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

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

Changes Personal contacts Trade shows Trade publications Trends Demographics New knowledge

Look at general and industry environment to find opportunities

General◦Political/legal◦Technological◦Global◦Macroeconomic◦Sociocultural

Resources Capabilities Core Competencies SWOT Analysis

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

Attractive Industry Unattractive Industry

Threat of entrants is low Threat of entrants is high

Threat of substitute products is low

Threat 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

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

Market factors Competitive advantage Economics Management capability Fatal flaws

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

SBA’s Best and Worst Franchises