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Potential business idea analysis and selection process:

Group Assignment 3 Due date 2 May 2022

Senior lecturer : Oloo G

Question 1 ( 10 Marks )
• Go to a public spot ( foe example a car park, cafeteria, municipality park etc) obseve the area
and briefly describe your surrounding and explain why you picked the sport.
• What is the approximate number of people visiting the spot ,what are they doing, what do you
think is attracting them to that spot, what is the age group,what is the gender etc.
• Observe carefully and briefly explain their behaviors . Try to identify the problem they are
facing and explain
• Observe for at least one hour taking notes, analyze the scenario and try to find a pattern. What is
the pattern.
• Explain beiefly three major problems or demand you have identified and would be worth
solving.
• Come up with at least five solutions per each of the three problems.
• Now narrow down the solutions to three per problem based feasibility.

Question 2 ( 25 Marks )

Using the steps 1 asses which problem would make a potential business by rating then on a scale of 1
to five.

Using the three potential solutions per do a feasibility Analysis (Screening and Evaluation
of Opportunities)-

Discuss your Personal Readiness

1. Do you know how to do the business (related experience)?

2. Does this business idea match your personal goals?

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3. Do you have the right skills and knowledge?

4. Will your strengths support this business idea?

5. Are you willing to work hard to realize this business?

Rate each Response on a 1-to-5 scale where:

1 = strongly disagree

2 = disagree

3 = undecided (neutral)

4 = agree

5 = strongly agree

The final score for the business idea / Problem = Total sum of the ratings divided by the number of all the
items( 5 ).The highest score is the best choice for a potential business. The neutral score is undicided, the
lowest score no go business.

Question 3 ( 15 Marks )

Using the above examples come up with a business idea of your choice that the group will work on
during the semester and write a short concept about it. Half a page ( 10 Marks)

Key points to consider when selecting a business idea:

▪ What is unique about your business idea/opportunity (what do you bring to the
table that is different?)
▪ Does it meet customer needs or solve their problems?
▪ Do you have a passion for this business idea?
▪ Do you have talents to manage it.
▪ Are you ready to write a business plan about it

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