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Similar to the Entrepreneur Interview assignment you just completed, the purpose of this paper is to give you afirsthand opportunity to get involved in and observe the inner-workings of the entrepreneurial process, primarily in developing and screening a viableopportunity. However, unlike the Entrepreneur Interview paper, where you took the stance of an ‘outsider looking in,’ for this assignment, you will be ‘on the inside…’

For the assignment, you are to come up with a concept for a new business you wish to start and operate. It is your choice as to whether it will be a product-based or service-based business.I prefer your company reside in the greater Denver/Boulder area. However, you are welcome to launch it in another region of Colorado or other area around the country. Should you choose another geographic location, you will need to justify why you will be starting there and perform any additional research necessary to help support this decision.

Develop your concept and perform any research necessary to help you answer the following questions, so as to mold your ‘great idea’ into a viable opportunity. Apply the principles and concepts presented in Chapters 1-8of the textbook and utilize the resources provided in Chapter 5 (pp. 149-151) to aid you in your efforts.

I suggest choosing a concept you are excited and passionate about, as it will make for a more engaging project. And, if you ultimately decide you would like to pursue this business after this course is complete, this will be a good first step.
Part I: Develop and Explain YourNew Business Concept…

1. Provide a general description of your company. What will you do? Where will you be located,and why? Will you have one ‘unit’ or multiple locations? Is yours a product- or service-based company, or both? If you are product-based, what will you sell? If you are service-based, what service(s) will you provide? Do you consider your idea to be a ‘social entrepreneurial venture?’ If so, why and how?How do you meet the ‘double/triple bottom line’ as described in class?

2. Assess your idea according to the Five Anchors on pp. 130-131 of the textbook.Answer each of the five questions posed so as to provide an assessment of the viability of your concept.

3. What can and will you do from a ‘sustainability’ standpoint to further your chances of success? In this context, ‘sustainability’ refers to ‘greening’ your company so as to have a more favorable impact – on the environment, your community and society as a whole. How will ‘going green’ provide you a competitive advantage?
4. Print and to the best of your ability, fill outthe Quick Screen analysis tool on pp. 166-167 of the textbook, as it relates to your concept. (Note – you will need to submit the completed assessment with your final paper).Based upon the information you provided, what does your analysis tell you about the viability of your proposed venture? Which elements of your concept help strengthen the viability of your business the most? Why? Which ones illustrate existing or potential weaknesses in your plan? What can you do to eliminate, alter or remedy these weaknesses so as to strengthen your overall concept?
Part II: Analyze Your Target Market and Consumer Segments, and Explain How You Plan to Market to Potential Customers…

5. Identify and provide a basic analysis of your target market and prospective consumer segments. In what industry will you operate? To what respective consumer segments – the unique groupings of customers that will use your product or service – will you direct your efforts? Provide some basic demographic, psychographic and behavioral characteristics of your customers as presented in class. For example, what is their make-up on the basis of age, race, religion, education level, socio-economic standing, political orientation, values, lifestyle traits, and familiarity/affinity towards your product/service?

6. How will you differentiate yourself from existing competitors, so as to make your company unique? What will you do that will make customers want to choose you over other companies who do the same thing? What internal strengths does your firm possess and what external opportunities exist for a company like yours? Also, are there any tangible or intangible resources, or core competencies you can leverage to be more unique and competitive?

7. Who are your competitors? That is, who can now, or eventually, draw market share and sales away from your business?How will they be a threat, and what can you do to reduce the risk they pose? Be sure to identify both primary and secondary competitors aswell as any specific risks they pose.

8. How do you plan to market to your respective customers and promote your product? What vehicles (viral marketing – aka ‘word of mouth,’ media – billboard, Internet, TV and/or radio advertising) will you use to draw in new and returning business, and why? How will you price your product, and how does this compare to the price of your competitors? Also, how will you deliver (aka ‘distribute’) your product or service to the customer?
9. Lastly, provide a well thought out and thorough positioning statement for your product/service. Use the template discussed in class, which is provided here as well:

‘For the (target customer), using/owning (your product/service offering) is (the greatest claim) because (best supporting evidence).’
I understand that this is a ‘first stab’ and describing and assessing the viability of your opportunity. As such, I do not expect you to have researched every detail of your concept. However, I do want to see evidence of critical and conceptual thinking and how you apply the course concepts to your potential venture. Consequently, when grading, I will be paying close attention to the level of detail you provide, how critically you assess your idea and how strong your arguments are.

You must use a minimum of five sources other than the textbookand the Quick Screen analysis tool (described above) to support your research. However, you are welcome to use as many as you deem necessary to help justify and support your idea. The use of wikis is prohibited.

When complete, the final paper should be between 5-7full pages, not including any supplemental materials (graphs, tables, outside data, etc.), which should be attached as an appendix at the end of the paper. Please answer the analysis questions in order and be sure to clearly number the answers to the questions. Don’t forget to attach your results for the Quick Screen analysis tool as well. (Papers submitted without this will automatically be reduced by 10%).

As you can see, there is a lot of information to pack into this paper. Consequently, make sure your writing/analysis is succinct and to the point. Review the ‘General Guidelines for Written Assignments’ in the Course Syllabus for relevant information regarding style, line spacing, margins, citations, etc.

You are welcome to work individually or in a team of two. However, note that if you decide to partner with someone else, you will be required to do so not only for this paper, but also for the remaining assignments associated with developing your concept – the Business Entity/Resource Paper and the Elevator Speech presentation. As such, I expect you to work responsibly, distribute the workload evenly, and support each other on the project as necessary. Should you decide to work with someone, you do not need to let me know. Instead, please put both of your names on the assignment when turning it in, so that I know who you have partnered with and who to give credit.

The final paper is due on Thursday,3/14 at the beginning of class, and is worth 20% of your final course grade. As such, you have three and a half weeks in which to complete the assignment. This said, get started early. If you have any questions or concerns as you progress through the project, don’t hesitate to contact me. Good luck (and have fun)!
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