1. Opportunity Recognition Identify a problem or need –What would you like to see better –What annoys you –What needs fixing –What can be done better Find a way to solve it –Creativity –Innovation –Does not have to be a major change Small advances can be highly successful Opportunities –Add value –Ideas that can become businesses Make a profit

2. Developing the Concept Take ideas from different fields and integrate them Check for new laws and regulations Use technology that solve a different problem and apply it to yours Find new uses for old things Talk to people –Especially potential customers Brainstorm –Remember to protect your interests May require that you join with other people who compliment your skills

3. Feasibility Define the opportunity –What is the product/service –Who is the customer –What are the benefit –How do you get the product/service to the customer Distribution Testing the concept –Talk with friends and relative to get feedback –List the pros and cons of the idea Identify significant hurdles –Access your own personal level of interest and commitment –Get feedback from potential customers See if they would actually pay for your idea

4. Feasibility Study Answer two key questions –Is there a market Are there customers What is the market size –What do you need to do to develop that market How much start-up capital is required What kind of team do you need

5. Product and/or Service Define the specific properties –Is it unique –Is there competition –What makes it different from the competition How much development is required –Who will do the development What skill sets –How long will it take –How much money will it cost Is it proprietary –Patent potential –Does it interfere with anyone else’s patents

6. Industry In what arena will your product compete? Is the industry growing or remaining static Who are the big players How does one sell in this industry Gross margins and pricing Buying practices Overall market potential

7. Market and Customers Market analysis –Size –Customer need –Buying habits –Location Determine if there is a need for the product Show evidence Make contact and speak directly with potential customers Find experts –Will they give endorsements –Will they recommend your product to people who follow them

8. Financing What will your venture cost? Where will you get the capital? How much risk are you willing to take? How much are you willing to give up? What is your overall potential for earnings? How long before you will have revenue? How long before you become profitable?