Help Me Please
Joneskeo
Assignmennt2questions.docxENT 1000 Introduction to Entrepreneurship BUSINESS IDEA RE-WRITE TEMPLATE:
BUSINESS NAME:
INDUSTRY:
INDUSTRY NAICS and/or SIC Code(s):
NOTE: This should be the information used for your industry and competitor research
DESCRIBE YOUR BUSINESS IDEA (IN 400 Words or LESS):
EXPLAIN WHAT PROBLEM ARE YOU SOLVING? (NOTE: This should be a problem found within an industry, pertaining to an existing product or service or even something environmental or in society, which has broad enough appeal in the marketplace to create a sustainable business):
WHAT IS YOUR COMPETITIVE ADVANTAGE & VALUE PROPOSITION? (What are you doing uniquely or better and possibly at a different price that makes your product or service standout. KEEP in mind that a cheaper price is not always the best way to beat out the competition and is usually not a sustainable competitive advantage in the marketplace) :
AT A MINIMUM – be sure to include information that satisfies the following questions:
WHY should your business exist? WHAT value will it add to the marketplace or potential customers?
WHAT are you trying to create a business doing? WHAT sparked your interest in this? Your passion?
WHERE do you want that business to exist? (physically, virtually, both – provided details on location):
WHEN do you want it to start?
WHY are you interested in this business AND why are YOU a good fit for this venture? WHAT experience or expertise do you have that makes you qualified to launch this business and succeed?
WHO is on your TEAM and why are they good for the venture? What skills, expertise or value do they bring to your business model?
WHO and WHERE is your TARGET MARKET? Is there a NICHE MARKET you can focus on to develop your brand and reputation in the industry?
WHAT is your MARKETING STRATEGY? How do you plan to have your potential customers learn about your business and entice them to “try” your business out? What is your marketing budget?
WHAT will be the defining characteristics of your brand?
HOW competitive is the industry and at what stage of growth is it? (ex. Growth or decline). USE numbers to describe your industry (ex. dollars, units, customers, market share, etc.) This should come from your competition research and library database research.
WHAT is the REVENUE STREAM? How will this business generate funding and remain sustainable. CLEARLY describe what will be charged (ex. services, products, memberships, etc.).
HOW MUCH? Will it cost to START-UP this business and where do you plan to obtain the start-up capital? (Note: Indicate as much detail as possible on the anticipated costs for start-up by category):
HOW MUCH? Will it cost THE CUSTOMER for your products or services?
HOW MUCH? Will it cost an INVESTOR to become a partner?
WHAT IS YOUR BIGGEST STRENGTH? What is the thing (HOOK) that will get an investors’ attention and want them to trust you and your idea? Alternately, you may be pitching to a potential customer you want to win over. Why should they switch to your product or service and take a chance with a new company?
