This video helps you rank your ideas to single out the best business idea.
- Now that you have a basic understanding…of the opportunity factors, it's time to put them to work.…We want to print out a worksheet…for each of your top five business ideas,…or how many you had, and then take each of those ideas…through one of these opportunity factor worksheets.…At the end of the worksheet, you'll notice a question.…It asks you to assess subjectively…how much of an opportunity this idea is,…either answering A, B, C, or D.…
We want to focus on the ideas that only get the A answer.…These are very likely to be opportunities.…I don't recommend that you try to do a business…with any of the other answers.…If you only have one idea that gets an A answer,…well, then it's easy, that's probably…the idea that you should test.…But, if you have multiple ideas that turn out…to be good opportunities, we have an extra step.…Let's go back through the worksheets…and rate each of the factors on a scale of zero to 10.…
For instance, how strong is distribution…on a scale of zero to 10?…If it's great, then let's rate it an eight.…
- Recognize effective an ineffective starting points for finding new business ideas.
- Differentiate between business ideas with opportunity factors and those without.
- Break down how demand relates to choosing a business idea.
- List some of the resources you should assess before beginning a business.
- Explain what proprietary advantage is and how it can benefit your business.
- Summarize the benefits of creating a micro business plan before you invest money in your idea.