Describe, in detail, the specific type of business venture you plan to evaluate in this course. You may choose any type of business that you find interesting. The essay should discuss why you are interested in this venture, and why it is appropriate for you.
Please give thoughtful, reflective consideration to the type of business you wish to investigate; for the remainder of the course, you will be concentrating your efforts on this type of business. You should already have the framework for a successful business in mind; we expect that this course will provide you with the tools to analyze the viability of your business idea.
At a minimum, the essay should include the following components:
Based on what you have read and learned so far, provide a comprehensive description of the business and any elements which you believe are interesting, creative, and/or innovative.
Additionally, every entrepreneur must take steps to protect the intellectual property associated with every aspect of the new business venture. Your essay should discuss in detail what action(s) you will take to ensure that your intellectual proper rights and those of your business are adequately protected.
Also, based on your research, discuss how you would address the "risk vs. reward" components of the business model. Explain your assessment of the risk level or failure rate of new businesses in your industry. Consider the actual cost of failure even beyond the money you invest. Business failure can have significant negative impacts on you as well as on your relationships with significant others.