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Learn more about discovering business ideas in the next section –
Scanning the environment.
ACTIVITY 6
Follow the steps below to collect information about existing businesses and potential new businesses in your
local area or in the location where you want to start your own business.
1. Revisit the assessment on page 7 (Part I, section 2.3) for the business field in which you are most interested.
2. Use the form below to write down the different business options that are available in your local area and
that are within your field interest.
Business field………… Business field………… Business field…………
3. Study the list and try to find answers to the following questions:
••
In which businesses are there many potential competitors? In which are there only a few? Can you
think why there are so many businesses in this field?
••
What does your list tell you about your local market and the way people spend money in your area?
Write down at least five observations about your local market.
4. Is there room for another business in the field that is of interest to you? Do you think there is a business
opportunity for you?
••
Write down in the box below some businesses that do not exist in your area.
••
Possible businesses in your area:
Business field………… Business field………… Business field…………
You can also amend this list after studying the next section: “Scanning your environment”.
36 | Generate Your Business Idea