Below attached template for the data collection plan that needs to be done. The business idea is attached. please do it in a word file, a proper word document.
Part I: Strength of the Business Idea
Extent to which the idea: Strong
Takes advantage of an environmental trend
Solves a problem
Addresses an unfilled gap in the marketplace
2. Timeliness of entry to the market – Moderately timely
3. Extent to which the idea "adds value" for its buyer or end user – High
4. Extent to which the customer is satisfied by competing products that are already available- Very satisfied
5. Degree to which the idea requires customers to change their basic practices or behaviors- Small to no change required
Part 2: industry related issues
Number of competitors – Many
Stage of the industry life cycle- Growth phase
Growth rate of the industry- Moderate
Importance of industry's products and/or services to customers- Must have
Industry operating margins- Moderate
Part 3: Target market and customer-related issues
Identification of the target market for the proposed new venture- Identified
Ability to create "barriers to entry" for potential competitors- May or may not be able to create
Purchasing power of customers- Moderate
Ease of making customers aware of the new product or service- High
Growth potential of target market- High
Part 4: Founders’ related issues
Founder's or founders' experience in the industry- Moderate experience
Founder's or founders' skills as they relate to the proposed new venture's product or service- moderate skills
Extent of the founder's or founders' professional and social networks in the relevant industry- Extensive
Extent to which the proposed new venture meets the founder's or founders' personal goals and aspirations- Strong
Likelihood that a team can be put together to launch and grow the new venture- moderately likely
Part 5: Financial issues
Initial capital investment- Low
Number of revenue drivers (ways in which the company makes money)- One
Time to break even- Less than one year
Financial performance of similar businesses- moderate
Ability to fund initial product (or service) development and/or initial start-up expenses from personal funds or via bootstrapping- Low
Overall potential
Part I: Strength of the Business Idea- High Potential
Part 2: industry related issues – moderate
Part 3: Target market and customer-related issues – Moderate
Part 4: Founders’ related issues – High potential
Part 5: Financial issues- low potential
Overall assessment- Moderate
Summary-