NEW VENTURE CREATION
We have been discussing the different ways in which new businesses can be developed from the lifestyle, values, hobbies, interests of the entrepreneur (e.g. BodyShop arose from Anita Roddick’s interest in environmentally friendly cosmetic products).
However, any initial rough ideas will take a considerable amount of time to develop into actual products, processes or services and will be very different when the idea has been converted into a business opportunity.
For entrepreneurs, it is often easier to come up with a variety of ideas for new businesses and more difficult to actually implement those concepts. A business concept is a bridge between an idea and a business plan. It focuses one’s thinking so that the entrepreneur can identify the specifics of his/her proposed venture. Converting an idea into a business concept requires thinking about how the product or service will be sold and who will buy it, the benefits of the product or service, how it is differentiated from similar ones, and methods of delivery. A clear business concept also enables the founder to succinctly describe the precise nature of the business to suppliers, customers, lenders, and resource team members.
Your task in this assignment is to think of a business idea, and, develop your idea into a business concept statement (often referred to as a feasibility analysis) where the idea is made more tangible. To do this, you need to consider issues such as:
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