How to Quickly Evaluate Ideas

1. For each of the best business ideas you generated and circled on the previous pages of this packet write each idea in the BUSINESS IDEA sections of the following pages (one idea per section). This will make it easier to evaluate each idea quickly.

2. In the section below, write your answers clearly and concisely to the three key questions listed about your first business idea: a. What is the compelling need that is not currently being met? b. Who is the target market who has this need (demographics, characteristics, etc) c. Does this idea sound interesting and exciting to me, if so, why? 8

A cafe that has cats roaming around for customers to pet and play around with.

BUSINESS IDEA #1 – Clearly describe the idea in a few sentences: Rate each answer from 1-10: a)What is the compelling need that is not currently being met:

Some people feel happiness around cats, and also when they drink coffe and there is no cat cafe in SA as of now b)Who is the target market who has this need (demographics, characteristics, etc): c)Does this idea sound interesting and exciting to me, if so, why:

Everyone and anyone that loves pets, specially cats.

Yes, because Saudi's have never seen such concept, and I love cats.

TOTAL SCORE (a+b+c):

3. Then rate each of your answers from 1-10 in the “Rate each answer from 1-10” column on the right. An outstanding idea with a compelling need should be rated a 10; an idea with a clearly defined target market should be rated a 10; an incredibly interesting and exciting idea should be rated a 10. Anything less should be rated lower. A rating of 1 is the lowest rating. Most answers will likely fall in-between and should be rated accordingly. So rate each answer listed above.

4. Add your three ratings together to comprise your total score (maximum total score is 30) which you should write in the shaded TOTAL SCORE section above for future comparison.

5. Repeat this process of answering the three key questions, rating each answer, and compiling a total score for each of your business ideas listed on the following pages.

Renting or buying electric scooters from stations.

BUSINESS IDEA #2 – Clearly describe the idea in a few sentences: Rate each answer from 1-10: a)What is the compelling need that is not currently being met: b)Who is the target market who has this need (demographics, characteristics, etc): c)Does this idea sound interesting and exciting to me, if so, why:

The need of transportation specially in univirsities such as KFUPM.

KFUPM students, faculty and staff.

Yes, because i am a student in KFUPM and this idea would help massively

TOTAL SCORE (a+b+c):

A place for parking lot owners to rent their spots to othe indivisuals

BUSINESS IDEA #3 – Clearly describe the idea in a few sentences: Rate each answer from 1-10: a)What is the compelling need that is not currently being met: b)Who is the target market who has this need (demographics, characteristics, etc): c)Does this idea sound interesting and exciting to me, if so, why:

TOTAL SCORE (a+b+c):

BUSINESS IDEA #4 – Clearly describe the idea in a few sentences: Rate each answer from 1-10: a)What is the compelling need that is not currently being met:

An app that helps people that play football find pitches and teammates. Playing sports and the need for some to play football every week, makes it much easier b)Who is the target market who has this need (demographics, characteristics, etc): football players and people that own a football pitch c)Does this idea sound interesting and exciting to me, if so, why:

Yes, because im a football player myself.

TOTAL SCORE (a+b+c):

Creating a unique phone case that comes with tracking keychains that one can stick anything.

BUSINESS IDEA #5 – Clearly describe the idea in a few sentences: Rate each answer from 1-10: a)What is the compelling need that is not currently being met: b)Who is the target market who has this need (demographics, characteristics, etc): c)Does this idea sound interesting and exciting to me, if so, why: yes, becasue i am a forgetful person

Of course phone protection, but also the ability to be able to track important day-to-day objects and needs.

Could be people with dementia, or people who just forget a lot.

TOTAL SCORE (a+b+c):

BUSINESS IDEA #6 – Clearly describe the idea in a few sentences: Rate each answer from 1-10: a)What is the compelling need that is not currently being met: b)Who is the target market who has this need (demographics, characteristics, etc): c)Does this idea sound interesting and exciting to me, if so, why:

Producing Biodegradble plastic-like-bags.

TOTAL SCORE (a+b+c):

BUSINESS IDEA #7 – Clearly describe the idea in a few sentences: Rate each answer from 1-10: a)What is the compelling need that is not currently being met: extra source of income to designers, and professionally personalized designs for anyone that nneds them. b)Who is the target market who has this need (demographics, characteristics, etc): c)Does this idea sound interesting and exciting to me, if so, why:

A space for graphic designers to use their abilities to help other people.

TOTAL SCORE (a+b+c):

BUSINESS IDEA #8 – Clearly describe the idea in a few sentences: Rate each answer from 1-10: a)What is the compelling need that is not currently being met:

A huge dome that contains most sporting needs from pitches to courts to gyms. A secure place to practice sports without being affected by the weather b)Who is the target market who has this need (demographics, characteristics, etc): c)Does this idea sound interesting and exciting to me, if so, why:

TOTAL SCORE (a+b+c):

BUSINESS IDEA #9 – Clearly describe the idea in a few sentences: Rate each answer from 1-10: a)What is the compelling need that is not currently being met: b)Who is the target market who has this need (demographics, characteristics, etc): c)Does this idea sound interesting and exciting to me, if so, why: TOTAL SCORE (a+b+c):

BUSINESS IDEA #10 – Clearly describe the idea in a few sentences: application that sells tickets for any concert or event a place where all events tickets are being selled at.

Rate each answer from 1-10: a)What is the compelling need that is not currently being met: c) Does this idea sound interesting and exciting to me, if so, why:

People Interested in any type of events.

Yes, because it'll help a lot with finding events and tickets b)Who is the target market who has this need (demographics, characteristics, etc): TOTAL SCORE (a+b+c):

6.Review the TOTAL SCORE for each of your business ideas. Did you rate a TOTAL SCORE of 26 – 30 for any of your ideas? If so, circle these top rated idea(s). Congratulations! These ideas may very well be worth launching into a real business and certainly warrant careful consideration.

7.Did you rate a TOTAL SCORE of 15 – 25 for any of your ideas? Don’t give up on these ideas yet. These ideas may have some interesting components but there is something about each of these ideas that probably needs to be addressed. Review each of these ideas once again. Is there some way you could strengthen, add clarity to, or otherwise adjust any of these ideas to make them worthy of a 26 – 30 TOTAL SCORE? Is there some way you could build on any of these ideas to make them better match your own personal goals? Adjust your idea(s) accordingly.

KEY POINT: Generating new business ideas is a highly iterative process. By looking at each idea again from a fresh perspective you can always improve it. Always! The idea you thought of today can be targeted to a better niche, packaged with a better feature, or bundled with a better service to better solve customer problems. Discuss your ideas with a trusted friend. It can be a powerful way to take a good idea today and turn it into a compelling business idea tomorrow. So keep looking at, thinking about, and talking through your ideas. You may be able to start your new business sooner than you think.

A journey of a thousand miles must begin with a single step.

-Lao-Tzu

Ok, Now What?

So now that you have a compelling new business idea or two, pause for a moment to see how far you have come. You have now gone through a series of steps to help you generate a good number of business ideas and quickly evaluate them. You have finally scrambled over the obstacle that thwarts so many others.

What should you do now? Celebrate, of course.

Then the hard work really kicks in. But before you invest what could be a substantial amount of money or time to launch any idea here is a sampling of questions you would be wise to consider for each of your top ideas:

• Who would your primary competitors be and what would your competitive advantage be?

• Would this competitive advantage be sustainable?

• How would people learn about your product or service?

• How would people purchase your product or service?

• Who would be the key members of your management team, what are their backgrounds, and what skill gaps would still need to be addressed?

• How much money would you need to get started and how much money would you need to cover your expenses during each of the first few years?

• How much revenue would you expect to generate during each of the first few years?

• How long would it take you to reach profitability?

• Is there a way you can start small focusing on a targeted niche, as a proof of concept, to reduce any potential risk?

The Best Business Idea Renting Scooters in KFUPM

-There are absloutely no competitors in this fiel

-It would be sustainable because it is an evergrowing need for KFUPM member

-We would advertise it on the universities boards and sign

-There would be stations where the scooters are parked, and they pay via mobile ap

-We would need a budget of 500k SAR, for app devolepment, buying scooters etc.

-we would expect 170k SAR in the second year with 70k to 80k increase each yea

-it would take us 2 years and a half to reach a profitability point

-Our whole idea is basically a small focus on a targeted niche

Other Helpful Resources: rev 081104-s

Bhide, Amar V. The Origin and Evolution of New Businesses. 2000. Oxford University Press: New York.

Edwards, Paul & Sarah and Economy, Peter. Why Aren’t You Your Own Boss. 2003. Prima Publishing: California.

Timmons, Jeffry A. New Venture Creation. 1999. McGraw-Hill: Boston.

Various Authors. Harvard Business Review on Entrepreneurship. 1999. Harvard Business School Press: Boston.

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