In this project, you will select a new business opportunity, that interests you, and which will be the subject of all the course work assignments. You will explain why this opportunity is for you and at first blush appears right for you to begin.
Outcomes You Will Meet by Completing This Project:
- Able to identify a possible business opportunity.
- How to predict the target market for your product or services.
- How to evaluate the personal probability of success.
- How to evaluate for potential competitors.
Review some of the ways to find ideas in the class material to help you select a business. There are also some ideas in the articles listed below. Select an idea that you personally believe is a business you could start and could participate in developing. In two pages write a thumbnail sketch of your idea, along with an explanation as to how the idea was selected by you and why it appeals to you personally. Answer the following questions in your explanation:
- Is this a new business idea or is their existing competition?;
- Does this idea serve to fill a need sufficient enough to appeal to a wide group of customers?;
- Who is the group target market that would be interested in this project?;
- Do you have the core competencies to run a business of this nature?; and
- Is this idea financially viable for you?