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Business Planning Papers

Business Planning Papers

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Published by Dinesh Verma
These 7 pages I findout from www.Planware.com website. Its really very nice article. and I dont use according to Planware copyright law.....I just make word doc and post it. Take help to establish New Bussines from your new Ideas.
These 7 pages I findout from www.Planware.com website. Its really very nice article. and I dont use according to Planware copyright law.....I just make word doc and post it. Take help to establish New Bussines from your new Ideas.

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Published by: Dinesh Verma on Aug 28, 2009
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05/26/2011

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Business Planning Papers:Getting New Business Ideas
Page Contents
1. Starting to Get New Business Ideas
The location and development of viable business ideas is as much an art, or matter of luck, as the useof systematic techniques. Certainly, you can use structured approaches, as described below, but thereality is that having the right background, being in the right place at the right time, and workinghard to create lucky breaks are likely to be just as important in coming up with sound business ideas.The concepts presented below represent a series of checklists. They need not be followedsystematically and, most certainly, they should not be perceived as a sure-fire recipe. Instead, viewthem as a series of menus from which you can pick and choose according as your thoughts develop.Probably, the only issue which everyone searching for new business ideas should reviewsystematically is their own strengths and weaknesses and to use this as their key building block and jumping off point.
Need More Assistance? Have a look at:
2. Before Searching for Business Ideas
The starting point for developing new business ideas lies inside the prospective entrepreneur rather than in the marketplace, laboratory, business plan etc. You are the critical component - it is your strengths and weaknesses which should dictate the areas in which to seek ideas and the likely scale& scope of your business. At the end of the day, support for your business by financiers, suppliers,customers etc. will also be a vote of confidence in your abilities to make it successful.You should build on your 
strengths
and surmount or work around your 
weaknesses
, and possiblycut your cloth to meet your main limitations. For example, there is little point in searching for capital-intensive or knowledge-based ideas if you have slim/no prospects of raising the necessarycapital or if your educational background is unsuitable. OK, OK, we have all heard stories of garage-starts by school drops-out which attracted venture capital and eventually became mega-businesses, but we don't hear so much about the huge numbers of failures.
What angle are you coming from?Are you:
An inventor who has a product/service idea?
An innovator who has developed a new product/service?
Out of work and want to create a job for yourself?
An entrepreneur who wishes to create a business?
A manager who wishes to develop a business?1
 
Be especially aware that inventors and innovators does not necessarily make good business people.Areas where you should make honest assessments of your strengths and weaknesses include thefollowing:
Educational background
Any (special) business or technical qualifications?
Do you have a knowledge of finance & marketing?
Are you up-to-date with business-related issues?
Financial strengths
 
Have you access to personal or family funds or finance from other sources?
How much, how easily, what conditions and when?
How long could you survive without any (regular) income while your business develops?
Commitment
 
Why do you
really
want to start a business?
Are you in reasonable health?
Have you any/many family commitments?
Does the family fully approve of your proposal to set up your own business?
Are you willing to relocate/commute in order to pursue a business possibility?
Expertise & interests
 
Do you have insights into any business sectors or trades?
What are you good at or like doing?
Do you have a hobby/interest/talent which could become the basis of a business?
Personal qualities
 
Are you a resourceful, energetic and motivated person?
Have you a capacity to take lots of knocks and bounce back?
Are you realistic and practical? Are you a hard worker?
What do you dislike doing?
Prior experience
 
Where have you worked before?
Have you done anything special, exceptional or unusual?
What work-related skills or expertise do you have?
External contacts, resources etc.
 
What contacts have you in finance, business etc.
Have you or your family access to any under-utilized resources.
Do you know people who might help give you a start?Don't be afraid to ask other people to help assess your strengths and weaknesses.To help surmount weaknesses, consider the idea of forming an entrepreneurial team (or taking on a partner, part-time adviser, non-executive director etc.) but beware of trying to work with people youdon't like or respect, and don't involve family unless you are really, really sure that it will work outfor the long-term.Write down your assessments and rank your main strengths and weaknesses. Make sure to avoid thetrap of showing something as both a strength and weakness. Use the resulting list to help set thecriteria and boundaries to your search for business ideas. For example, the scope of your ideas mightembrace ideas centered around one of the following:1.Specific local services; about $XX,000 cash; use of an existing resource etc.2.Previous work experience; national markets; formation of team etc.Be specific but don't place unnecessary limits on the scope of your ideas or thinking. Some clear ideas may have already started to emerge which could start evaluating straight away.2
 
3. Looking for New Business Ideas
When looking around for business ideas, bear in mind that these could be based on any of thefollowing approaches:
A
manufactured product
where you buy materials or parts and make up the product(s)yourself.
A
distributed product
where you buy product from a wholesaler/MLM, retailer, or manufacturer.
A
service
which you provide.Bear in mind that most good business ideas are not completely original. You may be familiar withthe following diagram which shows the possible combinations of existing/new products/markets.
Existing ProductsNew ProductsExisting Markets
12
New Markets
34The simplest business ideas (existing products in existing markets) will be located Box 1 and thetrickiest (new products in new markets) are likely to be in Box 4. If you concentrate on pursuingideas involving existing products in existing markets, you run the risk of being exposed to severecompetition. If you focus on new products in new markets, you might find yourself too far out on alimb. Look most closely at the combinations of products and markets in boxes 2 & 3.You must narrow your search to specific market or product areas as quickly as possible. For example, the "food business" is too broad a search area. Do you mean manufacturing, distribution or retailing, or do you mean fresh, frozen, pre-prepared etc. or do you mean beverages, sauces,confectionery etc.? It is better to pursue several specific ideas (hypotheses) rather than one diffuseconcept which lacks specifics and proves impossible to research and evaluate.Generally, you should always aim for quality rather than cheapness. Be very cautious about pursuingideas which involve any prospect of price wars or are very price sensitive; of getting sucked intoshort-lived fads; or of having to compete head-to-head with large, entrenched businesses.Observe consumer behavior:
What do people/organizations buy ?
What do they want and cannot buy ?
What do they buy and don't like ?
Where do they buy, when and how ?
Why do they buy ?
What are they buying more of ?
What else might they need but cannot get ?Look at changing existing products or services with a view to:
Making them larger/smaller, lighter/heavier, faster/slower 
Changing their color, material or shape
Altering their quality or quantity
Increasing mobility, access, portability, disposability
Simplifying repair, maintenance, replacement, cleaning
Introducing automation, simplification, convenience
Adding new features, accessories, extensions
Changing the delivery method, packaging, unit size/shape
Improving usability, performance or safety
Broadening or narrowing the range
Improving the quality or service.3

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