new business module

DEFINING AND ASSESSING A BUSINESS IDEA 35
customer needs they want to meet. The form below is intended
to help starting entrepreneurs formulate their business
idea. It is the first step towards their future business
(see Hand-out 12).
The form helps future entrepreneurs reflect on their ideas and
develop them. The better they know what they want to do, the
easier it will be to fill in the form. In this sense, filling in the
form is a first test of whether they are ready to go through with
their business idea. They might realize that they need additional
information. In that case, they should go out and get it
before they continue on the path of starting a business.
Developing the business idea is an important preparatory step
for a functioning business.
Business idea form (see Hand-out 12)
Name of the business:
(What do you want to call your business?)
Location of the business:
(Where will the business be operated and what are the available facilities like?)
Goods or services the business will provide:
(Be as specific as possible when noting the goods or services you plan to provide.)
Customers the business will sell to:
(Be as specific as possible when noting the customers you plan to sell to. Consider and mention
eventual market segments.)
The way the business will sell its goods or services:
(Explain how you plan to reach customers. Where and how are you going to sell your goods and
services to them?)
Needs of the customers the business will meet:
(Note the specific customer needs or problems you plan to address.)
A good way to check whether a business idea is well defined
and consistent is to discuss it with family members, friends or
other business people.
2.3 How to formulate and develop a business idea
The following case study provides an example of how a business
idea can be formulated. It is the story of Baboukar, who