solving a problem observing trends finding gaps in the market place

political and regulatory changes, economic factors, technological advances, social factors

political and regulatory changes economic forces technological advances social forces

employment rates and compensation currency devaluations inflation stock market and market values

prior experience social networks cognitive factors creativity

climate change consumption of non renewable resources energy alternatives gas emissions natural disasters environmental hazards

purchasing patterns popular media demographic changes religious beliefs consumer opinions

touchless faucets touchless flush technology touchless access control voice recognition

firmographic, behavioral, demographic, geographic, psychographic

builder, opportunist, innovator, specialist

pricing, user group, convenience, customer service, quality, differentiation

cost leadership strategy differentiation strategy focus strategy

contactless payments, touchless technology, rise of robotics, mobile check in, virtual tours

destination and built structures experiences and events accommodation and transportation food and merchandise

contribution scope purpose resource requirements timing

technology usage incentives energy usage cloud software internet new machinery or tech increased emergence of ai

be your own boss, pursue own ideas, realize financial goals

passion for business product/customer focus execution Intelligence tenacity despite failure

bargaining power of suppliers bargaining power of buyers rivalry among existing competitors threat of new entrants threat of substitutes

passion for business, product/customer focus, execution intelligence, tenacity despite failure

be your own boss pursue own ideas realize financial goals

patent and intellectual right laws occupational safety licenses import and export laws protection laws

changes in government/election cycles political movements fiscal policies wars and conflicts legislation changes trade agreements

carl menger, howard stevenson, albert shapiro, richard cantillon, robert hisrisch, peter drucker

financial feasibility, organizational feasibility, product/service feasibility, industry/market feasibility

financial performance of similar businesses total start up cash needed pro forma income statements

political, economic, sociological, technological, legal, environmental

prior experience social networks cognitive factors creativity

schumpeter’ theory harrod-domar theory adam smith’s theory ricardian theory kaldor theory keynesian theory

firmographic segmentation behavioral segmentation market segmentation demographic segmentation geographic segmentation psychographic segmentation

controllable factor critical factor