- You and your team are passionate and persistent ...
- Your team has or can learn the skills needed ...
- Your team can collaborate and cooperate ...
- The problem is clear ...
- The customers are readily identified ...
- The market is significant ...
- You have a feasible solution ...
- The competition is identifiable ...
- Your solution has better and sustainable benefits ...
- Your solution can generate a sustainable profit ...
- Your venture is timely, important, legal ...
- Your venture can build barriers to entry ...
- Your concept is scalable ...
- You'll invest less time, money, and effort in the venture than it will be worth in a couple of years ...
- If the opportunity turns out to be less than favorable, you can exit with minor losses ...
- Risks can be mitigated ...
- The upside potential is significant and timely ...
- Your team has a clear plan for success ...
- Your team can find the resources needed ...
- You and your team are committed to success ...
- The opportunity has a potential for long-term success ...
<< Innovating IS Competitive Creativity! >>
Tips for Picking the Right Opportunity
Competitive Creativity Mindmap
For 20+ years, I taught in a University of Arizona entrepreneurship program. This Innovation Impact Mindmap started on the whiteboard in my office, a graphic schematic of the course syllabus.
A syllabus is sequential, but innovation and entrepreneurship usually is not. They bounce around a bit, from here to there and round again.
The whiteboard version was fairly simple, but useful. Students and colleagues took pictures of it for reference. So, I thought, why not elaborate it just a little bit?
[OK, OK, so maybe a little bit more than just a little bit!]
I've added elements that I thought would be most useful, but certainly not all apply to every new venture! The "main highway" is the mission statement, highlighted in yellow.
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