Introduction to the process of creating new business ideas

1. Developing a Business Idea AKA - finding an opportunity Dr Andrew Hirst Room 9420 Reggie gets a business idea

2. Developing a Business Idea AKA - finding an opportunity Dr Andrew Hirst Room 9420 Lecture 4

3. Spotting an opportunity M = Motivation, A = Abilities, I = Idea with Market, R = Resources Successful Start-Up Business Needs M otivation and determination I dea Business plan and management R esources (equipment, premises, money etc A bility and skills (business and technical)

5. What's This?

7. Right and Left

8. Where do new Business Ideas come from? Kaplan, 2003

12. The Real family Courtesy of Digital Region Ltd Digital Region

15. 4. Customer Journey for Websites Awareness Understand Join in engage advocate

20. Systematic approach Interest or Hobby: Products Services For Business For People For Business For People List products which might be produced for business customers in this box. Suggest strengths and weaknesses for each List products which might be produced for people in this box. Suggest strengths and weaknesses for each List services which might be produced for people in this box. Suggest strengths and weaknesses for each List services which might be produced for business customers in this box. Suggest strengths and weaknesses for each List those businesses which might be potential customers in this box. Are there further opportunities? List those people who might be potential customers in this box. List those people who might be potential customers in his box. List those businesses who might be potential customers in this box.

24. Converting Ideas into opportunities

25. Spotting an opportunity M = Motivation, A = Abilities, I = Idea with Market, R = Resources Successful Start-Up Business Needs M otivation and determination I dea Business plan and management R esources (equipment, premises, money etc A bility and skills (business and technical)

31. Example : Overall Assessment of Business Opportunity

32. Example Fine screen: Weighted Scoring Grid Criteria Weighting (1-5) Idea 1 (Score 1-5) Idea 2 (Score 1-5) Idea 3 (Score 1-5) Raw score Weighted score Raw score Weighted score Raw score Weighted score Ability to work from home 1 1 1 1 1 3 3 Low level of risk 2 4 8 2 4 5 _ High Financial return 3 2 6 3 9 1 _ Low start up investment 2 1 2 2 4 4 _ Leverage contracts from previous job 4 3 12 2 8 5 _ Avoid head on competition 2 3 6 2 4 2 _ Total - 35 30 _