0 EVALUATING ENTREPRENEURIAL OPPORTUNITIES In this handout discusses the procedures of starting a business, the generation and sources of business ideas, business incubation, matching skill and resour

0 EVALUATING ENTREPRENEURIAL OPPORTUNITIES

In this handout discusses the procedures of starting a business, the generation and sources of business ideas, business incubation, matching skill and resources to changing technology and protections of business ideas & maintaining secrecy

General objectives

By the end of the course you should be able to identify and evaluate entrepreneurial opportunities. Specifically the learner should be able to:

·         Explain the procedure of starting a business.

·         Explain how business ideas can be generated

·         Identify the various sources of business ideas

·         Explain the concept of business incubation

·         Discuss the ways of protections of business ideas & maintaining secrecy

2.1 Procedures of Starting a Business

Identification of a business idea

Development of a business plan

Location of a business demand evaluation

Registration of the business

            o Choice of the business organization

            o Business name

Trading licences / permit

Start-up and management of the business.

All entrepreneurs are business people – though not all business people are entrepreneurs.

Entrepreneurs tend to be more innovative than ordinary business people and end up developing a business plans.

2.1.1 Means of Generating a Business Idea

a)      identifying a need

b)      brainstorming

c)      building on ones skill, hobbies or interests

d)     spotting a market niche

e)      listening to what people say

f)       attribute listening

g)      gaining from waste

h)      look to see and listen to hear

i)        research

j)        importing an idea

k)      day dreaming

l)        Spin off from employment.