Planning and Building a Business

Business Opportunity

• A consumer need or want that can be potentially met by a new business.
•  A quick description of your business that you use to explain it to customers and investors.
• An overview of your business goals and includes details on how you think you are going to achieve them.

Internal Entrepreneurs

• Entrepreneurs who apply their hobbies, skills, and interests into a business opportunity.
• Entrepreneurs that create business ideas by identifying sources of opportunity.

External Entrepreneurs

• Entrepreneurs who apply their hobbies, skills, and interests into a business opportunity.
• Entrepreneurs that create business ideas by identifying sources of opportunity.

Which of these is NOT part of the Creative Thinking Techniques?

• Challenge Convention
• Draw Idea Maps
• Think Forward

Before an entrepreneur starts a business, they need to understand their market to determine if it is a good opportunity.

• True
• False

Market

• A potential group of customers - people or business - who are able and willing to purchase a particular product or service.
• The simplest organizational structure, which contains a direct chain of command through levels of personnel.

Market research data is essential to evaluating whether or not a business idea is a viable opportunity.

• True 
• False

Identify Research Objectives

• Write down the questions that you want answered.
• Wait

Which of the following ensures a good idea for a business is an actual business opportunity?

• The idea solves a unique need or want in the market that a group of customers is willing to buy
• The idea is something that no one has ever thought of before.
• The entrepreneur is really passionate about the idea.
• The entrepreneur will have to spend a lot of money and time to implement the idea. 

Secondary Data

• Existing information that was previously gathered for a purpose other than the study at hand.
• New information gathered during the Market Research phase that comes directly from potential groups of customers or competitors in the market.