ENTREPRENEURSHIP

ENTREPRENEURSHIP FALL 2015 CONCEPT STATEMENT AND FEASIBILITY STUDY CONCEPT STATEMENT ASSIGNMENT A. Concept Statement (4th Edition: pages 106-107, 5th Edition: pages 101-102) 1-1 ½ pages Write a single-spaced concept statement for your business. 1. Product or Service 2. Target Market 3. Benefits of the proposed product or service 4. How your product or service will be positioned relative to competitors 5. The Management Team (who will manage the company and what special skills or knowledge do they bring?) B. Feasibility Study (4th Edition: pp. 102-119, 5th Edition: 99-116) 8-10 pages Using the following categories, conduct a feasibility study of your business idea. Your study should be thoroughly researched and cited using APA style. Headings and subheadings must be used throughout the paper. 1. An introduction to your product or service and the process your team undertook to come up with your idea. 2. Product/Service Feasibility Product/service desirability Product/service demand 3. Industry/Target Market Feasibility Industry attractiveness Target market attractiveness 4. Organizational Feasibility Management talent Resources availability 5. Financial Feasibility Total start-up cash needed Financial performance of similar companies (if available) Overall financial attractiveness of the proposed venture C. Business Model (4th Edition: pp. 207-225, 5th Edition: 135-153) 2-3 pages You will need to read Chapter 4 in the 5th Edition to effectively complete this part of the study) 2-3 pages The standard or disruptive business model your business will follow Complete the Barringer/Ireland Business Model Template (using headings and not a chart)