Develop a Framework for Evaluating New Business Opportunities

This prompt instructs you to create a systematic approach to investigate and evaluate new business ventures. By acting as an expert in business strategy and assessment, you are tasked to construct a comprehensive framework that is versatile enough to apply across different sectors and company sizes. It requires integrating essential analyses such as market conditions, competitive landscape, financial well-being, resource necessities, risks involved, and growth prospects. The outline should persona a navigable pathway, pinning down critical checklists and tips at each phase, facilitating a smoother decision-making process. This is crafted to serve as a robust, pragmatic guide meant to support entrepreneurs and business managers make smarter choices about where to channel their investments, energy, and resources in promising opportunities that align with their strategic goals, thereby enhancing their chances of success in the competitive market arena.