We have looked at ways of discovering business ideas and techniques for creating and spotting opportunities. For entrepreneurs, it is often easier to come up with a variety of ideas for new businesses and more difficult to actually implement those concepts. A business concept statement is a bridge between an idea and a business plan. It focuses one’s thinking so that the entrepreneur can identify the specifics of his/her proposed venture. Converting an idea into a business concept requires thinking about your business model, how the product or service will be sold and who will buy it, the benefits of the product or service, how it is differentiated from similar ones, and methods of delivery. A clear business concept also enables the founder to succinctly describe the precise nature the industry as well as the market.
Your task in this assignment is to think of a business idea, and, develop your idea into a business concept statement (often referred to as a feasibility analysis) where the idea is made more tangible. To do this, you need to conduct both primary and secondary research and include the following analysis:
What is your USP?
Describe your business model
Discuss and demonstrate a thorough understanding of the industry in which you will operate.
Trends and opportunities
The state of the economy
Thorough analysis of market size
Identify and analyse target market, market position and market share
Evaluation of the strengths and weaknesses of your competitors
Positioning in relation to competitors
Identify your differentiation strategy
Outline your start-up costs (no need for any financial projections)
Demonstrate how your business model will be viable
You will need to conduct detailed industry and market analysis to assess the viability of your idea via both primary and secondary research methods.
The maximum word count for the assignment is 2500 words.
This assignment will constitute 50% of the module mark.