Unit 2 - LO 2

What are the characteristics of a good business idea?

• Innovative, problem-solving, target market, feasible, growth potential, customer focused

• Limited market potential, old fashioned, unfeasible

• Something you like as an individual and that you wish existed.

• Solves the problems of the generations to come regardless of the cost as long as it's innovative

What are the sources of good business ideas?

• Guesswork and random ideas coming to your mind

• Copying ideas from competitors without any research
• Ignoring customer feedback and industry trends and focusing on your dream idea

• Market research, personal experiences, industry trends, and customer feedback

Which ideas should you avoid when coming up with a new business concept?

• Ideas that are too simple and obvious

• Ideas that are too expensive to implement
• Ideas that will benefit unfavorable industries and markets.

• Ideas that are too innovative and groundbreaking

How do you identify a business opportunity?

• By recognizing a need in the market, conducting market research, and evaluating the potential for profitability.

• By focusing on market research alone.

• By following the latest trend without necessarily evaluating profitability

• By guessing randomly

• By evaluating the feasibility of the opportunity including a financial analysis

Mention strategies for identifying business opportunities.