Evaluating the Idea
New businesses are built upon sound ideas that provide value to a clearly defined clientele. We provide information about how to determine whether an idea represents a viable business opportunity. We will also provide information about how to understand the industry a business is about to enter including the creation of a competitor analysis.
Feasibility Analysis
As a preliminary evaluation of a business idea, a feasibility analysis is completed to determine if an idea is worth pursuing. The four key areas for an entrepreneur to consider are: product/service feasibility, industry/market feasibility, organizational feasibility, and financial feasibility. A conscientious attempt should be made to assess whether a potential business startup is feasible in each of these areas.
Industry Analysis
An industry is a group of companies producing a similar product or service, such as airlines, fitness drinks, or electronic games. An indepth analysis is needed to learn in the ins and outs of the industry a company plans to enter.
Competitor Analysis
A competitor analysis is a detailed analysis of a firm's competitors. Our analysis would include a list of your major competitors and a comparison of the features and benefits of your products against your competitors. This process can help: (1) see how your idea stacks up against its competitors, (2) provide ideas for market to pursue, and (3) identify your primary sources of competitive advantage.
Strengthening the Idea
In order to strengthen your idea, we can perform an analysis of patentability, value and marketability, and/or identifying strategic direction as a licensing, joint venture or spin-off company opportunity.
Protecting An Idea
A new business should be careful to protect what is often its most valuable asset--its business idea.The specific expression of a business idea is eligible for protection through patents, trademarks, copyrights, and trade secrets. It is best to get legal advice for how to maximize the value of these forms of protection. Entrepreneurs should also protect their ideas through common sense measures, such as restricting access to confidential material and asking employees to sign nondisclosure agreements. We have the resources to put you in the right direction to accomplish this protection.