Assignment
For the assignment, you are expected to start on your group term project by proposing ideas for starting a small business in Toronto.
You will need to submit one business idea per person in your group, i.e., if you have four members, you will submit four business ideas. If you have five members in your group, you will submit five business ideas. You will use the attached template for submission.
Upon your submission, your professor will choose one of the ideas to be used by your group in the group's term project. Your business idea will offer a product or service to a group of the population or other businesses. You will discuss all business ideas within your group and rank the ideas in terms of the group's preference. Consider that you are submitting the ideas to investors, i.e., your idea must have a good chance of success and making profits. Include all ideas in one document (using the provided template)
The proposal of each idea will consist of one page only/member using the provided template. Each idea will start with
Title that explains the business's purpose, e.g. "Home Repair services" or "Ethnic Food Restaurant," etc.
The student name who proposed along with their student number.
Each proposal will include answers to the following questions:
I. Identify three different target markets. Who are your target market and their wants/needs? You need to determine the following items and support them with numbers. If you don't have numbers, you don't have a business idea; you only have an opinion.
A company can not sell products or services to everybody. The new business will have to focus on selling a product or a service (or both) to a specific group of people or companies.
Whoever you pick, find what they are buying, how often they buy it, and how much they are willing to pay.
II. What products and/or services will your company offer your selected market. This should be covered in the provided chart in the template.
III. Determine the competition for each of your target markets. List ONLY the names of 3 competitors in Toronto. Any good idea will have competitors. Having competitors confirms that there is a market for your idea and that target market customers are willing to pay for it. This should be covered in 3 rows in the provided template.