Introduction to Entrepreneur

Feasibility Analysis

·       Feasibility analysis is the process of determining whether a business idea is viable.

·       It is the preliminary evaluation of a business idea, conducted for the purpose of determining whether the idea is worth pursuing.

When To Conduct a Feasibility Analysis

•        Timing of Feasibility Analysis

The proper time to conduct a feasibility analysis is early in thinking through the prospects for a new business.

The thought is to screen ideas before a lot of resources are spent on them

•        Components of a Properly Conducted Feasibility Analysis

A properly conducted feasibility analysis includes four separate components, as discussed in the following slides

Forms of Feasibility Analysis

·       Product/Service Feasibility : Is an assessment of the overall appeal of the product or service being proposed.

·       Industry/Target Feasibility : Is an assessment of the overall appeal of the industry and the target market for the proposed business.

·       Organizational Feasibility : Is conducted to determine whether a proposed business has sufficient management expertise, organizational competence, and resources to successfully launch a business.

·       Financial Feasibility : Is the final component of a comprehensive feasibility analysis

Introduction to Creativepreneurship

Introduction to Creativepreneurship

What is Opportunity? Opportunity is a favorable set of circumstances that creates a need for a new product, service or business.

Opportunity has four essential qualities

• Attractive
• Timely
• Durable
• Anchored in a product service, or business that create or adds value for its buyer or end buyer

There is three ways to identify an opportunity 

• Observing Trends 
• Solving a problem
• Finding Gaps in the marketplace

There is two approach 

1. Observing trends : 

           - Trends create opportunities for entrepreneurs to pursue.

           - The most important trends are: 1. Economic forces

                                                                2. Social forces

                                                                3. Technoligical advances 

                                                                4. Political and regulatory change

           - It's important to be aware of changes in these areas

      2. Solving a problem: 1. Sometimes identifying opportunity simply involves noticing a problem and finding a way to solve it

                                          2. These problems can be pinpointed through observing trends and through more simple means 

                                          3. Many companies have been started by people who have experienced a problem represented a business oppurtunity 

Personal Characteristics of the Entrepreneur 

Characteristics that tend to make some people better at recognizing opportunity than others 

1. Prior Experience : Several studies have shown that prior experience in an industry helps an entrepreneur recognize business industry helps an entrepreneur recognize business opportunities.
2. Cognitive Factors : Studies have shown that opportunity recognition may be an innate skill or cognitive process
3. Social Networks : The extent and depth of an individual's social network affect opportunity recpgnition
4. Creativity : Is the process of generating a novel or useful idea

Techniques for Generating Ideas

1. Brainstroming
2. Focus Groups 
3. Library and Internet Research

Other Techniques 

1. Customer Advisory Boards
2. Day-In-The-Life Research