Review some of the ways to
find ideas in the class material to help you select a business. You may have an idea of your own already that is great but be careful to look at its commercial
viability and your ability to make it happen. There are also some ideas in the
articles listed below. Select an idea that you personally believe is a
business you could start and could participate in developing. In making your
choice, pay close attention to the idea of whether you have an idea from which
people will benefit and therefore buy what you are selling. NO business is
too small as long as you make money.
In two pages write
a thumbnail sketch of your idea, along with an explanation as to how the idea
was selected by you and why it appeals to you personally. Answer the following
questions in your explanation:
Is this a new business idea or is their existing
competition?;
Does this idea serve to fill a need sufficient
enough to appeal to a wide group of customers?;
Who is the group target market that would be
interested in this project?;
Complete a Pest Analysis Pest
Analysis Format
https://www.mindtools.com/pages/article/newTMC_09.htm
Do you have the core competencies to run a business
of this nature?; and
Is this idea financially viable for you?
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