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Sources of New Business Ideas 2. Are the initial production costs realistic?
3. Are the initial marketing costs realistic?
Forces, trends and mega-trends tech, 4. Does the product have potential for high
macro, social, political margins?
Changing market structures and needs 5. Is the time required to get to the market and
Market inefficiencies to reach the break-even point realistic?
Products in the market
Personal experience, hobbies and pastimes, Look at Both Internal and External Factors
personal passions
Is the potential market large?
Cross regional, discipline or industry Is the product the first of a growing family?
Characteristics of Successful New Business Ideas Does an initial customer exist?
Are the development costs and calendar
Not necessarily a new invention times realistic?
Not necessarily a new idea Is this a growing industry?
Notion that is poised to be taken seriously in Can the product and the need for it be
the market place understood by the financial community?
Idea that is a tiny push away from general
acceptance Evaluate Technical Feasibility
Evaluate Marketability
Assessing Feasibility of a New Venture Investigate the full market potential and
identifying customers
Determine opportunities and risks 3. What reaction has it received from the
Information sources include public?
o General economic trends 4. Is it easily understood?
o Market data 5. Can the product penetrate different
o Pricing data market segments?
o Competitive data 6. Has market research been conducted?
7. What sales and distribution methods will
Use an Idea Checklist be used?
Basic Feasibility 8. How will the product be made?
Will it work? Is it legal? 9. Will the business concept be developed
Competitive Advantage and licensed to others or sold away?
Advantages, competitors 10. Can the company get or does it already
Buyer Decisions have the necessary skills to operate?
Who are the likely customers? Avoiding the Wrong Idea: Pitfalls in Selecting New
How will they be serviced? Ventures
Marketing of Goods & Services
How much budget for advertising PITFALLS WAYS TO AVOID
and selling? Pricing? Distribution? Lack of objective Subject all ideas to
Production of Goods & Services evaluation rigorous study and
Make or buy or both? QA? investigation
No real insight into the Project the life cycle of
Staffing Decisions
market the product; timing is
Who, when and competence? critical
Financing Inadequate Study the project
How much is needed, where will it understanding of thoroughly
come from, ROE, exit strategy? technical before initiating it
requirements
Do you have these Critical Success Factors?
Uniqueness
Avoiding the Wrong Idea: More Pitfalls in
o Amount of innovation required
Selecting New Ventures
during pre-start-up
o Length of time a non-routine PITFALLS WAYS TO AVOID
venture remains non-routine Poor financial Do not underestimate
Investment understanding development costs
o Capital investment varies from Lack of venture Ensure customer
industries uniqueness awareness of product
o Extent and timing of funds needed superiority through
Sales Growth product
o Growth pattern anticipated for differentiation
new-venture sales and profits Ignorance of legal Patents, trademarks
issues and copyrights to
Product Availability
protect ones
o Product and service still in
inventions
development?
o Products released too soon be
have to be recalled for further Some Big-Name New Venture Ideas that
modifications, affecting Failed
companys image
Customer Availability RCAs Videodisc
o Critical consideration to o Superior image quality, but
determine who the customers are lack of recording
and what their buying habits are. capability lost out to
videotape.
Ask the right 10 Questions about your IDEA o Loss: $500 Million
IBMs PC JR
1. Is the product or service idea new?
o The awkward Chiclet
2. What are its weak points?
keyboard, slow
Chapter 2: Idea Generation and Evaluation
Brainstorming Tips