Idea or Prime Opportunity? A Framework for Evaluating Business Ideas for New and Small Ventures

  • Sherrie E. Human Xavier University
  • Thomas Clark Xavier University
  • Melissa S. Baucus Xavier University
  • Andrew C. (Sandy) Eustis Ohio Director of New Business Development New Heritage Academics

Abstract

 Entrepreneurs and entrepreneurship educators recognize that only a small percentage of venture ideas actually represent viable business opportunities. This paper addresses the important issue of opportunity recognition using a framework designed with a mnemonic structure for easy recall and based on the extant literature on opportunity recognition. The framework prompts users to examine Product/service, Resource, Individual, Market, and Economic start-up issues. Thus, the PRIME analysis is a heuristic designed for initial opportunity evaluation of a business concept prior to preparing a full-blown business plan. We discuss and apply this framework, demonstrating its effectiveness in the classroom and in practice.

 

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Published
2004-01-20
How to Cite
HUMAN, Sherrie E. et al. Idea or Prime Opportunity? A Framework for Evaluating Business Ideas for New and Small Ventures. Journal of Small Business Strategy, [S.l.], v. 15, n. 1, p. 59-80, jan. 2004. ISSN 2380-1751. Available at: <https://libjournals.mtsu.edu/index.php/jsbs/article/view/9>. Date accessed: 20 jan. 2020.
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Articles