Chapter 2
Developing And Screening Business Ideas
Hannah
Chloe
Nick
Tasha
Ryan
Matt
Identify New Business Ideas
- Gaps occur when there are products or services that consumers want but aren't available through larger firms or aren't available at all.
Changing Environmental Trends
- People who experience problems have discovered that the answer to their problems could result in a new business.
Three techniques:
- Brainstorming
- Focus groups
- Library and Internet Search
Three Most Common Sources of New Business Ideas
Economic Trends
- Determine areas where you could open new businesses. Additionally, when new ideas or products aren't needed.
Social Trends
- Having an understanding of what society and its people want and need.
Technological Advances
- With every advance in technology, there's opportunity for new business ideas.
- The advancements help people to perform everyday tasks in a more convenient way.
- Allows an entrepreneur to quickly determine whether an idea represents a potentially viable business opportunity.
- First screen also provides an entrepreneur the flexibility to consider multiple business ideas, rather than settling on a single idea from the outset.
- Changing Environmental Trends
- Unsolved Problems
- Gaps In The Marketplace