New Venture Idea Project
Description: To complete this assignment successfully, you will need to develop an idea that has potential to become a viable business venture. There are two main purposes of this project. The first is to encourage you to brainstorm and come up with new ideas for new ventures. Second, this project will enable you to utilize a basic framework to examine the feasibility of your ideas.
You will be evaluated on the following criteria:
Paper – Should be approximately 2 single-spaced pages.
- Your paper should cover the questions from the outline.
- The potential of the idea (at least as judged by me…).
- Well thought out and the quality of analyses.
“If I had more time I would write you a shorter letter.” Mark Twain
Outline for the Paper
- What is the need that is not being met or a market niche that could be better served? Concisely describe your idea or the opportunity that you see in a few sentences or less. Include the basic product/service, customers, and main benefit or value proposition in this description.
- How did you recognize this opportunity for your business idea? For example, did the idea just ‘pop in your head’ one day or did you exert deliberate efforts to think up an idea?
- What other organizations/businesses may be attempting to meet this need or would have the capacity to meet this need? Consider the industry and market. Describe the competition.
- What is the competitive advantage that would allow you to be successful in this venture? Who are your potential customers? Also, how does your idea satisfy customer needs better than they are currently being met. How would you get your idea out to potential customers?
- Identify some critical risk factors or reasons the idea might not work
- Summarize how you would make money (e.g., revenue streams) on this opportunity. You may also want to address how it is possible to overcome critical risk factors that you have identified.