Selecting a Venture

The basic rule is simple: "Find a market need and fill it!" The process of finding the need, and the method chosen to fill it are where the difficulties arise.

Based on our opportunity scan, does the market need a product or service that is not currently being provided? Is there a needed product or service currently being provided in a less than satisfactory way? Is some particular market being underserved due to capacity shortages or location gaps? Can we serve any of these needs with some competitive advantage?

Remember that a business idea is not a business opportunity until it is evaluated objectively and judged to be feasible. You may wish to choose two to five of the ideas that seem most promising for more detailed study. Trying to consider too many would spread your time, energy and focus too thin. At the same time, if you focus too early on only one business idea, you are more likely to become "attached" to it, and could lose your objectivity.

Testing the feasibility of your top business ideas involves time and effort to collect key information. A first pass might consist of consulting recent journal articles that evaluate the market of interest; most libraries have computer-based indexes of periodical articles, such as InfoTrac. Other useful library resources include industry trade books, directories, and other sources of industry statistics.

Data collected from industry sources and journal articles is often referred to as secondary data, in that it was collected for purposes not directly related to our specific venture. Sometimes this can be sufficient, though we may find the need to fill the gaps with primary data. Collection of primary data can be very expensive. It generally consists of conducting market surveys, in person or by telephone, of a statistically significant random sample of our prospective clientele.

Craft an entry strategy. What type of business could best seize the chosen opportunity? Would taking in partners with complementary skills enhance my chances for success? What would be the optimum location? Whom would we serve, and how? Would my chances be improved by buying a franchise or an existing business, as opposed to starting a venture "from scratch?"

A small business is the usual product of entrepreneurship. Can a person start a large business? Only 4% of businesses employ over 20 people at start-up. What kinds of businesses are the larger start-ups likely to be? My sense is that most would be food service businesses, and many of those would be franchises.

Over half of business start-ups consist of 1 or 2 employees. What kinds of businesses can you enter with only 1 or 2 employees? Most would probably be considered professional practices (medical, law, accounting) rather than commercial businesses.

Small businesses are characterized by independent management, closely-held ownership, a primarily local area of operations, and a scale that is small in comparison with competitors. Many are small by design, or are "lifestyle" businesses, where the primary objective is employment for the principals.

Many are intended to be more "entrepreneurial ventures," with the intention of generating substantial growth in scale of operations and profitability. Successful entrepreneurs craft such an idea into a business concept that, hopefully, fills a void in the marketplace. You should enjoy your concept and be excited enough to relay your feelings to your market.

Your concept does not need to be a major breakthrough. It could simply be an improvement to an existing product or service. The improvement could be as simple as better service and/or quality than is currently available, a faster or otherwise better method of delivery, or a technological improvement.

Solicit input from friends and other consumers of the product as currently offered. Ask questions like: Is there a need? Would YOU buy it? What price would you expect to pay for it? Is there a better way to provide it?

Check out how the competition is providing the product to the market. Determine what makes your concept different from the competition. Why would the market be better off doing business with you? What can you give the market to improve their experience with the product? Does your product or service exceed the expectations of the market?

Define the needs of your market by listening to the customers and understanding how your product might fill that need. Is there something more you could do, to make it more attractive to your market? Is your product a solution to a problem in your market? How will you handle customer service complaints? What are your guarantees to your customers?

Statistics show that 80% of company sales come from repeat orders and referrals from satisfied customers. Exceed your customers' expectations and they will be back, and they will refer you to others.

Refining and improving your concept is an ongoing process. Maintain a high profile in your community to develop relationships that help promote the product and serve as a referral and constructive feedback network. This involvement will only produce these benefits, however, if you are sincere in your willingness to work hard for the community you live in. If you don't the available time to offer your community, perhaps you could give your product as a gift to local charities or sponsor a local event where your community would benefit.

John B. Vinturella, Ph.D. has almost 40 years experience as a management and strategic consultant, entrepreneur, author, and college professor. For 20 of those years, Dr. Vinturella was owner/president of a distribution company that he founded. He is a principal in business opportunity sites jbv.com and muddledconcept.com, and maintains business and political blogs.

---

Google News Updated : Tue, 07 Oct 2008 08:49:19 GMT Turkey hits PKK targets in n. Iraq on Tuesday - International Herald Tribune Voice of America Turkey hits PKK targets in n. Iraq on Tuesday International Herald Tribune - 1 hour ago ANKARA: Turkish warplanes pounded suspected Kurdish rebel targets in northern Iraq for a second straight day on Tuesday, stepping up a bombing campaign after the death of 17 Turkish soldiers in a cross-border ambush. Turkish warplanes bomb 21 PKK targets in N Iraq People's Daily Online Turkish airstrikes target Kurdish rebels CNN United Press International - Aljazeera.net - AFP - The Associated Press all 1,633 news articles Publ.Date : Tue, 07 Oct 2008 07:30:40 GMT Red Sox roar into AL title series - Boston Globe Red Sox roar into AL title series Boston Globe - 1 hour ago By Dan Shaughnessy Bring on the Rays. Bring on the Dodgers or Phillies if you like. There is plenty of champagne left in New England and Mayor Menino has sent the duck boats to have their tires rotated. Red Sox not taking Rays lightly in next round of postseason MLB.com Red Sox squeeze past Angels, advance to ALCS Washington Post SI.com - ESPN - Boston Herald - FOXSports.com all 3,162 news articles Publ.Date : Tue, 07 Oct 2008 06:49:29 GMT McCain, Obama introduce newly sharp tone amid major news events - Los Angeles Times Washington Post McCain, Obama introduce newly sharp tone amid major news events Los Angeles Times - 1 hour ago McCain intensifies his attack on Obama's past and character, and Obama returns the favor. The tactics may not resonate with voters in a time of crisis. Video: AP Campaign Minute AssociatedPress McCain, Obama unleash another round of attacks Reuters New York Times - Chicago Tribune - Dallas Morning News - The Miami Herald all 4,436 news articles Publ.Date : Tue, 07 Oct 2008 07:01:25 GMT Fan in Room Seems to Cut Infants’ Risk of Crib Death - New York Times InjuryBoard.com Fan in Room Seems to Cut Infants’ Risk of Crib Death New York Times - 5 hours ago By TARA PARKER-POPE Sleeping in a room with a fan lowers a baby’s risk of sudden infant death syndrome by 72 percent, a new study has found. Study Suggests Fan Use Cuts SIDS Risk in Babies Wall Street Journal Study: Using fan on sleeping baby reduces risk of SIDS San Jose Mercury News U.S. News & World Report - WebMD - USA Today - Medgadget.com all 424 news articles Publ.Date : Tue, 07 Oct 2008 03:22:40 GMT Man with financial woes kills family, self - San Francisco Chronicle Sydney Morning Herald Man with financial woes kills family, self San Francisco Chronicle - 1 hour ago An unemployed financial adviser apparently despondent over his troubles shot and killed his wife, his mother-in-law and three children before taking his own life in a gated community, Los Angeles police said Monday. Video: 6 Die in Family Murder-suicide in Upscale Home AssociatedPress California: Six Bodies Found in Los Angeles Home New York Times CNN - Reuters - Los Angeles Daily News - FOXNews all 557 news articles Publ.Date : Tue, 07 Oct 2008 07:38:59 GMT Sri Lanka: international probe called into killing - International Herald Tribune ABC News Sri Lanka: international probe called into killing International Herald Tribune - 29 minutes ago AP COLOMBO, Sri Lanka: Sri Lanka's top opposition party called Tuesday for an international investigation into a bomb attack the previous day that killed a popular former army general and 26 others. Video: Sri Lanka army closes in on Tamil Tigers - 07 Oct 08 AlJazeeraEnglish Former Tamil rebel fighter named as member of parliament Monsters and Critics.com guardian.co.uk - The Associated Press - ABC Online - Radio Australia all 1,419 news articles Publ.Date : Tue, 07 Oct 2008 08:19:30 GMT Frerotte leads Vikings to Monday night victory - FOXSports.com Boston Globe Frerotte leads Vikings to Monday night victory FOXSports.com - 1 hour ago by Alex Marvez Alex Marvez is a Senior NFL Writer for FOXSports.com. He's covered the NFL for 14 seasons as a beat writer and is the president of the Pro Football Writers of America. Frerotte proves mettle against sloppy Saints SportingNews.com National Football League Game Capsules Sports Network Minneapolis Star Tribune - Boston Herald - Philadelphia Inquirer - Newsday all 1,172 news articles Publ.Date : Tue, 07 Oct 2008 07:39:53 GMT Clickbank RSS Feeds Make Money Online

PARLOT::Ebooks, Scripts, Websites, and more...

Adsense websites

Playing Hookey Can Help! A Surprising Secret To Small Business Success!

Would you like to increase your chances of business success... Read More

Entrepreneurs Ask: As a Novice Entrepreneur, How Can I Feel Less Overwhelmed?

Great question! Overwhelm is very common even among the most... Read More

The History of the Franchise Business - Learning about Business Opportunities by Looking at the Past

Hair care has been around as long as humans have... Read More

Six Degrees of Separation

Through just five or six intermediaries, you could be linked... Read More

Securing Second and Third-round Venture Capital Financing

Widget sales are booming ? the competition is scrambling, demand... Read More

New Rules

Last week I was working with one of my small... Read More

Venture Capital Negotiating Issues

When companies enter into negotiations with venture capital firms, there... Read More

The Danger Of Hate

As you have shown an interest in starting a business... Read More

Needs Versus Wants For Entrepreneurs

How often do the words "I need" come out of... Read More

Can a Microbusiness Help You Enjoy a Better Retirement?

Not having enough money for a comfortable retirement tops the... Read More

Build Your Own Board Of Experts

The most successful entrepreneurs rely on their advisory boards to... Read More

Find Out If You WILL Be Successful As a Franchisee?

Will I be successful as a franchisee?One of the soundest... Read More

Be Where the Pucks Going To Be

The "Great One" said it bestHockey legend Wayne Gretzky, when... Read More

Cross Polination of Innovations in the Cleaning Industry

According to the latest edition of Pool and Spa news;... Read More

Raising Capital for Your Business ? How Long Does it Take?

Most companies vastly underestimate the time commitment necessary to successfully... Read More

Self-Esteem and the Entrepreneur

Isn't it funny how people think that being self-employed is... Read More

5?4?3? 2...1?

A streak dating back more than three decades came to... Read More

Competing With The Big Dogs

You run a small consultancy. You're well qualified, experienced and... Read More

10 Secrets of Successful Entrepreneurs

Running a one-person business is a creative, flexible and challenging... Read More

The Boss is DEAD!

Some of us are born into families with "it", some... Read More

How To Find Hot Online Business Ideas

Would you like to find the key that unlocks the... Read More

Identify the Growth Factors

In "The Incredible Hulk", mild-mannered scientist Bruce Banner discovered that... Read More

Answering Why You, Why Now Critical in a Winning Business Plan

Business plans continue to be an essential element of the... Read More

Expand Your Resourcefullness!

The success and failure for the entrepreneur is largely dictated... Read More

Motivation and Commitment

Why do people start small businesses? The most frequently cited... Read More