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Chapter 3 (Summary). Feasibility Analysis ·          Feasibility analysis Feasibility analysis is the process of determining if a business idea is viable. Many entrepreneurs make the mistake of identifying a business idea and then jumping directly to developing a business model. A mental transition must be made when completing a feasibility analysis from thinking of a business idea as just an idea to thinking of it as a business. Completing a feasibility analysis requres both primary and secondary research. Primary research is research that is collected by the person or persons completing the analysis. Secondary research probes data that is already collected. The data generally includes industry studies. ·          Product/Service Feasibility Analysis 1.        Product/service feasibility analysis is an assessment of the overall appeal of the product or service bei...

Chapter 2. Recognizing Opportunities and Generating Ideas  ·          The Differences Between Opportunities and Ideas Essentially, entrepreneurs must be able to recognize an opportunity and turn it into a successful business. Opportunity is where we can create a new product. An entrepreneur recognizes an opportunity gap and create a business to address the problem or fill the identified gap. Opportunity and idea is diferrent. An idea is a thought or impression and idea is needed to meet the criteria of an opportunity. It’s important to know wheter the idea fills a need and meets the criteria for an opportunity. ·          Three Ways to Identify Opportunities 1.        Observing Trends The first approach to identifying opportunities is to observe trends. The most important trends to follow are economic trends , social trends , technological advances , and...