business

busin" rel="nofollow">iness Order Description please read the file that I download it carefully, because it is a repeat assin" rel="nofollow">ingment o As part of an entrepreneurial team you have been tasked with fin" rel="nofollow">indin" rel="nofollow">ing and understandin" rel="nofollow">ing problems that busin" rel="nofollow">inesses and consumers face. You know that when consumers and busin" rel="nofollow">inesses face problems, that they are willin" rel="nofollow">ing to pay for in" rel="nofollow">innovative solutions even if they are not perfect. Your challenge is to fin" rel="nofollow">ind an in" rel="nofollow">innovative solution to a real world consumer or busin" rel="nofollow">iness problem. But there's a lot more to a potential future busin" rel="nofollow">iness than a good idea. You need to thin" rel="nofollow">ink thin" rel="nofollow">ings through to maximise your chances of success. What do potential customers really want? Are they price sensitive? What is the competition like? Will customers like your product? How to price? Etc..... Some parts of this assessment will be easier to complete than others. It may be that you experience unexpected challenges - that is just the nature of the process. Stick at it because it's not the fin" rel="nofollow">inal document that's important, it's the process. Instructions: To use the template, delete the text in" rel="nofollow">in italics, which are simply a guide to assist you with the assessment. You may modify it in" rel="nofollow">in any way you see fit. We suggest answerin" rel="nofollow">ing the questions posed. Min" rel="nofollow">in. 1500 words The limit in" rel="nofollow">in each case is exclusive of appendices & the template provided on Moodle The template was provided in" rel="nofollow">in your class in" rel="nofollow">in February. This assignment is worth 100% of your repeat assignment. Table of Contents (students to update as required) Page 1) Executive Summary 4 2) Step 1: Identify a Consumer or Busin" rel="nofollow">iness Problem 5 3) Step 2: Better Understand the Problem & the Customer 7 4) Step 3: Potential Solutions & Recommendation 7 5) Step 4: Feasibility Analysis 8 6) Step 5: In Conclusion 10 7) Appendices 11 As part of an entrepreneurial team you have been tasked with fin" rel="nofollow">indin" rel="nofollow">ing and understandin" rel="nofollow">ing problems that busin" rel="nofollow">inesses and consumers face. You know that when consumers and busin" rel="nofollow">inesses face problems, that they are willin" rel="nofollow">ing to pay for in" rel="nofollow">innovative solutions even if they are not perfect. Your challenge is to fin" rel="nofollow">ind an in" rel="nofollow">innovative solution to a real world consumer or busin" rel="nofollow">iness problem. But there’s a lot more to a potential future busin" rel="nofollow">iness than a good idea. You need to thin" rel="nofollow">ink thin" rel="nofollow">ings through to maximise your chances of success. What do potential customers really want? Are they price sensitive? What is the competition like? Will customers like your product? How to price? Etc….. Some parts of this assessment will be easier to complete than others. It may be that you experience unexpected challenges - that is just the nature of the process. Stick at it because it’s not the fin" rel="nofollow">inal document that’s important, it’s the process. Tis an ill win" rel="nofollow">ind that blows nobody any good Executive Summary Only complete this section after you have completed all other sections. Explain" rel="nofollow">in the problem you have identified and the attitude of potential customers to this problem and your proposed solution. Summarise if you believe this is feasible busin" rel="nofollow">iness proposition. ( Less than 100 words) Step 1 Identify a Consumer or Busin" rel="nofollow">iness Problem In this section describe the consumer or busin" rel="nofollow">iness problem you have identified. Be as clear as you can in" rel="nofollow">in explain" rel="nofollow">inin" rel="nofollow">ing the problem you have identified. People & busin" rel="nofollow">inesses will pay to have problems solved! We are lookin" rel="nofollow">ing for ideas that solve customer problems. • Products are objects, for example, clothes, jewelry, books, etc. • Services in" rel="nofollow">involve sellin" rel="nofollow">ing time to do somethin" rel="nofollow">ing for a customer, for example, a plumber, car mechanic, etc. • Technology such as Apps can be both a service (thin" rel="nofollow">ink Hailo & Gmail) or a product, such as Angry Birds or even both, thin" rel="nofollow">ink Netflix. Describe the problem the customer faces. What brought this problem to you attention? What is the nature of the problem and how did it come to your attention? How large a problem is it? Describe the scale of the problem? Is it an annoyance or a major challenge? Who is servin" rel="nofollow">ing this customer need at present? Fin" rel="nofollow">ind out in" rel="nofollow">information about companies who are currently meetin" rel="nofollow">ing this customer need at present, even if it is imperfect. It’s best to focus on those companies whose customers are most likely to buy from today. Try to do this for at least five potential competitors. It may be that this need is not currently bein" rel="nofollow">ing met. However, remember it is hard to serve a market or problem that does not exist. You need to work out: • who they are • where they are • how much it costs • how big the company is • what their main" rel="nofollow">in strengths and weaknesses are • are they good at what they do? Name, location and busin" rel="nofollow">iness size Product/service Price Strengths Weaknesses   Step 2: Better Understand the Problem & The Customer A major part of this project is to understand the customer min" rel="nofollow">indset. This is a really important section & should not be skimmed over. The aim is to research & better understand the problem you have identified and the min" rel="nofollow">indset of your potential customers i.e. potential purchasers. We are lookin" rel="nofollow">ing for ideas which solve customer problems. There is no right amount of research. It is better to research your local market than it is to research the entire global market. The right amount of research will tell you what your market looks like, how it behaves and what customers expect. There are two types of market research: desk & field research. Write up your fin" rel="nofollow">indin" rel="nofollow">ings in" rel="nofollow">includin" rel="nofollow">ing the most important in" rel="nofollow">information only. You will need to in" rel="nofollow">interview at least 10 potential customers with the problem you have identified. Key fin" rel="nofollow">indin" rel="nofollow">ings from field research – customer questionnaires: Field research in" rel="nofollow">involves askin" rel="nofollow">ing potential customers their opin" rel="nofollow">inion of the problem you have identified. It is the best way of workin" rel="nofollow">ing out if it will be successful. You should ask potential customers to complete questionnaires. When designin" rel="nofollow">ing questionnaires: • keep it short – one page with about 10-15 questions • ask questions answered “yes/no” or with options, such as “very happy, happy, unhappy, very unhappy” • ask specific questions o How price sensitive are they? o Which is more important speed or price or quality? Or other factor? o What in" rel="nofollow">influences their purchasin" rel="nofollow">ing decisions? o Is this is a real problem or a nice to have? o Who do they currently buy from, if at all? o What do they thin" rel="nofollow">ink of their current supplier? o If appropriate, what would it take to get them to change? • Include a copy of the questionnaire & results in" rel="nofollow">in the appendices • Complete at least 10 questionnaires; a medium such as survey monkey is recommended Clearly document the fin" rel="nofollow">indin" rel="nofollow">ings from your field research in" rel="nofollow">in this section. Key fin" rel="nofollow">indin" rel="nofollow">ings from desk research: Desk research uses in" rel="nofollow">information from the in" rel="nofollow">internet and books. It in" rel="nofollow">involves learnin" rel="nofollow">ing what other people say about your market and fin" rel="nofollow">indin" rel="nofollow">ing out basic facts. When writin" rel="nofollow">ing a description of your market, you should explain" rel="nofollow">in: • How big the market is (for example, how many sales take place in" rel="nofollow">in a year?) • Trends in" rel="nofollow">in your market (for example, are sales goin" rel="nofollow">ing up or down? Are people changin" rel="nofollow">ing how they buy the product/service?) • any important facts, statistics or events • whether the market is seasonal or dependent on other external factors • (for example, the weather) Good places to fin" rel="nofollow">ind in" rel="nofollow">information are: • general area statistics & agencies / your own knowledge from previous jobs or experience workin" rel="nofollow">ing in" rel="nofollow">in the field Clearly document the fin" rel="nofollow">indin" rel="nofollow">ings from your desk research in" rel="nofollow">in this section. Step 3: Potential Solutions & Recommendation Based on your primary and secondary research in" rel="nofollow">in Step 2 you will now have a clear understandin" rel="nofollow">ing of the customer needs. This section is to describe the top 5 most in" rel="nofollow">innovative solutions to this pressin" rel="nofollow">ing consumer or busin" rel="nofollow">iness problem. Potential Solutions Potential Solution For / Pros Again" rel="nofollow">inst / Cons Your Recommendation Select one sin" rel="nofollow">ingle solution (be that a product / service / technology…), which you believe is most aligned with customer, needs (i.e. best product / market fit) and explain" rel="nofollow">in why. How big is the potential market? Unique Sellin" rel="nofollow">ing Poin" rel="nofollow">int (USP) for Your Solution: Your USP is the thin" rel="nofollow">ing that makes your solution different from competitors if there are any. It might be specific to your product/service or it might relate to the way you might deliver the product or service. Be specific and avoid clichés, such as, better quality products, better customer service or cheaper products. Consider how you will show your customers that you are the best solution to their problem. Unique Sellin" rel="nofollow">ing Poin" rel="nofollow">int (USP) Step 4: Feasibility Analysis Now that you have come up with a solution that potential customers are goin" rel="nofollow">ing to love & be willin" rel="nofollow">ing to pay for, it’s now time to better understand some of the challenges. How will you market your solution? Marketin" rel="nofollow">ing describes any activity that attempts to make contact with potential customers. Good marketin" rel="nofollow">ing materials – in" rel="nofollow">in whatever form – will grab a customer’s attention, capture their in" rel="nofollow">interest, illicit their desire for your product/service and direct them to take action and fin" rel="nofollow">ind out more. If your marketin" rel="nofollow">ing is successful, your potential customers will learn what your solution does and where to fin" rel="nofollow">ind you. Popular marketin" rel="nofollow">ing methods in" rel="nofollow">include TV ads / sponsorship / social media / Google ad words / word of mouth, etc.…. What are you goin" rel="nofollow">ing to do? Why have you chosen this marketin" rel="nofollow">ing method? Indicatively, how much will it cost? [€] Complete the followin" rel="nofollow">ing sections on the next page as appropriate ; delete those that you believe are not appropriate to your chosen solution. Payment & Distribution How will the product or service be distributed to customers? Perhaps it may be over the web or via local resellers such as Spar shops. When will you get paid and how – for example, with credit cards, cheques or cash? Will your customers pay you upfront or pay a deposit and the rest when you fin" rel="nofollow">inish? Operations, Premises & Equipment What equipment or premises do you need – for example, a computer, a mobile phone, and a sewin" rel="nofollow">ing machin" rel="nofollow">ine? What will you use each item for, how much will it cost and where will you buy it from or do you own it already? Legal Are there any particular legal restrictions or government licensin" rel="nofollow">ing required? Pricin" rel="nofollow">ing: How do you stack up again" rel="nofollow">inst the competition? How do you thin" rel="nofollow">ink the product should be priced compared to your potential competitors? Hopefully your solution is so in" rel="nofollow">innovative that there are no competitors and you can charge a premium! Money & Fundin" rel="nofollow">ing Requirements State here the total amount of money needed to deliver your solution, and how these funds should be raised. Will this be attractive to a bank to in" rel="nofollow">invest or perhaps angel in" rel="nofollow">investors? IP, Patents, Copyrights, Brands, Design Rights Indicate any protection available for your product or service: whether the technology can be or has been patented, whether you can avail of copyright or trademark registration, and the brand image you in" rel="nofollow">intend to build up as a protection again" rel="nofollow">inst competition. Legal Structure Describe what type of legal entity you would envisage formin" rel="nofollow">ing for this venture. Perhaps this solution is best delivered as part of a much bigger existin" rel="nofollow">ing company with a foothold in" rel="nofollow">in the market (more resources) or a startup busin" rel="nofollow">iness (more agile). Step 5 In Conclusion Well, you have been through a detailed assessment of your solution to this consumer or busin" rel="nofollow">iness problem. You are likely to have encountered an issue that you had not expected, that’s just how it is sometimes. Based on what you have developed, give an assessment of how feasible the opportunity is and an honest assessment if you, or in" rel="nofollow">indeed others, should in" rel="nofollow">invest their time, energy & money in" rel="nofollow">in it. Perhaps your idea fits better within" rel="nofollow">in an existin" rel="nofollow">ing organisation. If so make a suggestion on who this is. If there is some magic dust e.g. money, time, in" rel="nofollow">infin" rel="nofollow">inite resources, free marketin" rel="nofollow">ing, crazy technology that could make this idea in" rel="nofollow">into a viable busin" rel="nofollow">iness opportunity then what would that be? This is the question you need to answer: ‘Is this problem a real busin" rel="nofollow">iness opportunity?’ Busin" rel="nofollow">iness opportunity = busin" rel="nofollow">iness idea + customers? Appendices (not in" rel="nofollow">included in" rel="nofollow">in word count) This section is used to provide the detailed data on which the main" rel="nofollow">in text of the assessment is based, and to provide extra in" rel="nofollow">information of in" rel="nofollow">interest to the readers of the busin" rel="nofollow">iness opportunity assessment. Items for in" rel="nofollow">inclusion in" rel="nofollow">in appendices vary from opportunity to opportunity, but normally in" rel="nofollow">include some of the followin" rel="nofollow">ing: • Interestin" rel="nofollow">ing background in" rel="nofollow">information or articles • Detailed market research fin" rel="nofollow">indin" rel="nofollow">ings • Promotional literature • Product or service in" rel="nofollow">information • Details of company or competitors website • Market research material & detailed results