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Week%202 - BusinessandNewVenture Planning Week2...

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1 Week 2 Developing and  Screening Ideas First Things First Business and New Venture Planning
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2 Introduction Many businesses fail because the  idea wasn’t a good one to begin with Techniques can be used to explore  the most common sources for new  business ideas Initial screening provides  entrepreneurs with multiple business  ideas 
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3 Three Most Common Sources of  Business Ideas  Changing environmental  trends Economic trends Social trends Technological advances Political and Regulatory  changes Unsolved problems Gaps in the marketplace
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4 Changing Environmental Trends  Economic trends When the economy is  strong, customers are more  willing to purchase  discretionary products and  services Need to evaluate who has  the money to spend Identify areas to avoid
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5 Changing Environmental Trends  Social trends Impact the way people live  their lives and the products  and services they need Products often do more   to  satisfy a social need than  the actual need the product  fills
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6 Technological advances Ongoing source of new business ideas Technologies can be used to satisfy basic  or changing human needs Once a technology is created, products  emerge to advance it Changing Environmental Trends 
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7 Changing Environmental Trends Political and regulatory changes New laws create opportunities for entrepreneurs Changes in government regulations motivate  entrepreneurs to differentiate themselves by  exceeding the regulation Political change can encourage the emergence of  new business ideas
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Unsolved Problems Many companies have  been started by people  who by trying to solve a  problem create a business  idea Entrepreneurs can  capitalize by modifying  products created by  advances in technology
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This note was uploaded on 03/16/2012 for the course OPM 325 taught by Professor Ruodu during the Spring '12 term at Drexel.

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Week%202 - BusinessandNewVenture Planning Week2...

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