2.  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

3.  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

4.  Changes  Personal contacts  Trade shows Trade shows  Trade publications Trade publications  Trends Trends  Demographics Demographics  New knowledge New knowledge

5.  Look at general and industry environment to find opportunities  General ◦ Political/legal ◦ Technological ◦ Global ◦ Macroeconomic ◦ Sociocultural

6.  Resources  Capabilities  Core Competencies  SWOT Analysis

7.  Industry environment ◦ New competitors ◦ Substitute products/services ◦ Rivalry ◦ Suppliers ◦ Buyers

8. Attractive IndustryUnattractive Industry Threat of entrants is lowThreat of entrants is high Threat of substitute products is lowThreat 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

9.  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

10.  Market factors  Competitive advantage  Economics  Management capability  Fatal flaws

11.  Start a business from scratch  Buy an existing business  Take over a family business  Buy a franchise

12.  SBA’s Best and Worst Franchises SBA’s Best and Worst Franchises