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This week, you will analyze the steps needed to identify innovative business opportunities and learn how to determine the feasibility of a business idea. Now that you have completed your Business Plan...

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This week, you will analyze the steps needed to identify innovative business opportunities and learn how to determine the feasibility of a business idea.

Now that you have completed your Business Plan Outline, imagine that you now have the opportunity to present your idea to a group of potential investors.


Prepare a 10- to 12-slide presentation with detailed speaker notes and visuals.


Describe 3 innovative strategies small business owners can use to approach their business.

Answered Same Day Jul 20, 2021

Solution

Saloni answered on Jul 21 2021
151 Votes
WPS Presentation
INNOVATIVE BUSINESS STRATEGIES
By-
WAYS TO IDENTIFY BUSINESS OPPORTUNITIES
Identify the views of potential clients and past leads.
Listen to the custome
Observe your competitors
Examine industry trend and insight
1. Identify the views of potential clients and past leads- When the target is potential customer, it is important to identify their needs, desire, threats and anger with the industry. Have they used any similar product/services before ? positive and negavtive view on it, reason for them consumimg the services provided by you, and lastly the criticism to the product/service.
2. Listen to the customer- It is important to know customer experience, frustations, feedback , complaints, on the industry, product and services . The view of the clients or potential client will help recognize business opportunties to expand.
3. Observe your competitors- analysis of the rival to keep a track of what startup or running small business are doing.
4. Examine industry trend and insight- Educating with the lastest technique and trends by subscribing to industry
publications and following industry expert on social media.
STEPS TO DETERMINE THE FEASIBILITY OF BUSINESS IDEA
Creating a strong unique
and
Have a business plan
Know your distinctive selling points and make capital out of that.
Accurate cost budget
Research about the market demand
Stand unique in a competiting market
Detailed financial forecast
Creating a strong unique
and- check business name does not conflict with othe
Have a business plan- Organized idea with clear target to ensure all fact are covered.
Know your distinctive selling points and make capital out of that- Using unique products and services to take competitive advantage
Accurate cost budget- Survey different fixed and variable cost and have clear understanding of the figures
Research about the market demand- Understanding the purchasing habits and offers that appeal custome
Stand unique in a competiting market- Analsysis of the competitors and...
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