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Entrepreneurial Discovery Process

Entrepreneurial Discovery Process. What will my new business be?. Objectives. Explain current trends in entrepreneurship to help you find ideas. Identify believable business opportunities available to you. List ideas to use in brainstorming new ideas for a business.

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Entrepreneurial Discovery Process

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  1. Entrepreneurial Discovery Process What will my new business be?

  2. Objectives • Explain current trends in entrepreneurship to help you find ideas. • Identify believable business opportunities available to you. • List ideas to use in brainstorming new ideas for a business. • Identify ways to brainstorm. • Explain feasibility analysis.

  3. Investigate Trends • Current • Internet/E-business: Selling anything online • Service Business: Intangible things you offer customers to enhance their lives. Examples include insurance, sports & entertainment, salons, printing, real estate, and tourism • Home based businesses: Large # of businesses out of the home as a result of layoffs. Examples include consultants, writers, graphic artists, web designers • Focus on Technology- finding an easier, better way to produce things or just knowing how to use it and what is available

  4. Investigate Trends • Current Trends (cont’d) • Outsourcing is contracting with other companies for services. Accounting is a large outsourced business. • Global • Importing – Bringing goods into a country • Exporting – Selling goods to another country • Huge market • Watch out for culture differences and market tastes

  5. Business opportunities • Franchise – legal agreement to open a business in another’s name for a fee. Example is Chick-Fil-A. You own the franchise, but you must abide by the company’s rules. • Family Business – Many rewards and challenges in this type. • Hobbies/Interest – Developing websites, video games, restoring cars, sports, music, photography

  6. Brainstorm ideas • Problems – Think of problems you have encountered and solutions to help solve those problems • Creative – Think about new ways of doing things. Observe your surroundings, current trends with people (spas, sports) • Innovative – Actually doing and/or finding new ways of doing things (the application of creativity) • READ, READ, READ!!!!!!! (ANYTHING CAN SPARK AN IDEA)

  7. How to brainstorm • Think freely • Look at ordinary things in your life and examine how to do them in a new way • Find solutions to problems • Connect unrelated items

  8. Feasibility analysis • Does my new business idea have real potential? • Talk to potential customers • Talk to a real entrepreneur • Test your product or service • What do I need? • How much do I need?

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