Entrepreneurship New Venture Project

Entrepreneurship New Venture Idea Project

please see the requirement before accepting the task and FOLLOW the instruction well! You can change whatever you want for better project as long you follow Instruction and Marking Rubric.

Objectives

• Develop ability to generate and research new business ideas
• Develop group brainstorming skills
• Develop feasibility testing skills to screen ideas for value

Overview

Your will develop, evaluate and report on a new, viable entrepreneurial opportunity created from scratch. Actual revenues from the opportunity are not expected.

Descriptions

1. From your list of idea domains to explore, consider where opportunities might come from. Your group can use mind mapping and combine this with the next step if you wish. For example:
2. What needs, wants or pain points do current customers have?
3. What opportunities for improvement are there?
4. What trends or influences are creating change in the industry?
5. What combinations from other industries might be made?
6. If you changed one thing, can new customer categories arise?
7. Is something working elsewhere that can be moved here?
8. Can changing the way something is delivered add new value?

2. In a suitable setting with lots of time, start brainstorming as a group:
3. Avoid and withhold criticism- there are no bad ideas!
4. Place the focus on quantity of ideas
5. Welcome unusual ideas in a freewheeling environment
6. Hitchhike on other ideas by combining and improving ideas
7. Take notes but don’t cross things out
8. Ensure everyone has a chance to contribute
9. Have fun

Do not pay attention to the number of ideas for now and resist the urge to get bogged down in implementation details. If you get stuck, revisit step (2) above, or raise new what if? questions of your own. Once you feel you have exhausted your ability to generate new ideas, stop brainstorming.

3. Look at your list of ideas. Select the most plausible ideas using the following criteria:
4. The idea addresses a customer need/want/problem pain point
5. The idea is real and viable (e.g. avoid time travel machines and teleporters)
6. The idea has some novelty and is not immediately obvious (no chip wagons)
7. The idea is ethical and legal

My idea :

Idea      Industry              and

market Pain Point           Want/Need       Contribution

(Name)

1            Bathroom appliances that self-sanitize with the push of a button              Home

Appliances or Public       People spend lots of time and money( perfect for our situation now with COVID )

Need

Conclude with a brief write up (pdf) of how your brainstorming sessions went, contributions, what worked and what could be improved.

Ideas Feasibility Report

your ideas should be the most feasible, promising, interesting, and compatible new venture candidates for your group members. Remember to review the Seven Domains of the New Business Road Test.

Your write up (pdf) will consist of 1 paragraph of description and 2-3 paragraphs of rationale for idea selected.Use Appendices for the analysis with 1.5 line spacing, 12-point font text. Your criteria for selection should be consistent, and based on the values, resources and competencies of your group – don’t forget to include a description of how these fit. Be sure that all information and data assertions (e.g. market size) are properly referenced using conventional formatting such as APA style. Any “cut and pasted” text without proper referencing will be treated as plagiarism (an academic violation).

Stage 3. Final Idea Feasibility Report

Opportunity selection is carried to the final stage, as four promising ideas from the last stage are discarded. The final, single idea selected by the group would be considered the most feasible for your team to implement, and is the one that will form the basis of the final project presentation.

Using the five ( just use my idea one idea ) ideas generated from the last stage, select a final one using a detailed feasibility analysis based on all course material presented to date. Your report should clearly articulate the final idea selected, customer pain point, and what is unique/novel about your solution. Your report should include in particular:

1. a) Your proposed business model following the nine-point business model canvas presented in class.
2. b) Completed “Value Proposition Canvas” for your idea as presented in class.
3. c) The Seven Domains feasibility analysis. Your report should cover all Seven Domains and include an analysis using the questions raised in the seven domains of the textbook as a framework. Be sure you address specifically the question of: How is the pain point solved today, and why is your solution of more value to the customer?
4. d) Market size estimates – TAM and SAM
5. e) A “Competitive test matrix” which shows how the benefits of your idea compare with the rest of the industry
6. f) Minimum Viable Product. Describe what MVP you decided to use for customer value testing, and how you arrived at that decision. Include a picture, screenshot, etc.
7. g) Customer Validation report detailing real world results and feedback from 25 to 30 potential customers. Describe, and explain:
8. i) Which customer segment you targeted,
9. ii) Your means for gaining validation using the MVP,

iii)          What their responses were,

1. iv) What you learned from the customer validation exercise, and
2. v) Your next step decision: move forward or pivot, in what way?

Tip: don’t skimp on the business model, MVP, and customer validation. These are key!

Your write up (pdf) of the final idea selected) for the main section of the report plus detailed appendices for analysis, 12 point font, and 1.5 line spaced.

You should include a cover page listing team members who contributed to the deliverable. Follow this with a one paragraph executive summary and an introduction. Be sure to finish the report with a conclusion and references. Be sure that all information and data assertions (e.g. market size) are properly referenced using conventional formatting such as APA style. Please do not exceed the page limit, it is unnecessary and will result in a grading penalty. Note 1: You do not need to perform financial projections for this report.

CHECK Marking Rubric

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