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Chapter Three

Chapter Three. Business Idea Generation and Initial Evaluation. 3- 2. Learning Outcomes. 3.1 Describe a systematic means for examining skills in order to generate new business ideas 3.2 Explain how to use gap analysis to examine potential business ideas

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Chapter Three

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  1. Chapter Three Business Idea Generation and Initial Evaluation

  2. 3-2 Learning Outcomes 3.1 Describe a systematic means for examining skills in order to generate new business ideas 3.2 Explain how to use gap analysis to examine potential business ideas 3.3 Discuss the elements of opportunity analysis

  3. 3-3 Generating Business Ideas • Skills Analysis • Hobbies • Education • Work Experience • Family History

  4. 3-4 Additional Skills • What are your top three skills? • What things do you like doing best? • Name one or two things you enjoy more than any others. • What do you read? • What are your three greatest accomplishments? • Do you enjoy working with people? • What industry would you prefer to work in?

  5. 3-5 Your Unique Skills and Personality • Do you prefer to work with people or not? • Do you have an intense detail orientation? • Are you trained in the area you want to work in?

  6. 3-6 Opportunity Identification Gap Analysis- Identifying a gap or opportunity that exists between the demand by customers and the supply provided by firms in the market.

  7. 3-7 Potential Businesses • Examine Trends • Interview Successful Entrepreneurs • Discuss Ideas with Family Members • Brainstorming • Frustrations • Examine Patent Files

  8. 3-8 Choosing a Business Initial Analysis- The potential business owner will likely have several ideas, but will need to identify one business on which to perform a due diligence analysis.

  9. 3-9 Deficit Analysis Table 3.1 (p. 51)

  10. 3-10 Categories • Finances • Your Resources • Business Need • Time • Your Resources • Business Need

  11. 3-11 Categories • Nonfinancial Resources • Your Resources • Business Need • Risk • Personal Risk • Business Risk

  12. 3-12 Business Risk • Threats to Profit Margin • Threats to Sales Generation Schemes • Threats to Operational Financing • Competitors

  13. 3-13 Summary • The potential entrepreneur must perform an initial evaluation of her business ideas. • The next step is to evaluate the potential opportunities • Deficit analysis methodology has been successfully used for some time.

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