Lecture Outline

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Lecture Outline
Preparing Effective Business Plans Bruce R.
Barringer
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Chapter 2
Developing and Screening Business Ideas
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Three Most Common Sources of New Business Ideas

• Changing Environmental Trends
• Unsolved Problems
• Gaps in the Marketplace

Vs.
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Changing Environmental Trends

• Economic Trends
• Social Trends
• Technological Advances
• Political Action and Regulatory Changes

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Unsolved Problems

• The are countless unsolved problems waiting for
  entrepreneurs to solve them
• Problems can be experienced or recognized by
  people through their jobs, hobbies, or everyday
  activities.
• Many companies have started by people who have
  experienced a problem in their own lives, and in
  the process of solving the problem realized they
  were onto a business idea.

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Unsolved Problems
Activate Drinks
Green Plug
Ready Solar
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Gaps in the Marketplace
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Techniques for Generating Ideas

• Brainstorming
• Focus Groups
• Library and Internet Research