Individual Business Idea. Each individual will submit and present one business idea. This idea will be a candidate for selecting a new business concept to take forward as a team project.
In developing a business Idea the student will:
- Select an industry and identify a specific business concept or opportunity for research.
- Conduct a preliminary evaluation of the business opportunity.
- Summarize your idea in the context of the market and competitive environment in a 1 page summary.Submit the summary to the instructor and team members.Include the following information for each idea summarized:
1. Project description (What significant need does it fill? How big is the problem? How grand is your solution?)
2. Who is the customer?
3. Is there significant potential for value creation?
4. What is its "Value Proposition" --How will your idea benefit customers (why they will buy?) benefits to the customer (e.g., faster, less expensive, higher quality, more reliable, more accurate, more convenient, better performance, more fun, less work, etc.)
5. How is Product or Service unique/different/superior to other offerings
Each individual business idea will be considered by the class members and a determination will be made by majority vote regarding which business ideas will be selected for Group Projects. Students will be assigned to teams and projects by the instructor.
A great entrepreneurial opportunity is one that brings something new, valuable, innovative and difficult to imitate to the market and occupies a position of sustainable competitive advantage in the market. New ventures that go head to head with established firms in crowded markets are not recommended. Once a business Idea is selected, it is then developed by the Group during the semester.