. Is there a big enough market out there to grab and nurture for growth?
  5. Responsiveness to customer needs and wants. If the opportunity that you want to pursue addresses the unfulfilled or underserved needs and wants of customers, then you have a better chance of succeeding.
  6. Reach. Opportunities that have good chances of expanding through branches, distributorships, dealerships, or franchise outlets in order to attain rapid growth are better opportunities.
  7. Range. The opportunity can potentially lead to a wide range of possible product or service offerings, thus, tapping many market segments of the industry.
  8. Revolutionary Impact. If you think that the opportunity will most likely be the “next big thing” or even a game-changer that will revolutionize the industry, then there is a big potential for the chosen opportunity
  9. Returns. It is a fact that products with low costs of production and operations but are sold at higher prices will definitely yield the highest returns on investments. Returns can also be intangible; meaning, they come in the form of high profile recognition or image projection.
  10. Relative Ease of Implementation. Will the opportunity be relatively easy to implement for the entrepreneur or will there be a lot of obstacles and competency gaps to overcome?
  11. Resources Required. Opportunities requiring fewer resources from the entrepreneur may be more favored than those requiring more resources.
  12. Risks. In an entrepreneurial endeavor, there will always be risks. However, some opportunities carry more risks than others, such as those with high technological, market, financial, and people risks.