Homework: Venture Impossible
The objective of the homework is to provide you with the opportunity to demonstrate your understanding of the lessons presented in the course and how they can be applied as an entrepreneur.
The ultimate success of entrepreneurship critically depends on the extent to which the application of imagination, creativity, and innovation leads to outcomes of inspirational value for all those who might benefit from the venture. This is particularly true when an entrepreneur is confronted with the challenge of accomplishing the impossible. The Merriam-Webster online dictionary defines "impossible" as something that "is incapable of being or of occurring," or is felt to be "incapable of being done, attained, or fulfilled" (Impossible, n.d.). Using this definition as a reference, and borrowing on the theme from a movie (watch the YouTube Video "Mission Impossible - Trailer") your mission for the Paper, should you choose to accept it, is to apply the entrepreneurial methodology to identify a challenge that you would consider impossible for you or anyone else to accomplish. You will develop a proposed solution that addresses the opportunity with a business model canvas that outlines a venture for bringing the solution to life.
In your paper,
1) Choose from one of the following "impossible" scenarios to identify a problem, opportunity, or challenge that you believe would be impossible to solve, address, or accomplish based on your personal experiences, observations, or what you find inspiring:
a) "It is impossible for a human to journey to Mars and back safely."
b) "It is impossible to earn a college degree in just one year."
c) "It is impossible to rebuild a car engine in a single day."
d) "It is impossible for a small ecommerce business to compete one-on-one with Amazon."
e) "It is impossible to run a mile in less than three minutes."
2) Express the selected problem, opportunity, or challenge in the form of an insight statement that begins with, "How might I (we )...?"
3) Describe at least 10 to 12 assumptions that reflect your core beliefs about this problem, opportunity, or challenge.
a) For example, "My assumption is that 40 courses are required to earn a degree. This is not possible to do in one year."
4) Question each of your assumptions by reframing them as ideas for potential solutions.
a) Describe briefly the contribution that each of these potential solutions might offer.
b) Analyze the contribution that each of these potential solutions might offer.
o For example, "A potential solution might be to reduce the time it takes to complete a course by eliminating the need for computer keyboards."
5) Select a potential solution that you believe would be the most innovative, feasible, desirable, and viable response to the question posed in your insight statement
a) Explain your reasoning.
6) Select a strategy by brainstorming how you might actually implement this solution to bring it to fruition.
7) Select your strategy for implementation as a venture in a business model canvas.
8) Insert the completed business model canvas as "Appendix A" in your paper.
9) Conclude your paper with an overall assessment of the feasibility, desirability, and viability of the proposed business venture.
Format your homework according to the following formatting requirements:
(1) The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
(2) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
(3) Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.