Describe the entrepreneurial opportunity you chose and develop a concept statement for the team's business. Be sure to include the following items in the description and statement:
1. Entrepreneurial opportunity
a) Describe the opportunity in at least 200 words.
b) Explain why it is an opportunity rather than an idea.
2. Concept Statement
a) Product or service
b) Target market
i) Describe the common approaches you would use to assess that your opportunity meets the needs of the target market and is a profitable opportunity.
c) The benefits of the product or service
d) The positioning of the product or service
e) Evaluate the opportunity
i) List the evidence that supports the need for the potential opportunity. Is the opportunity a societal need? Is it due to the diversity of the industry? If the opportunity is the same as someone else's idea, what makes it stand out from the rest?
f) Statement must be at least one page total
1. Describe the entrepreneurial opportunity.
2. Describe the business, product, or program planned.
3. Describe the management team; each team member must play a role in the team.
4. Explain how you would conduct a feasibility analysis.
5. Describe the target market.
6. Explain what resources the business needs to move forward in the entrepreneurial process.
7. Write a brief summary of financial projections.
a) Base the summary on benchmarking, research of similar types of publicly traded companies
8. Identify the forces that determine profitability in the industry.
9. Determine the challenges faced by the business as it grows.
a) Identify how you evaluate the progress and challenges with growth.
b) Determine the two best possible strategies for the growth of your business.