Entrepreneurship: Finding and Testing Your Business Idea

Determine what new businesses are best suited for you as an entrepreneur. Brainstorm ideas, identify the best opportunity, and test the validity of the business before starting.

Introduction

• Find your business idea

1. Matching the Idea to the Entrepreneur

• Know yourself as the entrepreneur
• Be aware of needs
• Develop the new business idea list
• Narrow the list to your best ideas

2. Separating Ideas from Opportunities

• Understand the difference between idea and opportunity
• Evaluate demand
• Gauge your expertise
• Assess your resources
• Predict profit
• Consider distribution
• Determine proprietary advantage
• Finalize your single best business idea

3. Creating the Micro Plan

• Understand the business validation micro plan
• Focus the business test

4. Executing the Micro Plan

• Craft a few summary statements
• Determine the best testing option
• Test 1: Interview or survey
• Test 2: Online ad
• Test 3: Micro pay-per-click
• Evaluate your results

Conclusion

• Start your new business