3.2 The development of your small business idea
The bow-tie diagram in Learning Activity 2h above can also be used to develop your small business idea in terms of the:
- Essence of the idea
- Possible combination of ideas
- Taking a new direction with the idea
Suppose we take the idea “to bake cakes”. In the following diagram you can see all the ideas that might emerge from this one.
Feasibility of the business idea
Take one of the ideas that you listed in Chapter 1 and use the bow-tie diagram below to develop this idea further.
Tasks
Watch this video for more insight to why feasibility analysis are conducted on business ideas:
To determine whether your small business idea is feasible, you must be able to answer the following four questions satisfactorily:
Do you want to do what the idea suggests?
Is there a market for your idea?
Can you meet the needs of your consumers?
Can you get the idea to the consumers?
3.2 The development of your small business idea