Assignment 6: Ideas and Opportunities
In Section 6, you learned about recognizing business opportunities and finding business ideas. Now you'll start developing an idea for your own company. 1. Describe 3 trends that you've noticed, and explain how each one might generate a small business opportunity. (3-6 sentences. 3.0 points)Figure out who the potential customers for your business are, and then talk to them. Find out if they would be interested in buying your product and service, and what price they would expect to pay. You'll need realistic predictions about how much money your company will make, and whether it can make enough to become profitable before the startup money runs out. It's important to choose a business that is a good fit for your personal interests and skills.
2. Make a list of at least 5 business ideas that interest you. (2.0 points) cosmetology, piercest, insurance,
3. Explain which business idea from question 2 above you think is the best opportunity for you. Give at least 3 reasons why this opportunity is the best. TIP: Choose the business idea that you want to develop through the rest of this course. (3-6 sentences. 6.0 points) Cosmetology would be the best opportunity for me because i love cutting and styling other peoples hair. Im always coloring my hair and giving it cool styles that look good on me. Cosmetology is the number one thing that i want to do for a buisiness. 4. Will this business participate in the global marketplace? Why or why not? (2-4 sentences. 2.0 points) 5. Describe what sorts of competitors this business is likely to face. (3-6 sentences. 3.0 points) 6. Go to the SBA Web site (sba.gov) and find the section of the site for Small Business Planning. Find at least 2 tools or pieces of information that would be helpful for starting a business. Read about them, and then describe them here. (2-6 sentences. 4.0 points)
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