Entrepreneurship

business opportunity

consumer need or want that can potentially be met by a new business

skill

the learned ability to do something well through training and practice

types of creative thinking

Challenge the Usual. Ask lots of "Why?" and "What if?" questions. Think Backward. Start by imagining the end result you want. Be Flexible. Force yourself to examine things from different angles. Judge Later. When brainstorming ideas, don't worry about being practical. Draw Idea Maps. Use whiteboards, chalkboards, and poster boards to sketch out ideas. Brainstorm in a Group. Ask your friends, family, and classmates to help you generate ideas. Daydream. Letting your mind wander is okay; just make sure you pick an appropriate time

Three methods for determining the feasibility

Cost/Benefit Analysis. This is the process of adding up all the expected benefits of an opportunity and subtracting all the expected costs. If the benefits outweigh the costs, the opportunity may be worthwhile. Opportunity-Cost Analysis. An opportunity-cost analysis examines the potential benefits that you forfeit when you choose one course of action over others. SWOT Analysis. This is a business evaluation method that draws its name from the four areas it evaluates—Strengths, Weaknesses, Opportunities, and Threats.

Sources of opportunities

Problems. Many well-known companies were started because an entrepreneur wanted to solve a problem. Changes. Our world is continually changing. Change often produces needs or wants that no one is currently meeting. New Discoveries. The creation of totally new products and services can happen by accident. Existing Products and Services. You can get ideas for opportunities from businesses that already exist by looking for ways to improve a product significantly. Unique Knowledge. Entrepreneurs sometimes turn one-of-a-kind experiences or uncommon knowledge into a product or service that benefits others.

aptitude

a natural ability to do a particular type of work or activity well

Creative thinking

a thought process that involves looking at a situation or object in new ways

attitude

a way of viewing or thinking about something that affects how you feel about it.

feasibility

an idea refers to how possible or worthwhile it is to pursue it, to see if it is actually an opportunity

Self-assessment

evaluating your strengths and weaknesses—is an important part of becoming an entrepreneur