You will want to cover the following areas in your write up this week:
An industry overview in the U.S. and in the location you will potentially start this business
Information regarding the competitive environment
An analysis of the market that identifies risks, opportunities, trends in growth
Here is your mission for the sections you complete in this project:
Briefly describe an entrepreneurial venture (business) you may have some interest in and would possibly consider starting some day. Include in this section: (a) a detailed description of the venture’s products and/or services this company would provide; (b) the target markets and customer demographics you would sell to; (c) what advantage this venture would offer that makes it competitive; (d) what skills, knowledge, experience, or talents do you (as the entrepreneur/owner) bring to the venture; (e) what benefits (tangible and intangible) does this venture have for your potential customers; and (f) how do you propose getting products or services marketed? You are not supplying a business plan, however, from the information you supply should be complete enough to eventually develop a business plan. Do not limit your narrative to the items above (a through e), be creative in your description of your possible venture.
Address the risks that must be considered both to the start-up and to the long-term viability of this venture?
In some detail, identify the market segments and the trends in those markets. Include expert assessment of the potential for your venture, and the risks and potential stumbling blocks to entry. Provide evidence that a new player is needed in your local market by doing some market research that identifies competitors already in your region. Look for credible sources and research to support and explain what this business venture is and how it works in the economy.
Generate a complete list of the types of information you would need in order to begin to build a business plan (e.g., market size, rate of growth, number of competitors, etc.) and supply with each your insight into how to gather this data. Collect and record only credible sources and research to support and explain your list. You should cite specific articles and/or organizations (e.g., an article in the Wall Street Journal, or the National Association of Pharmaceutical Manufacturers)–be sure to collect information from both library (scholarly) and web sources.
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