Business Concept/Feasibility Analysis

The purpose of this assignment is to stimulate vision, imagination, and creativity. It also constitutes the first stage in the development of your business plan by identifying potential business ideas. Some of the ideas you develop will become actual business plans in the course. Step 1: Make a list of 10 different ideas for a new business. Step 2: Develop these 10 ideas into 50-60 (no less than five undereach primary topic), no matter how abstract or unusual they may be. The result should be a list in outline form with 10 main ideas, and under each main business category there should be several sub-categories. For example: 1. Motor Cycle Repair Shop: A. Motorcycle Detailing(on- and off-site) B. Motorcycle pick-up and drop-off C. Parts and accessories sales D. CustomMotorcycleBuilding E. Beginning & Advanced Motorcycle Training Courses F. Adventure Motorcycle Tours G. Motorcycle Photography H. Biker Weddings Step 3: Select the best 3 ideas (from the 50+), for each of the 3, describe in 60-80 words: 1) The product / service, customer, technology and facilities. 2) The opportunity the business exploits. 3) The resources you think would be necessary to execute this venture. Step 4: Rank-order the 3 ideas so that the best one is #1, the second best is #2, etc. This would be your short list. Step 5: Further develop your #1 idea (from step 4). A. Name your concept (no more than 5 words).  Define the business idea clearly (e.g., Ladies Apparel is vague; but, Ladies apparel Store, Ladies Apparel Design, Ladies Apparel Manufacturing, are more clear.) B. Provide a description of the product / service.  What exactly will the business do? This may be fairly straightforward (e.g., retailer) or may be complex (e.g., offering a unique and unusual service) so the detail here will vary depending on the concept.  Who are the customers? BC [login to view URL]  What industry? and other special aspects about geographic location, technology etc. C. A short description of the product feasibility: Why would people buy the product/service?  What is unique about your product/service? What is/are the differentiating factors?  What is the need/problem addressed?  What are the benefits to users? What value added is created by your product/service? D. A short discussion of industry & competitive feasibility: Why does it make sense to get into a business in this industry or sector?  Is the industry large? Small? Growing?  What are the predominant competitive forces in the industry and how do they influence the overall profit margins in the industry?  What trends are shaping the industry’s future? What threats does the industry face?  How crowded is the industry and who are the main competitors?  What competitive strengths would you have? What are primary challenges?  Why would people be willing to buy from you, compared to other competitors or alternatives? E. The financial feasibility- how likely is the venture to generate profits? How long will it take?*  Profit potential  Resources needed, capital investments needed  Expected time for profitability *It's OK to rely on estimates and assessments, as most of you will not yet have the tools to do detailed financial analyses and projections. But you do need to substantiate your assessments: for example, look for information that is available, such as performance or growth of well known companies in the industry, publicly available industry reports, etc. Format and Submission guidelines  No more than 3 pages, typed, single-spaced, Font #11 or 12. Leave 1 inch margin all around.  Do not write a free flowing essay. Use headings and subheadings where appropriate. This is the proper style for business documents.  Make sure to address all the items and sub-sections of the above. Make sure it is clear which question you are addressing