You will submit a 500-1200 word business concept report that identifies and describes your innovative business idea.
Task Requirement (Submit in Word or PDF):
1. The business opportunity: The problem and solution (estimated 75-200 words). Not an existing product or service but some new product, service or idea. (Identify the ‘problem’ and discuss the business opportunity that may address it, showing an understanding of the particular market and potential customers.).. Remember a new idea, service, product or concept addressing a current problem that exist to solve problems or meet a need, want or desire of the consumer.
2. Business opportunity assessment (estimated 70-300 words)
(This is your feasibility analysis. In this section, assess the feasibility of the business idea in relation to the following: industry/market, product/service, and the organisation and its management.)
3. Business model/strategy (estimated 100-400 words)
(Based on your assessment of the business opportunity, explain the business model/strategy that you will use to realize the opportunity.)
Here are some questions to help GUIDE you in developing your business concept (and later when expanding it into a full business plan). Remember that your concept report is only 500-1200 words so you don’t need to consider ALL of these questions.
• What are the key factors in determining if your idea is a viable business opportunity? Is this just an idea or a real business opportunity? Can the new product or service work?
• What contextual (economic, regulatory, industry) factors should you be aware of? What markets and market drivers should you focus on? What are the specific competitive advantages will the product or service offer? Who are the customers likely to be?
• Who would make up the team? In your opinion, what is the greatest risk? Why and how should this risk be mitigated? What resources you will need? Who is going to finance it?
• What would be the business strategy? Briefly describe your business strategy. What partners and alliances (important stakeholders) will you need in order to be successful in production, distribution, marketing, and overall? What distribution channels will be used?
4. Discuss (3) three things you can do to reduce the failure of your new endeavor? (estimated 50-100 words)
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