Opportunity identification for the idea:

Before ideas become reality they must undergo validation as business opportunities. One

can start by identifying the gap in the market typically fulfilled by innovation. There are two

general types of innovation – process and product. Process innovation focuses on how

things are done: creating a better system of delivery, communication or data storage or

usage.

Sometimes identifying a business opportunity is as simple as selling the same thing with a

different focus – no new product or process. Starbucks and McDonalds, both multi-national

fast food chains, sell coffee – the difference is in the quality, price and experience they offer.

One can identify business opportunities by looking for gaps in the market that can be filled

through differentiation. Sometimes a good opportunity is as simple as offering better

customer service, or a no frills version for cheaper. Gaps in the market often exist on the

basis of location & convenience.

Market gap identification is incomplete without a thorough review of industry regulation. This

especially applies in the life sciences sector, where there are strict regulations that control

the supply of products into the market. As the world has become one integrated market for

conducting clinical research and expanding the market for pharmaceuticals, biologics,

medical devices and combination products, universal regulations, standards, and

international standards of practice must be adhered to. This market gap identification and

utilising the opportunity created by this gap is very 1st and crucial step forward towards

initialising any business plan. Looking at the kind of information that is normally collected in

this initial phase, it often falls into one of two very broad categories:

Pieces of information that makes your eyes light up as something with a lot of potential.

Information that gives cause for concern.

So, in the light of above said ideologies and concepts, we did preliminary search for idea for

business and opportunity identification. For starting up any business first of all we are

required to assess the need and want of people then identifying the section of society

carrying that need and wants. Making this as a base for business with a tinct of innovation to

stand out of the box, makes the idea viable, sellable and ultimately profitable.

Process

Problem identification

Assessment of needs and wants

Adentifying the section of society with aforesaid need and wants

Market survey and presence of the competitor

Identifying the gap and hitting onto the opportunity for starting up the business.

Problem identification:

Being students ourselves we have always felt a need of accurate and perfect guidance while

joining new colleges. In India, there are many such colleges which do not provide some

basic facilities to their students viz hostels, stationary, cheap food etc. when a students gets

admitted to such colleges he or she is generally seen fighting for some basic needs of food,

PGs, flats, book shops, stationaries, homely environment etc just due to lack of college

concern and guidance. So, there stands our major ground of finding the opportunity for

business which forms the base of the idea behind STUDENT MENTORSHIP.

Assessment of needs and wants:

In the light of above problem we were able to identify some major basic requirements of new

students joining colleges in any area which were jotted down as follows:

Need: substitute of hostels such as cheap PGs, flats. Rooms on rent etc were students

would like to put up at. Want: cheap, closeness to the college, area, facilities near by and in

the places to live.

Need: Food . Want: cheap, healthy, home made, close to college/home.

Need: stationary and book shops. Wants: near to college/home, cheap, useful.

These were some basic needs and wants while some other wants identified in this idea

were:

Problem of communication in new places, problem of finding people of their own community,

culture and native places, problem of transportation, protection and guidance in new places.

Identifying the section of society with aforesaid need and wants:

Pertaining to above problem and related needs and wants it was quiet clear that our main

target would be students who are new to any place and are freshers and most importantly,

they are from other state, city or town of India.

Market survey and presence of the competitors:

At this stage of our business idea we are still having this process of market survey going on

and till now we have come up with some secondary research on the net which clearly show

that certainly there are many such websites available which offer solution to their problem

but there still is a gap in reaching out the students due to lack of proper information, real and

actual guidance. Above all, there is a major problem of ambiguity and confusion due to

presence of unfiltered and more than required data to the students.

Identifying the gap and hitting onto the opportunity for starting up the business:

On the basis of some secondary research done till now, we were able to find out some

aforesaid problems which have created a gap in this market. So, pertaining to the identified

gaps, we have identified some opportunity for the business in this field forming a blue print.

Some of the key points / problems identified as opportunity are:

Non-filtered, unwanted and more than required data presented to the students over

the net.

Information on the net regarding above problems are scattered and not under one

roof.

Lack of right kind of guidance from the alumini of the college.

Presence of fake and fraud data to which many students often fall prey of.

Not approaching the problem of the student in friendly and native way.