Mock Business concept

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Written assignment 2: Business Concept

In this assignment, you will need to think about starting your own business. Specifically, you should provide a thoughtful investigation into a new business idea. The idea should be innovative, yet sensible. The idea must be an original business concept. It can be a product, service, or social venture. The written business concept should address the following components (Adapted from Launching New Ventures by Kathleen Allen):

I. Concept Statement

1.Explain the concept statement for the business venture you are proposing (be clear, concise and compelling). For example, what does your venture do? What is your overall product or service and what stage of development is it in?

2.Briefly address the value proposition including the target market, unique benefits, sustainable competitive analysis and how benefits will be delivered to the customer.

II. Product/Service

  1. Clearly explain the product/service attributes (performance, efficiency improvements, availability, social, service or convenience). What are the features and benefits of the product or service? For example, what problem is your venture solving? How much value does your product or service create for customers? How much money or time can it save them? If a nonprofit venture, note the social impact (lives saved, youth educated, healthcare benefits, etc.).
  2. What product development tasks must be undertaken and what is the timeline for completion?
  3. Is there potential for intellectual property rights? Describe.
  4. How are these products or services differentiated from others in the market, i.e. what makes your product/service unique?

III. Opportunity/Need

  1. Describe the market opportunity. What trends are favorable for the business?
  2. Describe the compelling need for the product or service. What problem is it solving?

IV. Industry

  1. What are the demographics, trends, life cycle stage and typical profit margins of the industry?
  2. Are there any barriers to entry? Or any other critical risks that need to be addressed before launching the venture? If so, what are they? (For example, how much money, effort and time will it take for you to enter the market? How will competitors affect your ability to get started? What patents, copyrights, trade secrets, etc. protect your product from duplication?)
  3. What is the status of technology and R&D expenditures?
  4. What have you learned from talking to distributors, competitors, retailers, etc.?

V. Market/Customer

  1. What are the demographics of the target market?
  2. What is the customer profile? Do you plan to target different customer segments?
  3. What have you learned by talking to potential customers? What information did you obtain from customers?
  4. How will you attract your customers? What marketing mediums will you use?
  5. Who are your competitors and what are your key points of differentiation between your product and your competitor’s product/service?
  6. Which distribution channel alternatives are available and which customers will they serve?

VI. Founding Team

  1. Who is your founding team? Including mentor(s), advisor(s), board members(s)? Who will be your management team? What role will each of you play? What experience does your team have? What are the gaps and what will you do to fill them in?
  2. What role will strategic partnerships play in the venture (accountant, bankers, board of directors, etc.)?

VII. Financing Profit Potential

  1. Breakdown initial start-up costs.How do you plan to finance the venture?
  2. How does your venture make money? How much will it cost to produce versus how much you think you can sell your product or service? Discuss the scalability of the product/service. Once your customer adopts the product, How will it spread rapidly to other customers (or other parts of the company, if your client is a corporation)?

General requirements for the two written assignments: 1) use Times New Roman 12-pitch font, double spaced, and 1-inch margins all around; 2) please use research and data to support

Need a mock business concept for a (non existent business/restaurant)

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