Opportunity Recognition Assignment
Please provide 2 concepts.
Each student has to choose two business concepts. Please make sure to read the following guidelines before you select two business concepts. Remember, one of these concepts will become the business plan for your team therefore select a concept that your team is really interested in and think that the concept is ideal for a business plan. The purpose of this assignment is to articulate the reasons that make you believe your idea is an opportunity. This will likely affect or shape your opportunity. Below are listed some important questions that you must address, but you might also want to add additional perspectives. The principal objective of this exercise is to focus the lens on the major components of your opportunity.
- Concept Name
Keep it short, but ensure your concept name is descriptive. You should be able to name your concept in 5 words or less (for example CheeseMake Cheesecake Cart)
- Product or Service Description
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- An exact description of the product(s) or service(s) to be sold and, if a product, its eventual end use(s). (If your product(s) or service(s) are already commercially available or exits as prototypes, attach specifications, photographs samples of work, etc.)
- A brief description of the market(s) or market niche(s) you want to enter:
- Discuss your target customers.
- Provide additional details about the business: industry, geographic location, technology, etc. At this point, you should include the industry codes (SIC: http://www.osha.gov/pls/imis/sicsearch.html and 2012 NAICS: http://www.census.gov/eos/www/naics/) in which your firm would operate.
- Feasibility
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- What is the critical problem, want or need your product or service will solve?
- Why is this a critical problem?
- What need are you meeting or what problem are you solving for customers?
- What value/benefit does your product provide to customers?
- How is your product/service differentiated from other products/services on the market? What makes it unique? How does this compare to other alternatives on the market (both direct and indirect)?
- Will your prospective customers pay a premium price, compared with alternatives, if you can address the critical problem or want?
Repeat 1, 2, and 3 for the second concept.
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