→ How To Discover Opportunities

The virtuous circle
→ Experimentation should be based on a common sense: taking the first step; learning from feedback; taking corrective action; taking the next step; and so on.

Don't make the first step too difficult
The starting point for → entrepreneurial experimentation is to define and plan the first
→ actionable step. Don't suffocate opportunities by subjecting them to bureaucratic approval procedures and planning demands. It is not fruitful to begin opportunity experimentation by drafting a business plan. This is, in any event, impossible in any meaningful sense when a project leads into the unknown. Nevertheless, → healthy thinking about how to get started is useful.

Develop an initial action plan
The process could begin with a → brainstorming session, listing potential experimental activities. For example, the → team could write a short paper outlining the results of an opportunity-visualization exercise, any proposed initial action, and the resources required. The purpose in all this is to gain experience necessary to support the validity of the opportunity."

During and after implementation of the first step, review the experience in relation to

1. any project assumptions (which may lead to adjustment of the idea)

2. where to go with it, and

3. the potential next steps.

Define the implementation milestones
Your team should then decide what the next major step will be, and start planning the activities involved.

Review and improve the original idea
The original idea seldom remains the one that is successfully implemented. As it might be difficult for its originator(s) to accept this, external review is important to make the necessary modifications.

Get blessing of stakeholders
Both formal and informal review meetings with stakeholders, where the idea itself and the progress is achieving it are challenged, are useful. The team should produce a proper business plan once the project has matured and the commitment of resources begins to increase.

→ Business Synergies Approach To Project Management

→ Entrepreneurial Leader: 4 Attributes

Strategic Thinker

→ COCA Principle of Achievement

→ 3 Strategies of Market Leaders

SWOT Analysis for Start-Up Firms