Challenge the usual

Think backward

Judge each Idea as Realistic or Not

Draw Idea Maps

Immediately finding a storefront property for her business, putting down a deposit, and signing a lease

Contacting a mentor who has experience in the restaurant industry

Creating an initial elevator pitch with her limited information and starting to ask around for advice

Beginning to estimate her target market for her business

Discuss the situation with her cousin who has shopped at the local bakery a few times

Discuss the situation with her cousin who has shopped at the local bakery a few times

Conduct market research to

determine whether her business idea is a business opportunity that meets a consumer need or want

Analyze a national chain that sells pies and model her new business after it. This will save time and money that would otherwise be spent on independent research and planning.

Sales, Work ethic, Organization, Training

Strengths, Weaknesses, Opportunities, Threats

Strengths, Weaknesses, Obstacles, Threats

Strengths, Weaknesses, Options, Threats

Identify research objectives and write down the questions they want answered

Conduct research--both primary and secondary--to hear from people first hand and determine if there is a need for their business

Draw conclusions and make decisions for their business based on the research results

Start promoting their shoe store to people in the neighborhood

Go online to find trade associations, listings of local and national competitors, and any information on financials.

Explore websites of other shoe retail businesses and take notes

Try to think of friends, family members or acquaintances who have experience in retail and ask them about it.

All of the above

Demographics

Polygraphics

Psychographics

Buying Patterns

"In a typical week will spend $10-$15 on non-food items" …she should move this from Buying Patterns to Demographics

"Willing to spend a little more for good quality products" …she should move this from Buying Patterns to Psychographics.

"Don't spend money on unnecessary items" …she should move this from Demographics to Buying

Patterns.

Everything is in the correct category

Yes. Indirect competition is important to understand, since the different product fulfills the same customer need

Yes. Indirect competition is important. Indirect competitors are competitors who compete in areas other than money, such as in hiring

No. Indirect competition isn't something to worry about because they sell different products

No. Indirect competition is only important to understand if things change and it becomes direct competition.

Salaries for her employees

Truck insurance

Advertising

All of the above

Kitchen appliances and other equipment needed to conduct her business

Cell phone bill

Gas

All of the above

Estimate the cost to buy all of the ingredients at the store, and divide that by an estimate of how many cupcakes he can make with that

Go through the detailed process of making the cupcake step by step, measuring the ingredients he uses and calculating the cost per ingredient

Go online and find a competitor's expenses

None of the above

Increase the prices

Increase the number of cupcakes he sells

Decrease his fixed expenses

All of the above