Activity: WHAT DO YOU NEED TO KNOW?

Goal: Think through the information you must acquire before deciding whether your business idea is viable.

What to do:

You have an idea for a new businessto run a travel service, specializing in luxury and active adventures, and combining first-class accommodations and food, while enabling guests to pursue an active pastime, such as scuba diving on the Great Barrier Reef, bicycling in Provence, or hiking in Yellowstone National Park.

In this exercise, either alone or working with others, identify the questions you need to be answered in order to evaluate whether you have a viable business idea. Make a list of all the types of information and data that would be important to know before you invest significant time and money in your idea. What research should you undertake to help make your endeavor successful?

In particular, identify what you need to know about:

• The competition
• The potential market for your services
• The industry youd be part of
• The labor and operational aspects of your venture
• The financial prospectsin terms of both profitability and getting funded

Rank the data items in order of importance to your venture.