BA CH3: Business Idea Generation and Initial Evaluation
Statements regarding education as it relates to skill sets
Technology skills acquire through education can be valuable
Business based on the founders hobby statements are....
The Entrepreneur may not enjoy the business or hobby as much as he or she enjoyed it when he or she began.
Which of the following steps are important to development of a quality business idea?
Compare ones ability to fill the gaps with the opportunity available
Without the needed skills, the founders would be faced with not holding any advantage over the ____________ who have the necessary depth in the area.
Competitors
Classified as threats to operational financing are
an entrepreneurial team with a low asset base
The process involved in the gap analysis is more _____ than _________.
art ; science
A founder or founding team must have synergy, which is the combination of ...
competitive advantage
Typical categories used to analyze a business idea
competitors
Typical categories used to analyze a business idea
finance
The founder(s) of a business need to be intimately involved in the....
funding of the business
Once a list of skills and abilities has been developed, the next step is to perform a _________ to examine the marketplace for an opportunity that exists between the demand for a product and the supply provided by firms in the market.
gap analysis
Not a common source of entrepreneur skills is...
genetics
Classified as threats to operational financing are
high development costs
Classified as threats to operational financing are
high inventory needs
Characteristics of a gap analysis methodology for a new venture using a chart
it requires minimal research
The steps in the process of generating ideas do not occur in a(n) _____ fashion but should occur in a(n) ________ manner.
linear; interactive
The initial analysis is a process of
moving from three to five ideas to one single idea
Typical categories used to analyze a business idea
nonfinancial resources
Perhaps as important as the entrepreneurs skills in a particular area is the need for entrepreneur to have __________ for starting a business in that domain.
passion
Classified as threats to operational financing are
rapid expansion costs
Typical categories used to analyze a business idea
risk
In hobbies and activities, individuals develop _____________ specific to the hobbies
skills
Generating a Business Idea (process)
then marrying these together into a business idea that interests the potential founders.
Entrepreneurs can examine business risk by considering three threats to business success...
threats to operational financing
Entrepreneurs can examine business risk by considering three threats to business success...
threats to sales generation schemes
Typical categories used to analyze a business idea
time
A founder or founding team must have synergy, which is the combination of ...
understanding of an industry
The business owner whose business is both a(n) _________ and a(n) ________ is difficult to beat.
vocation; avocation
Generating a Business Idea (process)
matching the initial financial funding available
Characteristics of a gap analysis methodology for a new venture using a chart
ideas that the founders skills
Generating a Business Idea (process)
identifying opportunities in the market
Thirds Step that is important to the development of a quality business idea.
Compare ones ability to fill the identified gaps with an opportunity available
Statements regarding education as it relates to skill sets
Knowledge gained from formal education provides a skill set
The founder(s) of a business need to be intimately involved in the....
design of the business
False Hobby skill sources are....
All hobbies are business opportunities
The nature of the effort required for an entrepreneur to carry out an effective due diligence analysis necessities ___________.
A focus on a single business idea
If done well, the process of generating ideas will result in...
A list of three to five business ideas
Statements regarding education as it relates to skill sets
An opportunity that uses your education is another source of a business.
Second Step that is important to the development of a quality business idea.
Analyze the market and look for a gap or a need that is not being met effectively
Which of the following steps are important to development of a quality business idea?
Analyze the market and look for a gap or need not being met efficiently
The suggested starting point for generating business ideas
Analyzing the skill set of the potential founders
What is NOT an example of family experiences that build knowledge and can grow into a new business opportunity
Attending SBA courses with your sibling
An individuals professional _____________ and _______________ are some of the main resources for new business ideas.
Background; Hobbies
Is included in the in the first column of the chart used in the gap analysis
Business idea
The following sources of skills for a new business that often is most overlooked.
Family experiences
Research suggests that successful new business ideas are NOT determined by your....
Gender
Why are hobbies a good skill source?
Hobbies require the development of specific skills
False Hobby skill sources are....
Hobbies tend to be tied to formal education
Characteristics of a gap analysis methodology for a new venture using a chart
Ideas that appear to be an oppurtunity
Generating a Business Idea (process)
Identifying the skills of the potential founders
Questions that could be explored to identify additional skill sources
In what industry would i prefer to work?
Why are hobbies a good skill source?
Individuals are passionate about their hobbies
Characteristics of a gap analysis methodology for a new venture using a chart
It is a reasonably quick analysis
Characteristics of a gap analysis methodology for a new venture
It is intended to be completed by the entrepreneur or the entrepreneur team
First Step that is important to the development of a quality business idea.
List and evaluate ones personal skill sets
Which of the following steps are important to development of a quality business idea?
List and evaluate ones personal skill sets
Research suggests that successful new business ideas are NOT determined by your....
Parents
Research suggests that successful new business ideas are NOT determined by your....
Race
Research suggests that successful new business ideas are NOT determined by your....
Religion
The founder(s) of a business need to be intimately involved in the....
Running of the business
An individuals work experience builds _______ sets that can have direct applicability to the pursuit of a new business.
Skill
A founder or founding team must have synergy, which is the combination of ...
Skill sets
The first step in entrepreneurship is:
The desire to own and operate a business
Business based on the founders hobby statements are....
The entrepreneur develops a following of fellow enthusiasts
Process of generating ideas are (no order)
The process typically requires consideration
Process of generating ideas are (no order)
The process typically requires interaction
Process of generating ideas are (no order)
The process typically requires iteration
Entrepreneurs can examine business risk by considering three threats to business success...
Threats to the profit margin
Questions that should NOT be explored to identify additional skill sources
What are my worst accomplishments in life?
What are probable questions potential business owners should ask themselves regarding hobbies?
What is it about the hobby that is exciting?
What are probable questions potential business owners should ask themselves regarding hobbies?
What products/services were used in these hobbies?
Questions that could be explored to identify additional skill sources
What skills were involved in the three greatest accomplishments of my life?
What are probable questions potential business owners should ask themselves regarding hobbies?
What specific skills were required of this hobby
Questions that could be explored to identify additional skill sources
What type of magazines and books do I read?
Business based on the founders hobby statements are....
The entrepreneur will stick with the business through lean times
Included in the second column of the chart used in the gap analysis
Categories of analysis - at-least five categories (finances, time, non-financial resources, risk, and competitors).