May 28, 2007 0 comments
The process of selecting the most appropriate business idea can now be analysed. By scoring each idea against the chosen criteria, for example Andrew chose to investigate the possibilities of setting up three different ideas.
- Software Design House to design, build, implement and market software packages
- Internet Cafe, for people who are interested in using computers and accessing the Internet.
- Software Doctor, a service to business customers to select, install, upgrade and debug computer software.
Each idea was analysed to allocate points for each of the criteria and when multiplied by the weighting factor the following chart was produced.
|Good profit margins||5||5||25||4||20||5||25|
|Low Start Up Costs||5||3||15||2||10||5||20|
|Variety of Work||2||5||10||2||4||4||8|
|No need to learn new skills||1||0||0||4||4||2||2|
By totalling the rating point scores recorded against the criteria for each business idea a comparative Total Score can provide a focus for further development. The highest score indicates the idea that best meets Andrew's criteria.
This method can be used in the selection process to identify the business idea which is the closest match to individual preferences for further investigation. It does not guarantee success as the individual may have to trade off some personal preferences to meet market requirements - we often are asked to do things which are not at the top of our own priority list but are highly valued by others.
If you are still having difficulty in selecting your business idea for the Creativity Analysis coursework try analyzing yourself and generate your own BIG Ideas Scorecard.
Posted by Lisa
Categories: Business Entrepreneurship