





Write down the types of businesses where you
have worked or volunteered
List the parts of your job are you really good at?
List the classes that you enjoyed or the projects
you liked most
List things that your friends or family have said
that you’re good at
List your hobbies
Write down what you are passionate about doing



Write down the businesses that you wish you had
(products or services) in your personal life
Write down the businesses that you wish you had
(products or services) in your professional life
Write down what you were referring to the last
times you have said “I could do that better….”
either at home or at work







Changes
Personal contacts
Trade shows
Trade publications
Trends
Demographics
New knowledge


Look at general and industry environment to find
opportunities
General
◦
◦
◦
◦
◦
Political/legal
Technological
Global
Macroeconomic
Sociocultural




Resources
Capabilities
Core Competencies
SWOT Analysis

Industry environment
◦
◦
◦
◦
◦
New competitors
Substitute products/services
Rivalry
Suppliers
Buyers
Attractive Industry
Unattractive Industry
Threat of entrants is low
Threat of entrants is high
Threat of substitute products is low
Threat of substitute products is high
Bargaining power of buyers is
low/weak
Bargaining power of buyers is
high/strong
Bargaining power of suppliers is
low/weak
Bargaining power of suppliers is
high/strong
Intensity of rivalry among existing
firms is low
Intensity of rivalry among existing
firms is high

Strengths – internal elements that increase chance
of success

Weaknesses - internal elements that increase
chance of failure

Opportunities – external elements to make greater
profit

Threats – external elements that cause problems





Market factors
Competitive advantage
Economics
Management capability
Fatal flaws




Start a business from scratch
Buy an existing business
Take over a family business
Buy a franchise

SBA’s Best and Worst Franchises