Lecture "Designing business plan - Unit 2: Eveloping, screening business ideas and conducting feasibility analysis" presentation of content: Where does new business idea come from, three most common sources of business ideas, feasibility analysis.
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Nội dung Text: Lecture Designing business plan: Unit 2 - Ngô Quý Nhâm
- DESIGNING BUSINESS PLAN
Ngô Quý Nhâm
Foreign Trade University
NGO QUY NHAM
- Feasibility Analysis/Business Planning
Process
Step 1
Identify a
business Idea.
Step 2 Favorable Step 3 Favorable Step 4
result / result /
proceed proceed
Screen/test the Conduct full Prepare a written
idea to determine feasibility business plan
its preliminary Unfavorabl analysis Unfavorabl
feasibility e result / e result /
stop or stop or
revaluate revaluate
idea idea
Step 2
Present the
business plan
NGO QUY NHAM
- Unit 02
DEVELOPING, SCREENING
BUSINESS IDEAS AND
CONDUCTING FEASIBILITY
ANALYSIS
NGO QUY NHAM
- WHERE DOES NEW
BUSINESS IDEA COME
FROM?
NGO QUY NHAM
- Three most common sources of
business ideas
Changing
Unsolved Gap in the
Environmental
Problems marketplace
Trends
NGO QUY NHAM
- Three most common sources of
business ideas
Changing • Economic trends
Environmental
Trends • Social trends
• Technological Advances
• Political and regulatory
changes
NGO QUY NHAM
- Three most common sources of
business ideas
Changing
Environmental
Trends
• People who have
Unsolved experienced a problem in
Problems
their lives and then realized
that the solution to the
problems represented a
business opportunities
NGO QUY NHAM
- Three most common sources of
business ideas
Changing
Environmental
Trends
Unsolved
Problems
Gap in the
• There are products and
marketplace services customers want but
that aren’t available through
larger firm or aren’t available
at all.
NGO QUY NHAM
- Feasibility Analysis
F Entrepreneurs do not lack creative
ideas, but …
F Is a particular idea a viable foundation
for creating a successful business?
F Feasibility study addresses the
question: “Should we proceed with
this business idea?”
NGO QUY NHAM 4-9
- Feasibility Analysis
A feasibility study:
F Is not the same as a business plan.
F Serves as a filter, screening out ideas
that lack the potential for building a
successful business before an
entrepreneur commits the necessary
resources to building a business plan.
F Is an investigative tool.
NGO QUY NHAM 4 - 10
- Which factors should be used
to evaluate the feasibility of
a business idea?
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- Discussion
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- Elements of a Feasibility Analysis
Industry and Product or Service
Market Feasibility Feasibility
Organizational Financial
Feasibility
Feasibility
4 - 13
NGO QUY NHAM
- Full Feasibility Analysis
F Introduction
§ Name the proposed business & name of the founder(s)
§ Summary of the business
F Part 1: Product/Service Feasibility
§ Product/service desirability
§ Product/service demand
F Part 2: Industry/Target market Feasibility
§ Industry attractiveness
§ Target market attractiveness
§ Market timeliness
F Part 3: Organizational Feasibility
§ Management prowess
§ Resource sufficiency
F Part 4:Financial Feasibility
§ Total start-up cash needed
§ Financial performance of similar businesses
§ Overall financial attractiveness of proposed venture
NGO QUY NHAM
- Product/Service Feasibility Analysis
F Determines the degree to which a
product or service idea appeals to
potential customers and
identifies the resources necessary
to produce it.
Ch. 4: Feasibility Analysis & NGO QUY NHAM 4 - 15
- Product/Service Feasibility Analysis
F Two questions:
1. Are customers willing to purchase
our product or service?
2. Can we provide the product or
service to customers at a profit?
Ch. 4: Feasibility Analysis & NGO QUY NHAM 4 - 16
- Product concept
F A description of the product or service
F The intended target market
F The benefit of the product or service
F A description of how the product or
service will be sold
F A brief description of the company’s
management team (for the purposes of
completeness
NGO QUY NHAM
- Product/Service Feasibility Analysis
F Primary research: Collect data firsthand and
analyze it.
§ Customer surveys and questionnaires
§ Focus groups
F Secondary research: Gather data that already
has been compiled and analyze it.
F Prototypes
F In-home trials
Ch. 4: Feasibility Analysis & NGO QUY NHAM
4 - 18
- Industry & Market Feasibility
Analysis
Two areas of focus:
1. Determining how attractive an
industry is overall as a “home” for a
new business.
2. Identifying possible niches a small
business can occupy profitably.
NGO QUY NHAM 4 - 19
- Market Feasibility Analysis
F Market size and growth rate
F Profitability
F Competition intensity
NGO QUY NHAM
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