Business Concept Requirements
(Submission Instructions and Format are below)
Entrepreneurship begins with an idea that upon reflection can be converted into a valuable opportunity. This summary of your business opportunity and concept should give the reader a quick and complete idea of the problem the new venture is solving and how the new venture will act to solve it. Business Idea / Concept – The business idea/concept should involve a sufficiently new technology, technology application and/or business innovation for a new start-up. The entry should fall within any of these industry categories: IT/Telecom
Agriculture and Aquaculture
Life and Biosciences
The following topics should be discussed and completed. Bullets can be used in order to be concise and to the point. Business Concept Statement - This is a one-sentence public statement of what your business is seeking to accomplish. Opportunity - Explain the problem or need and identify the customer in terms of income bracket, location, where/how they buy, age/gender/education and other demographics. What is the proposed solution and the uniqueness of the solution? Why will the customer pay for the solution? What is your value proposition? Product/Service - This is an outline of the specific product or service you will be selling and how you are going to go about designing or developing it. This should also respond to the following: What is the estimated cost of your unique product or service? What is your competition, how you are different and what types of technology or strategy will you utilize in launching or differentiating your business? What is your sustainable competitive advantage? What will stop other competitors from entering your market and how will you be better than everyone else in the market? Business Model
What is your business model? What is your income source and how are you compensated for your product/service? What is the scope of your product activities? What activities do you do, what do you outsource? How does your firm capture some of the total value from profit? How will the firm protect this profitability? Technology/Innovation - This is an outline of the technology or business innovation behind your idea, whichever is applicable. Alternately, how is the technology or innovation employed to establish your value proposition, differentiation and/or competitive advantage? Markets - This area describes your marketing approach.
Describe the channels you will utilize in terms of where the product will be sold and how (i.e. will you have a direct sales force or sell by catalog, online, business to business, etc) you will make your customers aware of you. Describe your pricing strategy (i.e. is this a premium product that is priced high or is it something we might be able to purchase at Price-mart?) Describe any other factors that might need to be considered and/or are integral to your ability to sell the product. Submission Format
Soft bounded. No pictures and no appendices; only tables are allowed. Page size: “letter”
Margins: 1” all around except for 1.5” left.
Font: Bookman Old Style– 12
One cover page plus maximum 5 pages single-space report proper First page of business concept will be formatted as follows: TITLE (all caps, bold)
Names (italics) (mandatory member designations are identified: student; tech member; management/business member) Heading (bold)
Body text (normal)
Business Plan Sections and Format
• What is the product/opportunity?
• What is the market size?
• What is its competitive advantage?
• What are the startup costs?
• What is the payoff?
• Management team
1. THE COMPANY & THE PRODUCT
1.2 BUSINESS MODEL
• How will your business make money?
1.3 THE PRODUCT
• What is your product?
• How does it work?
1.4 PRODUCT VALUE
• What is your value...
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