Business Finance Homework Help

There are 3 Exercises to do and my career is business field. For each exercise put the answers into a small paragraph.

Ideas stemming from your hobbies: EXERCISE 2 (MANDITORY)

Hobbies or personal interests are a great source of venture ideas. This is true because typically you have an increased knowledge of the subject matter and you love what you are doing because you choose to do it for free as a hobby!

Record your ‘hobbies’ below. Don’t limit yourself – think of all of the activities you enjoy participating in outside of work, whether it is with your family, friends, or by yourself. Indoors or outside; physical or mental; write it all down!

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The following questions will help you brainstorm and organize potential ideas from your hobbies:

⦁ Does your hobby generate to a product or service that can be sold? Are the products/service desired or useful in your current career or the kinds of companies you are interested in?

⦁ Can you teach other people how to do your hobby? Would people (e.g. employees, customers, supplier etc.,) associated with current career or the kinds of companies that interest you want to learn about your hobby?

Potential Dangers:

There are many good reasons to base your new venture ideas from your hobbies, but there are also disadvantages that must be considered:

⦁ Are you overestimating demand because you are too close to the idea?

⦁ Does the hobby translate into a business that you would want to do every day?

⦁ Can you look at your hobby as a business?

⦁ Can you objectively listen to the customers and create what they want or are you too emotionally tied to product?

Ideas that should be eliminated because of dangers:

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Record your top business ideas from this exercise. Make sure the ideas relate to your current industry, or the kind of companies that interest you.

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Ideas stemming from discontentment: EXERCISE 4 (MANDITORY)

If something really annoys you, chances are it irritates other people too! Creating a business that solves a problem for you or someone else can be a great way to fill an unmet need. In most cases you will have a good understanding of the problem and the value of an effective solution.

Step 1: Derive ideas from discontentment

Finding business ideas through discontentment is an ongoing process. The key is to be able to observe problems and determine how to eliminate or minimize the negative effects. Discontented people are everywhere! Try to go through a day or two with the specific goal of noticing frustration. You will be amazed at the number of observations that you will make when actively listening for grievances.

It is a good practice to record areas of discontentment and potential inspiration for a new business idea, throughout the day. The following questions and lists will help you brainstorm and organize potential ideas from discontentment.

⦁ Where do you most commonly see discontented people? Are you are at the grocery store, a night club, a ball game or your child’s school?

⦁ What is the source of the discontentment? Why are they experiencing frustration?

⦁ Is it possible to make the process less flawed? How?

⦁ Can your solution relate to your favorite kind of company(ies) or your current career? If so list the ideas below:

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Step 2: Identify discontentment relating to kinds of company you’re interested in or your current career.

Go back to the section of this document called “Ideas stemming from your current career”. Find a contact in your career or favorite kinds of company(ies). See if they will go through the exercises in this section with you.

List the ideas you come up with as a result:

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Step 3: Eliminate dangerous ideas.

There are many good reasons to base your new venture ideas from discontentment, but there are also dangers that must be considered:

⦁ Do many people have this need?

⦁ Are you filling an important need?

⦁ Are you truly able to resolve the issue causing the discontentment?

To gain insight regarding the question above, research whether anyone else has worked on or is working on the same problem. How did they do? What did they determine?

List ideas that should be eliminated because of dangers:

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Step 4:

Record your top business ideas from this exercise.

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BEST IDEAS (Exercise 9) Mandatory

Review all the ideas you have derived from these exercises. Record a few of these ideas as they related to your favorite kind of company or your current career.

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