May 28, 2007 0 comments
First thing I suggest you to do is to:
Prioritise possible business areas against your own order of importance and create a table to identify ranking. The criteria used during this process will be entirely your own, for example these may include: low start up costs; would suit your life style; interesting work; easy to do; challenging market; good profit margins; revenge against previous employer; opportunity to travel; opportunity to meet new people; etc. There are many varieties of criteria, the above are just a few, which criteria are important to you?
Decide your most important criteria and place them in a list in order of importance. Next, for each of your chosen criteria apply a weighting factor of between 1 and 5. Now score each criteria by multiplying it by the weighting factor.
Andrew is studying for a MA (Hons) in Information Technology. He really enjoys designing software for business and multimedia applications and has just completed a training interactive toolkit project for a large electronics equipment manufacturer. The work involved site visits and team briefing meetings, which to his surprise, he really enjoyed. He also found that he got a buzz out of problem solving. To support his studies at university, Andrew not only had an internship acting as a programer, he also has undertaken a range of part time jobs, mainly in catering and bar work. Both he and his friend -potential biz partner enjoy working together while doing Professional IT consulting; and meanwhile both of them enjoy cooking and often organize student and other entertaining networking events. He wants to set up his own business so that he can be control. He owns a 'state of the art' computer and can raise a small amount of capital if he finds people interested in his ideas. He is not worried about unsociable hours as long as the money is good and he finds exciting learning new skills.
|Andrew's Criteria||Weighting factor|
|Good profit margins||5|
|Low Start Up Costs||5|
|Variety of Work||2|
|No need to learn new skills||1|
Since cash flow with good margins was important to Andrew, he allocated a weighting factor of 5, on the other hand the need to learn new skills didn't really worry him, so he allocated a weighting factor of one.
Posted by Lisa
Categories: Business Entrepreneurship