Submitted To: Ms. Renu Sharma Assistant Professor

Pratap University

Jaipur

Submitted By: Kanaram Verma

B.Tech.(ECE)

5th sem.

According to WARREN BUFFER :

“Today’s successful companies live and die according to the quality of their ideas.”

We do not have to do different thing to succeed, whereashave to do the same things in different ways.

Selecting a business can be done as haphazardly as tossinga coin or rolling a dice.

We have to generate a bunch of ideas and evaluate them.

Creativity is all about thinking about new things, while innovation involves doing new things.

A creative approach will ultimately lead us to new ideas.

Peter Drucker says”Innovation is the specific instrument of entrepreneurs,the means by which they exploit change as an opportunity for a different bisiness”

1. Uncover your personal traitsTake a look on your personality to decide which

business is likely to suit you. 2. Technical knowledge

Your technical skills will be enhanced by actual experience

3. Domain knowledgeYou should have good knowledge about problems wchich may generate in our business.

4. ContactsYour contacts with peoples and relationships will have a positive impact on your new business idea.

5. Goals and aspirationsThink about short-term and long-term goals of the business.

6. Knowledge and experienceExperience contributes to and sharpens one’s knowledge

PAST WORK EXPERIENCE• What you have learned in your past work will help

you to choose a good business to start. . Your experience,technical knowledge,contacts etc.

are you huge plus. HOBBIES AND INTERESTS• Your entertainment is a good way to look for

business idea.• Your hobbies may generate a great idea for

business. STRENGTHS AND ABILITIES• Try to find your strengths• Try to remove your weaknesses• Think about your major strengths

FRIENDS AND FAMILY. Consulting friends and family members may lead

generation of a great idea. Discuss in group on a specific topic DISTIBUTION CHANNELS. The retailers and the distributers will be able to tell you

which products are doing well in the market.. Distribution channel members can suggest well for

completely new products

TRAVEL. Travel makes you aware of the alternatives. Travelling of different parts of world gives different

ways of doing things

BOOKS AND MAGAZINES

. They keeps you in touch with the latest trends and happenings

. We can get a lot of from business publications and periodicals

CURRENT TRANDS

. It is important to keep abreast of the current trends

. Keep your eyes and ears open for new trends and fads

THE WEB

. The internet has so much knowledge literally at your fingertips

. Use the internet effectively and visit relaventt sides to thonk about your idea

One should be careful in the following key business areas….

COST STRUCTURE

. We have to investigate seasonality of raw material prices,cost and feasibility of alternatives.

MARKET STRUCTURE

. Look at trends in the selling price of the product,who are the dominant players in the market .

TECHNOLOGY

. Impliment the recent technology change into your business idea.

HR ISSUES

• We have to be particularly careful if the work is hazardous

. Be prepared for dealing with trouble in case something goes wrong.

GOVERNMENT REGULATIONS

. There may be some government regulations that may act as entry barriers in the industry.

. It may take a long time to get a certain clearance from some government agency.

WHICH IS THE PRODUCT/SERVICE?. You should be able to clearly state and describe the product /service you are providing and the benefit it offers.

WHAT IS THE BUSINESS MODEL?. Description of varios aspecgts of business such as operational processes,marketing programmers and organizational structures.

HOW BIG IS YOUR MARKET?. How many total customers are there?(gives the size of

thr total market). How many will buy from you?(gives your share in the

market).

HOW CAN YOU PROTECT YOUR BUSINESS?

. Be careful to protect your business in competetion

WHAT ARE YOU GETTING OUT OF IT?

. The business which makes money is the better business.

. It should be a business you are proud of running.

INDUSTRY ASSESMENT

BARGAINING POWER OF

SUPPLIERS AND CUSTOMERS

THREAT OF NEW ENTRANTS

THREAT FROM SUBSTITUTES

COMPETITION WITHIN INDUSTRY