Chapter 4. Small Business Management 4660. 480 entrepreneurs were asked about their decision making process. Almost half decided they wanted to start a business before they had an idea. 1. Source of Business Ideas.
Small Business Management
Almost half decided they wanted to start a business before they had an idea.
Entrepreneurs are not necessarily smarter than non-entrepreneurs
(Come across by being in the right place at the right time)
4. Family and friends often come up with suggestions for new products or services.
5. Use their education or experience to a launch business.
6. Technology may be licensed or transferred from universities or the government or any organization(R & D).
Failing to get the “bandits on the train” and asking for their support: get those people involved that will have to live with the problem or are most likely to throw up road blocks.
Follow an incremental strategyand improve on an existing idea (slightly better).
Idea to Product (I 2 P) or Invention to Venture (I 2 V) analysis offers a good framework for doing this.