This document contains information about defining a market opportunity, including examples of famous failures and rejections before success. It discusses assessing the market size and characteristics, comparing the solution to competition, determining if the idea can be sold to customers and at a profit, and if the right team is in place to succeed. Examples given include Lucille Ball, The Beatles, Michael Jordan, Thomas Edison, Walt Disney, Abraham Lincoln, and J.K. Rowling. Charts show potential market size calculations and factors to consider like customer motivation and priorities for the team.

1. Section 2: Market Opportunity Definition Chuck Behn 4 August, 2011

2. Executive Summary Product/Business Market opportunity definition Competition Marketing & Sales Management Finance/Risks Appendices

3. Lucille Ball: dismissed from drama school as “ too shy ” The Beatles: turned down by a recording company because “ guitar music is on its way out ” Michael Jordan: cut from his high school basketball team Thomas Edison: told by a teacher he was “too stupid to learn anything” Walt Disney: fired from a newspaper because he “ lacked imagination and had no original ideas.” He was rejected by over 300 banks for funding of his theme park Abraham Lincoln: failed in business twice and was defeated in 8 elections JK Rowling: lived on welfare for years, failing many times as a writer, before penning the Harry Potter series and becoming the “richest woman in Great Britain”

5. Can you meet or come close to meeting ALL?

6. Cadbury’s Gorilla http://www.youtube.com/watch?v=Wy52yueBX_s&feature=player_detailpage

7. Behavioralistic Geographic Demographic Psychographic Customer

9. Market Size Potential Market 1,000,000 Available Market (20%) 200,000 Qualified Available Market (50%) 100,000 Target Market (50%) 50,000 Penetrated Market (3% over 5 yrs) 0 1,500

10. Market Size Market Need Market Profitability

11. How unique is your solution compared to competition?

13. Broad Market Niche Market Education Software Health Care Toys & Games College SAT preparation Phone apps Urgent Care (CareNow) Online Gaming

15. Can you sell your idea/product to your customer?

17. "Latte" is Italian for “You paid too much."

18. Can you sell your idea/product at a profit?

24. Do you have the right team to succeed?

26. Passion Customer desire for product/service Strong team $$ is king Trial in parallel

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