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Key Concepts of Selecting a Business Idea

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Joyce Estabillo

on 20 February 2016

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Transcript of Key Concepts of Selecting a Business Idea

Once you have embarked on identifying business opportunities, you will eventually see that there are many possibilities that are available for you. It is very unlikely that you will have enough resources to pursue all of them at once.
In screening your ideas, examine each one in terms of the following

1. How much capital is needed to put up the business?

3. How is the demand met? Who are processing the products to meet the needs (competition or demand)? How much of the need is now being met (supply)?

5. Will the business be legal, not going against any existing or any foreseeable government regulation?

2. How big is the demand for the product? Do many people need this product and will continue to need it for a long time?

4. Do you have the background and experiences needed to run this particular business?

6. Is the business in line with your interest and expertise?
In the first stage, you screen your ideas to narrow them down to about few choices. In the next stage, trim down the choices to two options. In the final stage, choose between the two and decide which business idea is worth pursuing.
Key Concepts of Selecting a Business Idea
Your answers to these questions will be helpful in screening which ones among your many ideas are worth examining further and worth pursuing.
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