Reference no: EM13680
"The beauty of a woman is not in a facial mode but the true beauty in a woman is reflected in her soul. It is the caring that she lovingly gives the passion that she shows. The beauty of a woman grows with the passing years."
- Audrey Hepburn
"Better to remain silent and be thought a fool than to speak out and remove all doubt."
- Abraham Lincoln
Feasibility Study.
According to the research, a number of critical factors are important for a new venture's success and must be assessed in a systematic way prior to investing additional time and one's other resources. Those factors are summarized in " The Feasibility Study Outline" in the textbook, pages 93-96 and in the Appendix, Sample Feasibility Study, pages 103-116. Your feasibility study assignment will consist of four (4) written parts based upon developing an initial feasibility study of your business concept and an analysis of its viability for a business startup. Each written component should be three pages in length and single spaced. The page limitation is designed to encourage you be brief but specific. Part four will require the completion of two spreadsheets that will be attached to the assignment.
The feasibility analysis is a prelude to writing a business plan, which is more detailed and thoroughly researched and is required if a bank loan or investment funds are being sought. The purpose of the feasibility study is to assess whether or not a good idea represents a profitable business opportunity and is designed to gain sufficient information and data to provide you with a a "go or no-go" decision in moving forward in completing a full business plan.
For each assignment, please include the Part number, and please include the title of each lettered section in each assignment, e.g. a. b. c. etc. Also make certain that your name is on the top of the page and that your electronic submission includes your name at the beginning of the title e.g. Smith, J Assgn. 1. For your convenience, I have also included text page numbers discussing various feasibility topics. The assignments are as follows:
a. Describe your product or service in a paragraph or two.
b. Present the Mission of your business, e.g. fundamental reason for being.
c. Describe the features or characteristics of your product or service.
d. Describe the value added (benefits) of your product or service, E.g. why would someone pay for or buy your product/service over your competitors.
e. What need or desire does your product fulfill: 1) solves a problem in the market; 2) fills a gap in the market; 3) responds to current environmental trends?
f. Will your business be 1) an online business; 2) an on-ground business; or, 3) a combination of both? Explain.
g. Provide the six-digit NAICS (North American Industrial Classification System) number for your business.
Thread 1: Small Business vs. Entrepreneurship
Table 1.1 on page 7 of our text distinguishes between small businesses and high-growth or entrepreneurial ventures. Please present three businesses currently in operation that would be examples in each category and why you placed them in each category.
Remember our discussion of entrepreneurial characteristics and competencies from last week. Do these influence whether or not a business is a small business or a high-growth venture?
Thread 2: Playing the "Stringless Uke
Testing your Creativity and Innovativeness
Scenario: You moved recently and forgot to pack your ukulele, which you love to play in your spare time-and which always cheers you up. You call your former landlord and ask him to send the ukulele to you at your new address. The package arrives and you open it with great anticipation. When you open the package, much to your distress you find your ukulele, but it has no strings!
Describe to your classmates how you would play or otherwise do with a stringless ukulele. Also, please consult with a trusted family member or close friend as to how they would play a stringless ukulele and compare/contrast with your own responses.
List and discuss the solutions that you believe are left-brain hemisphere solutions (logical/rational) and those that are right-brain hemisphere solutions (artistic/non-linear) and support with evidences. Include a definition and discussion of some strategies that you could use to increase your creativity and discuss these with your classmates.
Youth Entrepreneurs
Another persistent myth about entrepreneurs is that there is a "right age" to be an entrepreneur. Being an entrepreneur is not age dependent, Colonel Sanders (no relationship) started KFC when he was 69 and the entrepreneur in the attached article is 13. Entrepreneurs see a need to fill a gap or solve some problem. What was the "aha" moment behind Brix Stix in the attached article, How a pint-sized entrepreneur solved a sticky toy dilemma?