Action Step 8: $1,000 and a Working Vehicle What business can you start with little money and no employees? What if you only have $1,000 to invest and a working vehicle? Ask friends what they need and look around elsewhere What are people accomplishing with small investments? What opportunities can you explore further? Can you purchase products to resell online? Can you tap into a skill you already possess? Compile a list of your potential opportunities & share them What are people willing to pay for you products & services? How often would they purchase? Who are your competitors?

Action Step 9: Opening Your Mind to New Information Don't just think outside the box - get outside it! First stop: Large bookstore Read new magazines & bestselling books What did you learn? Any new opportunities or genres? Second stop: Twitter & iTunes What's hot? What's not? Opportunities? Third stop: Local mall Find out what's new & hot Investigate service, prices, selections & long lines Do you want to compete? Fourth stop: Your favorite store Look for new products & services Can your guesstimate shelf velocity? Internet competition? Fifth stop: Your television set Watch CNN World Report and make a list of stories Surprises? Opportunities? Problems to be solved? IDEO, TrendHunter, TechCrunch, Science Explore new technologies What's innovative? What problems need solving? Final stop: Stay logged on Surf unknown topics to find opportunities and surprises

Action Step 10: Changes = Trends = Opportunities Pick up the last six issues: The Economist, Time and The Wall Street Journal Goal is to spot changes before trends develop Being at the forefront of trends makes businesssavvy people rich Look for Changes, Trends and Opportunities: Social/Cultural, Competition, Technology Legal/Political, Economics

Action Step 11: Spotting Trends in Your Selected Target Markets Select the target market of your choice Search the net for info staring with census data Go through a day in the life of your selected target market & interact with the social media they use What trends do they identify with? What products & services do they desire? How can you meet their needs? Ask questions and listen to the answers Compile a list of products & services your Target Customer identifies with

Action Step 12: Have Fun Identifying Problems and Opportunities Seek information by asking friends their wants and needs Look for gaps in the marketplace but don't judge Adapt questions to fit your market: What frustrates you most about your daily life? What products do you need or want but cannot find? Which ones would enhance your life? What would make you happy? How can you increase productivity without working more? Project the gaps out as far as you can into the marketplace Respond to your friends wants and needs Are the needs local, national or global?

Action Step 13: Investigate New Technologies Read tech industry magazines & look for articles that amaze you Watch TED talks on technology - what did you find? What opportunities did you discover? Share your findings - a breakthrough in one industry may lead to a breakthrough in another Search out research on your selected industry What ideas can you follow up on? Better prepared to focus on technology opportunities Never stop reading - follow emerging technologies

Action Step 14: Launch Your Industry Research Locate your industry's trade associations as well as those that your potential suppliers & customers may belong to Contact the associations and request information Attend a meeting of an association relevant to your industry Read magazines for your industry & those that reach your Target Customer and suppliers Read online media kits Do this now - you will need it to complete later Steps

Action Step 15: Just for Fun Start to Decode Use "new eyes" to uncover the lifestyle of your customer by analyzing a shopping cart What can you deduce about each shopper's lifestyle? What do other things say about them? Put your deductions with a demographic checklist to decide if any shoppers are your Target Customers Look for "heavy users" in your business Another alternative is to create this assignment using a social media site like Facebook

Action Step 16: Match Trends with Life-Cycle Stages Pull out your notes with your trends, products & services and problems to solve Draw a life-cycle chart What stage is each item it? Embryo/birth? Growth? Maturity? Look for opportunities in the embryo & growth stage If entering the embryo stage, be prepared to "beat the pavement" If entering a mature or declining market, be prepared to meet & beat the compeition head-on

Action Step 17: Research Your Selected Industry Segment through Secondary Data Which industry segments really attract you? What seems most attractive when combined with your strengths? Keep your views wide-angled Look at two or three segments you find interesting Research the selected segment in depth Write an industry overview Categorize trends, target markets, competition, industry breakthroughs and market share Never ending Action Step Remain diligent in tracking your target market

Action Step 18: Determine NAICS Codes Find the NAICS codes for your: Industry segment, Suppliers Wholesalers, Customers (if applicable) Determine the size of your market in dollars and volume What percentage of the market do you need to make your venture profitable? Is that possible? Is it probable? Locate future sales projections What is the growth rate? Are you in a growth segment you can capitalize on?

Action Step 19: Net Research Assignment Research at least three associations in your industry What services do they offer? What classes and publications do they offer? What is the cost to join? Where are the meetings? When will you attend one? Use http:www.tsnn.com to locate & research trade shows Use http:www.newslink.org to find publications for research Try to read at least four or five industry journals Use http:www.census.gov to explore census data Use Standards & Poor's, etc. to profile competitors Locate virtual communities for your industry

Action Step 20: Brainstorming Solutions Brainstorm with everyone you meet You will generate better solutions after research Have fun After you are done, ask yourself: What niches can you own? What niches might be the most profitable? Which niches will be easiest to reach? What can you do to be unique? How much are people willing to pay for your product/service? What services do they offer?

Action Step 21: Mind-Mapping Your Business - Narrow The Gaps; Watch Your Idea Emerge Consider all secondary and primary information Sketch out your mind maps Focus on specific opportunities Stay with each segment until you know if it will work for you You will be able to identify the most promising gap in your selected industry

Action Step 22: Develop Opportunity Matrix - Mesh Possible Solutions with Objectives A matrix analysis helps you focus List brainstormed business goals List business opportunities you have discovered Select a rating system to match each possible solution with each objective After rating each column, find the totals which will indicate the best prospects

Action Step 23: Define Your Business and Begin to Develop Your Pitch Brainstorm what business you're really in Develop a 60 second explanation of what your business is about Review and refine your pitch using Richard Koffler's rules: Show passion Show an understanding of the business and customers. Offer industry perspective "Magic dust" Tell who you are and why you need money