This document discusses factors to consider when starting a new business. It recommends generating business ideas from past work experience, hobbies and interests, strengths and abilities, and consulting friends and family. Key areas to investigate include cost structure, market structure, technology, HR issues, and government regulations. The business model description should outline the product/service, business operations, target market size and share, and intellectual property protection. Overall business success depends on a thorough industry assessment considering bargaining powers, threats, competition and substitutes.

1. Submitted To:
Ms. Renu Sharma
Assistant Professor
Pratap University
Jaipur
Submitted By:
Kanaram Verma
B.Tech.(ECE)
5th sem.

2.  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, whereas
have to do the same things in different ways.
 Selecting a business can be done as haphazardly as tossing
a coin or rolling a dice.
 We have to generate a bunch of ideas and evaluate them.

3.  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”

4.  1. Uncover your personal traits
Take 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 knowledge
You should have good knowledge about problems
wchich may generate in our business.
 4. Contacts
Your contacts with peoples and relationships will
have a positive impact on your new business idea.
 5. Goals and aspirations
Think about short-term and long-term goals of
the business.
 6. Knowledge and experience
Experience contributes to and sharpens one’s
knowledge

5.  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

6.  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

7.  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

8. 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.

9.  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.

10.  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)
.

11.  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.

12. INDUSTRY
ASSESMENT
BARGAINING
POWER OF
SUPPLIERS AND
CUSTOMERS
THREAT OF NEW
ENTRANTS
THREAT FROM
SUBSTITUTES
COMPETITION
WITHIN INDUSTRY