Evaluating an opportunity involves a thorough analysis to determine its potential. Entrepreneurs often use the following criteria:
SWOT Analysis: Assessing the strengths, weaknesses, opportunities, and threats related to the opportunity. Market Size: Estimating the total addressable market and potential market share. Financial Projections: Calculating the expected revenues, costs, and profits. Resource Requirements: Identifying the necessary resources such as capital, talent, and technology. Risk Assessment: Evaluating potential risks and developing mitigation strategies.