Week 5

Tonica I don't know exactly what it is that you provided but it is not what is required for the midterm project. The grading rubric is provided below. Please let me know what you want to do?

1.      Idea Generation 40/40: Take the ideas you developed in Week 3, and summarize the key elements using the Level 1 and 2 assessments of the search model in Figure 1.2 (page 3) of the text. Conduct a preliminary screen of your ideas, answering the questions posed in Level 3 at the bottom of page 4 (3–4 pages). - at least 2 ideas for development, pool of possibilities - search for an opportunity - internal search need in the marketplace - experience search familiar background - deliberate search: creative thinking; concrete ideas - uncovered potential opportunities, obstacles, desire/want to pursue, needs of  marketplace, risk/reward analysis  

2.      Screen 55/55: Using the results from Item 1 above, take your ideas and apply the Level 1 screen and complete the Level 2 screen (page 44) and new venture template (innovation, value, persistence, scalability, appropriation, flexibility, and execution) (pages 47–48). After reviewing the results, select an idea to move forward with (3–4 pages).

·         Screen feasibility analysis = 20/20

a.       Trends - political, economic, social, technological

b.      Industry – substitutes, buyers/suppliers, competitors, new entrant attractiveness

c.       Internal - competence

d.      Market profile – size, growth potential, development cycle stage, profitability of the industry

·         New Venture Template = 30/30

a.       15 new venture template questions

·         Select an idea to move forward with = 5/5

3.      Business Planning and Preparation Pre-work 45/45: Using the model on page 112 of the text, develop for your new venture a document that addresses Level 1 and Level 2 up through and including Level 2, Stage 1. Be sure to use the harvest model—output, input, and process; the communications and credibility checklist for entrepreneurial business plans, Table 3.1 on page 107; and Figure 3.2 as your guide in developing your answers (3–4 pages).

·         Level 1  - planning the product or service (see Figure 3.2)

a.       Target Market

1.      Demographic

2.      Segment size

3.      Segment need

b.      Product concept

1.      Concept design; market to whom, technical assessment what it provides, description, what it does

2.      Value statement; creating value for the customer, product positioning, why choose me, suitable competitive advantage

c.       Competitive position - How to compete in the marketplace

1.      Competitive strategy – differentiation; basis for competition

2.      Pricing strategy

·         Level 2 – Planning and obtaining Financing (Figure 3.5)

a.       Determine venture output requirements

1.      Evaluation of harvest

2.      Evaluation of stakeholders expectations

b.      Input requirements

1.      Debt vs. equity

2.      Management team

3.      Suppliers and key stakeholders identified

4.      Working capital arrangements

5.      Key information resources

c.       Planning financial process

1.      Plan ideas match i/p to o/p

2.      Practice presentation

3.      Present to key stakeholders

4.      Persist and refine