In this project, you will evaluate the idea selected in project one for its viability as a commercial opportunity. The purpose of this assignment is to develop the critical thinking and entrepreneurial mindset necessary to translate the idea into a money-making business. Along with critical thinking skills, you will develop research, communication and data evaluation skills.
Outcomes You Will Meet by Completing This Project:
apply the basic steps involved in developing a comprehensive business plan for both starting and operating a business by creating your own business plan
describe and explain the environments that businesses operate in—social, economic, political, technological, environmental and legal
develop your business vocabulary and knowledge of concepts, trends, and current issues by applying them in all course work
demonstrate the use of software and Internet sources by researching and planning the start-up and operation of your business
demonstrate the use of a marketing assessment process to develop a marketing plan and a marketing strategy
analyze and explain projected financial performance, using selected financial ratios
Complete the Business Opportunity Assessment Form using your selected idea from project one.
Business Opportunity Assessment Form
Step 1: Review the business opportunity assessment form and rubric before completing the assignment.
Step 2: Download the form and answer the questions or submit the collected data under the question. Use the form as your heading guide.
Step 3: Answer in complete sentences and make sure you are defining your terms and giving the reasons behind the conclusions that are drawn. Be thorough and clear in your analysis.
Step 4: Research all areas that require research (customer demographics, market analysis and competitor review). Summarize the data points collected from the research when answering the question.
Step 5: Review to make sure all elements have been answered, instructions followed, writing mechanics and APA are sound.
Step 6: Create a separate Title Page (Class Name, Instructors Name, Students name and Date) and Reference Page.
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