Task:
1. Demonstrate a solid understanding of the potential of entrepreneur in today’s competitive business world.
2. Demonstrate ability to think independently and systematically on developing a viable business model
3. Understand the place of small business in history and explore the strengths and weaknesses of small business.
A. Scope and type of business
What business will you be in? What will you do? What market segment will you choose?
• Business idea: what is your big idea? Is it a product or a service? What makes your idea different?
• Mission Statement
• Company’s short-term and long-term goals and objectives.
• Target market and demographics: Who will your customers be? Where do they live? What is your target market passionate about?
2. Demonstrate ability to think independently and systematically on developing a viable business model
3. Understand the place of small business in history and explore the strengths and weaknesses of small business.
A. Scope and type of business
What business will you be in? What will you do? What market segment will you choose?
• Business idea: what is your big idea? Is it a product or a service? What makes your idea different?
• Mission Statement
• Company’s short-term and long-term goals and objectives.
• Target market and demographics: Who will your customers be? Where do they live? What is your target market passionate about?
B. Business Philosophy
What is important to you in your business?
• Describe your Industry: Is it a growth industry? What long term or short-term changes do you foresee in the industry? How will your company take advantage of it?
• Describe your most important company strengths and core competencies: What factors will make the company succeed? What do you think your major competitive strengths will be? What background experience, skills, and strengths do you personally bring to this new venture?
• Risk Assessment: Evaluate the strengths and weaknesses of your business using SWOT.
• Scale of the business and its growth anticipation: what is the growth rate per year for five years? What do your 5-year financials look like? What is your path to profitability?
•Who is your competition and how do you beat them?
• Start-up costs: what costs do you expect to make the business run for the next five years?
3. Products and Services
a. Describe in detail your products or services (Technical specifications).
b. Size of business: how many employees? How many offices and retail facilities?
c. What factors will give you competitive advantages or disadvantages? Examples, include level of quality or unique or proprietary features.
What is important to you in your business?
• Describe your Industry: Is it a growth industry? What long term or short-term changes do you foresee in the industry? How will your company take advantage of it?
• Describe your most important company strengths and core competencies: What factors will make the company succeed? What do you think your major competitive strengths will be? What background experience, skills, and strengths do you personally bring to this new venture?
• Risk Assessment: Evaluate the strengths and weaknesses of your business using SWOT.
• Scale of the business and its growth anticipation: what is the growth rate per year for five years? What do your 5-year financials look like? What is your path to profitability?
•Who is your competition and how do you beat them?
• Start-up costs: what costs do you expect to make the business run for the next five years?
3. Products and Services
a. Describe in detail your products or services (Technical specifications).
b. Size of business: how many employees? How many offices and retail facilities?
c. What factors will give you competitive advantages or disadvantages? Examples, include level of quality or unique or proprietary features.
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