Company Of One With Dale Callahan

Weekly I am approached with new ideas for businesses. Ideas are easy, but few find true opportunity. Determining the difference between an idea and an opportunity is a critical first step in the evaluation of a business's potential. Let me show you how I perform an opportunity analysis. Photo courtesy of Flickr/Creative Commons/Craig Sunter [/featured-image] Click to Listen*NOTE: If you are reading this in email, you will need to go to Itunes or my blog to get access to this show.Ideas vs OpportunitiesAn idea is a groundless supposition, while an opportunity has potential to allow you to meet a goal. The opportunity analysis is the process of determining if an idea is in fact an opportunity. The world of venture capital would call this doing your due diligence. I just call it doing your homework.First - get clear on the basics What will you do? Be clear and concise!Who is the customer? Think of a list. How big?What is the pain that you are relieving? The pain helps you identify your value proposition.Wh