Guidelines for business concept paper Flashcards
Guidelines for business concept paper
Guidelines for business concept paper
Description of the Idea
1. What is the perceived need, want, or problem?
2. What is the evidence of the existence of the need, want, or problem?
3. Which groups are experiencing the need, want, or problem
4. What is the magnitude of the need or problem? Is the idea worth pursuing?
Description of the Good/Service Idea
1. What product can be offered? Describe the product.
2. What are the features of the product?
3. What benefits or values does the product offer that will appeal to the customer?
4. What price-quality issues are associated with this product?
Assessment of the Market
1. Describe the market for the product.
2. Who are the proposed customers? What is the estimated market size?
3. How large is the market?
4. What are these proposed customers currently buying or using to address the problem?
5. At what price will the product sell to appeal to the market?
The Competitive Environment
1. Who are your direct and indirect competitors, i.e. firms offering similar or substitute products?
2. What is your competitive advantage and how will you sustain it?
3. How easy will it be for others to enter the market and provide the same product?
Business Model
1. Describe your business model. How do you imagine your business operating to create and deliver value to customers?
2. Give highlights of how your business will be organised to make it effective and efficient in delivering customer value.
Business Strategy
1. Briefly describe the strategies your business will employ, e.g.
– Corporate strategy: either focus, differentiation or cost leadership
– Production/service delivery strategy
– Marketing strategy – including pricing, promotion, and distribution.
– HR strategy - how will you deploy your resources, especially human resources to achieve the business goals?
Finances
1. Give an idea of the main costs involved in starting this business; minimum amount of resources needed at start-up.
2. Describe your income and expenditure flows:
• What will be your major sources of income?
• What will be your major expenses
• How long do you think it will take for this business to start making profit?
NOTE: Not more than four (4) pages. Hard copy should be submitted by 10th February, 2021 by 3:00 p.m. in the lecturer’s office. Email soft copy to the lecturer by the same deadline.
