Problem Solving:
Opportunity: this is based on what consumers want- not necessarily on what you want.
A good business idea:
- Identify the problem. Define it clearly and honestly.
- Brainstorm as many ideas as possible for solutions.
- Evaluate the solution. Consider the pros and cons of each idea.
- Select the best solution and develop a plan for how you will carry it out.
- Carry out the solution, but be ready to change your plan if necessary.
- Evaluate the results of your decision honestly. If the solution is not working, begin the process again to develop a new one.
Opportunity: this is based on what consumers want- not necessarily on what you want.
A good business idea:
- It meets a consumer needs
- You have the resources and skills to create the business, or you know someone who does and who could start it with you.
- You can supply the product or service at a price that will be attractive to consumers yet will be high enough to earn a profit.
- The business will work in your community. Do you actually know costumers who can afford your product or services.? who will want it?
- You can get it up and running before the window of opportunity closes.
- It is sustainable, meaning you can keep it going for some time.