Idea Assessment
What is the primary purpose of conducting an idea assessment?
To evaluate the viability and potential of a new business idea.
What is feasibility analysis primarily concerned with?
Assessing a business idea's likelihood for success before full-scale implementation.
What is the core of a business model?
The value proposition.
What is the first step in market analysis?
Identifying and segmenting the target market.
What does a financial feasibility study evaluate?
Whether the business can financially sustain itself and generate profit.
What essential element should be considered to validate a business idea's market need?
Customer demand.
Which analysis tool evaluates the industry and market attractiveness for a new business?
Porter’s Five Forces Analysis.
What term describes the ways a business will earn money?
Revenue streams.
What does industry analysis provide insights into?
Competitive dynamics and market viability.
What is critical for understanding the financial requirements of starting a business?
Initial cost analysis and capital requirements.
Which method involves getting feedback directly from potential customers?
Customer surveys and interviews.
What are the major components analyzed in market feasibility?
Customer demographics, market size, and demand.
What crucial assets are necessary for a business to deliver its value proposition?
Key resources.
What indicates a market's potential for sustainability and growth?
Market growth rate and trends.
How is the point at which the business neither makes a loss nor a profit determined?
Break-even analysis.
What preliminary model helps refine the business concept based on initial feedback?
Prototype or Minimum Viable Product (MVP).
What feasibility aspect examines the availability and capability of technology needed for the business?
Technical feasibility.
How can strategic partnerships benefit a business model?
By leveraging external resources and capabilities.
What insights does competitive analysis offer?
Competitors' strategies, strengths, and weaknesses.
What measure is used to evaluate the financial attractiveness of a business investment?
Return on investment (ROI).
What plan outlines the business strategy and objectives for new ventures?
Business plan.
What legal aspects must be considered in a feasibility analysis?
Regulatory requirements and intellectual property issues.
What method maintains customer loyalty and engagement?
Customer relationship management strategies.
How can one estimate the total potential sales in a market?
Through market sizing and sales forecasting.
What projection is crucial for understanding the financial health and cash needs of a business?
Cash flow forecast.