Identify the new business idea you plan to pursue and explain the problem that you intend to solve for customers with your business idea
- Identify the new business idea you plan to pursue and explain the problem that you
intend to solve for customers with your business idea. The business must be legal. - SWOT (Strengths, Weaknesses, Opportunities, Threats) Analysis:
This is where you conduct an outside-in and inside-out analysis as explained in Chapter
3 of the course text book. The outside-in analysis should identify the opportunities and
threats in the external environment while the inside-out analysis should identify the
internal strengths and weaknesses of the new business. - The strategy that will be developed to solve the problem:
Strategy options include differentiation-based strategy, cost-based strategy, and
focus-based strategy (as explained in Chapter 3). Note what strategy you select
and explain WHY. - The business model:
Explain in a systematic and clear way how your business will generate profits and
cash flows) (see Chapter 6 for an explanation of a business model) - Milestones to be met in the first year.
- Tasks and responsibilities of the entrepreneur or entrepreneurial team.
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