2.1 Description of the Market Opportunity
This is where you describe the market problem you perceive and speculate on how much market demand could be generated by this problem. Don’t describe your solution to the problem – your business idea – just describe the problem that consumers are having.
- Show examples of the problem you perceive
- Speculate on how broad-ranging this problem may be
- Indicate the nature of the difficulty this problem creates for consumers
- Select a Business Idea that you will develop throughout the semester. This can be a product or a service. You may select a brand-new idea, or you may want to continue building on a business idea that you developed in EMG 4005
- Assume that your business has been operating for one year or less at a low volume during your initial seed (startup) stage. Now you are ready to expand your business. Develop the essential details of your Expansion Plan. The Expansion Plan will involve considerable expenditures, so you need to bring in a venture capitalist to provide the funding that will pay for your Expansion Plan
- Your Business Idea and your Expansion Plan will be the topic of your Business Plan throughout the remainder of this course
- Your Business Plan should be composed as a Word document, double spaced, with each chapter starting on a new page. The Word document should be your submission file. Do not submit PDF files. Do not submit loose supplemental files such as Excel spreadsheets. All supplemental files should be incorporated into your Word document as illustrations with appropriate references
- This week’s homework assignment is to draft Chapter 2 of your Business Plan – Business Idea and Expansion Plan, following the TEMPLATE provided in the Discussions – FAQ, to reflect the value propositions that your Business Idea possesses and why you have a competitive advantage over current products or solutions on the market. Provide an overview of your Expansion Plan
- Chapter 2 will become the beginning of your Business Plan. It will contain the essential details of your business that you will be writing about throughout all the subsequent chapters of the Business Plan which will be developed one chapter per week
- Chapter 2 should be convincing and create an immediate hook so that venture capitalists will want to read further
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