NEW VENTURE CREATION

Think of a business idea, and, develop your idea into a business concept statement (often referred to as a feasibility analysis) where the idea is made more tangible. conduct both primary and secondary research and include the following analysis: Business Description • Values/mission/vision • What is your USP? • Describe your business model Industry Analysis • Discuss and demonstrate a thorough understanding of the industry in which you will operate. • Trends and opportunities • The state of the economy Market Analysis • Pricing strategy • Thorough analysis of market size • Identify and analyse target market, market position and market share Competitor Analysis • Evaluation of the strengths and weaknesses of your competitors • Positioning in relation to competitors • Identify your differentiation strategy Financial information • Outline your start-up costs (no need for any financial projections) • Resource requirements • Demonstrate how your business model will be viable