This document provides guidance on developing a business idea by identifying a problem or need, explaining how the business idea solves that problem or need, and describing the ideal customer or target market. Specifically, it advises the reader to identify a physical or intangible need their business could solve, explain how their idea fills that need, and describe a specific potential customer in terms of their demographics, industry, or other characteristics that would make them likely to purchase the product or service.

1. My Opportunity… ©Matthew Draycott, 2010 unless otherwise attributed All images accredited to: www.sxc.hu

3. Identify and explain a problem or need that your business idea would solve. Remember you don’t have to limit yourself to physical needs, because wants and intangibles – prestige, good looks, business success, etc. – are also valid.

4. Explain how your new business idea fills the need or satisfies the want.

5. Describe the ideal customer, or target market company. Ideally you want to invent or dream up an image of a specific person, (with age, gender, economic stratum, job, preferences) or a company (with industry type, size, location) who would buy your product or service.