Describe an idea that you have for a possible new business. This may or may not be an idea for a business that you actually intend to pursue. This assignment is intended to give each student the opportunity to consider where they might see a market opportunity or a customer problem that needs a solution. It’s also intended to be an opportunity for students to think through what a potential solution might need to look like in order to gain market acceptance.
For your idea, answer the following questions:
- Who are the target customers? In a few sentences, describe the types of people who would be most likely to purchase the solution. If they are businesses, describe the type of businesses and the titles of the people inside the businesses who would use the solution. (100 words maximum)
- What customer need(s) would you address? What is the problem that customers have and why would they be motivated to purchase your solution instead of some other solution? (100 words maximum)
- What is your proposed product or service? In a few sentences, describe the product or service that you would provide, and how customers would use it. How would it be different from products or services that are available to your customers today? Can you make the product now, or does it require the development of some new technology? (150 words maximum)
- How will your product or service address the customer need(s)? Describe the specific ways that your product or service would solve your customers’ problems or provide the benefits that they are seeking. Be specific about how the product you described in your answer to question 3 meets the customer need described in question 2. (150 words maximum)
- How did you come up with the idea? How did you learn about the customer need? Do you have experience that would help you develop the solution or reach the target customers? (50 words maximum)
b. To get the most possible points, please answer the questions as clearly and succinctly as possible. Your score will not be based on whether the grader thinks your business would be successful. Instead, your responses will be graded based on how clearly you communicate your answers to the specific questions, so that the graders and the instructor can clearly understand the business concept that you are proposing.