1. FEASABILITY AND BUSINESS PLANNING
MR KUHN

2. Developing a Business Concept
Once you have an idea for a new business, you must turn it into a business concept
A business concept is a clear and concise description of the opportunity you have decided to pursue
It must contain four elements:
The product or service
The customer
The benefit
Distribution

3. Example: A Sports Store
What is the product or service?
Sporting goods and clothing
Supplying local sports teams with jerseys
Who is the customer?
People paying for sporting goods
Most commonly people interested in playing sports and local sports organizations
What is the benefit?
A local neighborhood option to buy sporting goods
More convenient than going into city to buy products
Better customer service
Distributions
Retail store
What other options could there have been?

4. The Concept Statement
When you have answered these four questions dealing with your business concept you must write a concept statement
Your statement must be clear and concise and answer “What is a compelling reason for my business to exist?”
An example using the same sports store:
“Chilliwack Sports offers sporting equipment and apparel to local teams and to people who play sports. It provides the convenience of one-stop shopping at a retail outlet in the customer’s own neighborhood”

5. Coming Up With the Perfect Idea
Ask yourself, “What’s Next?”
Don’t just follow the latest trends and technologies, stay ahead of the curve
Sergio Monslave uses the example of companies like android and apple changing how people watch TV, how else could you transform traditional household entertainment?
Mr Ross Pro Tip: You don’t need to know anything about technology. If you have a good idea you will get people with knowledge on your side

6. Coming Up With the Perfect Idea
Do something about what bugs you
When Colin Barceloux was in college, he thought textbooks cost far too much
In 2007, two years after graduating, he decided to take action and founded Bookrenter.com, a San Mateo, Calif.-based business that offers textbook rentals at about a 60 percent discount.
What began as a one-man operation created out of frustration now has 1.5 million users and 200 employees. "You just have to look at what frustrates you," he says. "There's your business idea right there."

7. Coming Up With the Perfect Idea
Make a cheaper version of an existing product
Enter a market by immediately offering lower prices
Warby Parker offered prescription sunglasses that were typically priced around $300 for the low price of $95
The company now employs over 100 people

8. Coming Up With the Perfect Idea
Mix and Match
Take two existing ideas and combine them
Example: Mooyah
Burger shops have existed but didn’t offer the freedom of Subway and “freshness” of subway
Mooyah bakes bread daily and offers never frozen fresh meat
Mooyah also lets you choose what goes on your burger like Subway

9. Coming Up With the Perfect Idea
Stop thinking about your problems, think about the world’s problems
Energy
How can we produce clean renewable energy at a cheap price?
Again find the idea and people will come
Example: Elon Musk Powerwall
Hunger and Thirst
How can we produce enough food and water for those that don’t have it?
Example: The Life Straw
Poverty
How can we help the poor?
Is it possible to profit and help the poor?
Example: Toms
Environment
How can you make a positive impact on the environment with a simple company such as clothing
Example: Ten tree

10. What to Do Now? Find: What are you doing? Remember
Who you want to work with in your group
What is your business going to be?
What are you doing?
When you have an idea, create a business concept
Remember to include the four elements:
The product or service
The customer
The benefit
Distribution
Write a concept statement
Remember
Your business idea will grow and change! So will your concept!
Think big! Money and associates will come if you have a good idea!
Pick what you are passionate about! If you don’t care, you wont do well!
Working in teams always has a benefit