BUSINESS IDEA PROJECT
Your task is to present a viable business solution to an existing and identified problem. You are being provided with a six-point plan that will enable you to accomplish your task. Observe the following guidelines to ensure that you receive a good grade on this project.
Use the following format with each section being one paragraph. One-line answers are not sufficient. One page is ideal and you should not use more than two pages to complete this assignment.
I. Executive Summary
II. Identified Problem
III. The Solution (Product or Service)
IV. Identified Market
V. The Team
VI. Seed Capital
The following are brief descriptions or guidelines of what is expected in each section.
I. Executive Summary: A one paragraph summary of your idea. After reading the Executive Summary the reader should have a good understanding of your idea. The executive summary does just that, it summarizes sections II through VI. One sentence for each subject. The executive summary needs to flow and represent excellent word and grammar usage.
II. Identified Problem: What is the problem you have identified? Why is it a problem? How are people solving it now? How much are they paying to solve it? Are people looking for a better solution to the problem than the one they are using now?
III. The Solution (Product or Service): What is your solution to the problem you identified in section II? Why is it a better or more effective solution than the solution that people are currently using to solve the problem you have identified? What will people gain by using your solution? How would your solution be delivered to the customer?
IV. Identified Market: Who are the customers for your product or service? Identify them in such a manner that the reader will have a clear idea of who you intend to market your service or product to.
V. The Team: You are not an island and you do not operate in isolation. What positions will your initial team fill. Which are most important. Here we expect three or four people to comprise your initial team. Most of the individuals you would present your business idea to will make a judgement about your ability to execute the idea based on the composition of your team.
VI. Seed Capital: Provide an estimate of the funds needed to get your idea off the ground and into the hands of the customers. How do you anticipate getting the money? How much are you willing to invest into your idea?