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Part II: Doing Your Homework > Screening Your Business Ideas

Chapter 6. Screening Your Business Ideas

Most small business ventures begin with the identification of a key idea or concept. Eventually the concept is parlayed into some core products or services that, ideally, offer unique benefits and advantages over the competition. The majority of these ideas come from previous work experience, or personal interest. Other ideas can originate from the suggestions of friends, educational training or simply being in the right place at the right time.

A major pitfall to avoid is to become so enthusiastic for the idea that it prevents objectively evaluating the idea’s potential. It is easy to fall into such a trap especially when your own idea is at stake. That’s why many corporations may initially screen a dozen or more ideas for each one new product they introduce.


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