Module 2: Starting Your Business
Topics
How do I get the workbook for this module?
Module 2 Workbook
Learning Objective
Download the workbook for this module.
Read
Throughout these materials, there will be references to the Module 2 Intro to EntreSkills Workbook. This workbook is designed to allow you to record what you personally learn as part of this course. If you go on to work with an NYSBDC business advisor, this completed workbook will allow your advisor to learn a lot about you and your entrepreneurial aspirations very quickly.
Where can I find business ideas? (Part 1)
Idea – Look Inside
Learning Objective
Examine your experiences and interests to begin generating business ideas.
Watch
Workbook
In your workbook, answer the questions in the Idea – Look lnside Section to begin generating ideas for your business.
Key Takeaway
As you start on the path of entrepreneurship, it is important to find a business idea that aligns well with your unique experiences and qualities.
Sometimes the first step is the hardest: coming up with an idea. Coming up with an idea should be like sitting on a pin—it should make you jump up and do something.
—Kemmons Wilson, Founder of Holiday Inn
Where can I find business ideas? (Part 2)
Idea – Look Outside
Learning Objective
Observe the world around you for business opportunities.
Watch
Workbook
In your workbook, answer the questions in the Idea – Look Outside Section to generate more ideas for your business.
Key Takeaway
Looking at the world around you and researching opportunities you find will help you generate business ideas.
Business opportunities are like buses. There’s always another one coming.
—Richard Branson, English Businessman & Co-Founder of the Virgin Group
Resources
What are some examples of business ideas?
Idea – Examples
Learning Objective
Review a list of examples for more business ideas.
Watch
Workbook
In your workbook, review the list in the Idea – Examples Section to generate more ideas for your business.
Key Takeaway
Business ideas abound! If you’re not yet ready to jump into entrepreneurship full-time, there are many businesses you could run part-time without huge start-up costs.
How can I evaluate business ideas?
Idea – Evaluation
Learning Objective
Evaluate your business ideas for their chances of success.
Watch
Workbook
Complete the activities in the Idea – Evaluation Section in your workbook to compare your business ideas.
Key Takeaway
Taking the time to evaluate, compare, and discuss your business ideas can help you choose one with a greater chance of success.
Research your idea. See if there’s a demand. A lot of people have great ideas, but they don’t know if there’s a need for it. You also have to research your competition.
—Magic Johnson, Former NBA Star & American Businessman
Why do business ideas sometimes fail?
Idea – Failure
Learning Objective
Review possible reasons why business ideas fail.
Watch
Read
Here are some of the reasons why business ideas fail:
- Killing a promising idea before testing it
- Focusing only on why an idea won’t work
- Thinking you have to be the first to have the idea
- Overestimating the uniqueness of your idea
- Not recognizing flaws that need to be addressed
- Getting stuck on the details
- Lacking confidence in your own abilities
- Paying too much attention to others’ criticisms
- Not doing enough research about the idea
- Dealing with high implementation costs
- Dealing with high labor costs
- Targeting the wrong market
- Pricing the product or service incorrectly
- Not obtaining legal protection for the idea
Workbook
In your workbook, complete the activity in the Idea – Failure Section.
Key Takeaway
Understanding why some business ideas fail can help you make your idea succeed.
The only real mistake is the one from which we learn nothing.
—Henry Ford, American Industrialist & Founder of Ford Motor Company
What should I do when I've decided on a business idea?
Idea – Testing
Learning Objective
Test your business idea.
Watch
Read
Here is a list of possible questions about your business idea for people in your target market:
- What are the hardest things you face in your daily life related to this product or service?
- Do you currently use any similar products or services?
- What do you like and dislike about your current solutions?
- What do you like about my product or service?
- What would you like to see improved in my product or service?
- Would you be willing to pay for my product or service?
- What would be a fair price for my product or service?
- How often do you think would you buy my product or service?
- What would make you choose my product or service over my competitors?
- Do you see any challenges in using my product or service?
- How do you see your needs related to my product or service evolving in the next year?
Workbook
In your workbook, complete the Idea – Testing Section. This will require you to come up with questions for people in your target market, perform some kind of testing, record the feedback you receive, and make any needed revisions to your business idea.
Key Takeaway
Taking the time to test your business idea before completely forming your business will allow you to validate and fine-tune the idea based on feedback from real potential customers.
All products must be seen as experiments.
—Regis McKenna, Silicon Valley Marketing Specialist
Resources
Which business structure should I choose?
Structure
Learning Objective
Select a business structure that will work well for you and your business idea.
Watch
Workbook
Answer the questions in the Structure Section of your workbook.
Key Takeaway
There are many business structures. Choosing the best structure for your business will depend on what you want your levels of regulation, taxes, and liability to be.
Resources
What should I name my business?
Name
Learning Objective
Identify a name for your business.
Watch
Read
The criteria in the following questions can help you narrow down business name ideas:
- Is the name easy to say, spell, and remember?
- Is it short and catchy?
- Does it grab attention?
- Does it leave room for future growth, like expanding into new areas or product lines?
- Does it avoid embarrassing or negative meanings, including in other languages?
- Does it stand out from competitors?
- Does it clearly describe what your business does?
- Does it feel like a name you’re proud of?
- Will your customers connect with it?
- Does it avoid trends, puns, or obscure meanings that might confuse people or age poorly?
- Is a domain name available if you’ll have a website?
Workbook
The exercises in the Name Section of your workbook will help you evaluate and compare your business name ideas.
Key Takeaway
Use the tips in this section to brainstorm business name ideas and narrow down your options. When you have a final name candidate, make sure it is not already in use and register it. You can also protect the business name with the United States Patent and Trademark Office (USPTO).
Your brand is what people say about you when you’re not around.
—Chris C. Ducker, Serial Entrepreneur & Author
What is a business plan?
Plan
Learning Objective
Recognize the purpose and parts of a business plan.
Watch
Key Takeaway
In the “Intro to EntreSkills” modules, you have explored the personal side of entrepreneurship, developed a business idea, and made important decisions about your business’s structure and name. Now you are ready to jump into writing your business plan. You can sign up for no-cost, high-quality business plan advisement with the NYSBDC today!
Without a plan, even the most brilliant business can get lost. You need to have goals, create milestones and have a strategy in place to set yourself up for success.
—Yogi Berra; Baseball Catcher, Manager, & Coach
A goal without a plan is just a wish.
—Antoine de Saint-Exupéry, French Author
Resource
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