Evaluation of opportunities
4 important questions on Evaluation of opportunities
What is the traditional definition of evaluation?
Evaluations are often carried out in connection with something that has already been undertaken.
What is the instrumental perspective of evaluation?
Basically, the instrumental perspective consists of a series of tools and guidelines to gather the information that can support the evaluation process.
The purpose of these guidelines is to gain insight into whether the idea represents a real present/future opportunity or not, including wheteher, the opportunity is attractive to the entrepreneur himself.
What are the four areas where the instrumental evaluation shoud focus on?
- Product/service (Is there room in the market for such a product/service?)
- The market/industry (the analysis of the industry and market in which the business will operate)
- organisation
- funding
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What are the five dimensions of the VIQ framework?
- Product = the essence of the idea
- market = the group of clients and organisations who are interested in the idea
- industry = organisations offering the same or substitute products, services etc.
- people = the entrepreneur/ the entrepreneurial team
- money = the financial dimension
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