Phase 1 Opportunity ALT TXT decorative

Identifying the opportunity can be one of the more difficult and time consuming phases as in this first stage can involve a number of stakeholders who ultimately must support the decision to launch the enterprise but have differing opinions on what the core problem is to be solved and how best to resolve it. The goal in this discovery phase is that a group of potential members come to consensus on the nature of the problem. Likely, these preliminary discussions are initiated by one or a few individuals. These persons must present a compelling argument to enlist the interest of a larger group of persons.

Steps Individuals Involved
• Define critical questions
• Explore relevant market/economic need
• Discuss and agree upon the scope and nature of the problem or opportunity
• Research economic aspects of the problem
• Potential members
• Advisors
• Consultants
• Community leaders

Action Steps

  • Open meetings convened to examine scope and nature of the problem
  • Closed meetings held to discuss sensitive or proprietary business strategies
  • Group of leaders emerge through discussion process
  • Group agrees on importance of the problem and that pursuing a collective solution is worthwhile
  • Group of leaders for a steering committee to further study the problem and coordinate activities on behalf of the group throughout the remaining phases

Critical Questions

  • What is the root of the problem to be addressed?
  • Can a new enterprise address the problem?
  • What is the purpose of such an enterprise?
  • Who will benefit as the problem is solved?
  • Does such an enterprise provide a long-term, enduring solution to the problem?

Potential Pitfalls

  • Lack of agreement on the problem to be addressed