Entrepreneurial Discovery Process

							What will my new business be?
 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.
 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
 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
 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.

 FamilyBusiness – Many rewards and
 challenges in this type.

 Hobbies/Interest– Developing websites,
 video games, restoring cars, sports, music,
 photography
   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)
 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
 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?