Develop Ability to Generate And Research New Business Ideas - Report Writing - Business Assignment Help

Assignment Task

Objectives
• Develop ability to generate and research new business ideas
• Develop group brainstorming skills
• Develop feasibility testing skills to screen ideas for value

Overview
Your will develop, evaluate and report on a new, viable entrepreneurial opportunity
created from scratch. Actual revenues from the opportunity are not expected.

Descriptions

1. From your list of idea domains to explore, consider where opportunities might come from. Your group can use mind mapping and combine this with the next step if you wish. For example:
a. What needs, wants or pain points do current customers have?
b. What opportunities for improvement are there?
c. What trends or influences are creating change in the industry?
d. What combinations from other industries might be made?
e. If you changed one thing, can new customer categories arise?
f. Is something working elsewhere that can be moved here?
g. Can changing the way something is delivered add new value?

2. In a suitable setting with lots of time, start brainstorming as a group:
a. Avoid and withhold criticism- there are no bad ideas!
b. Place the focus on quantity of ideas
c. Welcome unusual ideas in a freewheeling environment
d. Hitchhike on other ideas by combining and improving ideas
e. Take notes but don't cross things out
f. Ensure everyone has a chance to contribute
g. Have fun

3. Look at your list of ideas. Select the most plausible ideas using the following criteria:
a. The idea addresses a customer need/want/problem pain point
b. The idea is real and viable (e.g. avoid time travel machines and teleporters)
c. The idea has some novelty and is not immediately obvious (no chip wagons)
d. The idea is ethical and legal

Final Idea Feasibility Report
Opportunity selection is carried to the final stage, as four promising ideas from the last stage are discarded. The final, single idea selected by the group would be considered the most feasible for your team to implement, and is the one that will form the basis of the final project presentation.

Using the five ( just use my idea one idea ) ideas generated from the last stage, select a final one using a detailed feasibility analysis based on all course material presented to date. Your report should clearly articulate the final idea selected, customer pain point, and what is unique/novel about your solution. Your report should include in particular:

a) Your proposed business model following the nine-point business model canvas presented in class.
b) Completed “Value Proposition Canvas” for your idea as presented in class.

c) The Seven Domains feasibility analysis. Your report should cover all Seven Domains and include an analysis using the questions raised in the seven domains of the textbook as a framework. Be sure you address specifically the question of: How is the pain point solved today, and why is your solution of more value to the customer?
d) Market size estimates – TAM and SAM
e) A “Competitive test matrix” which shows how the benefits of your idea compare with the rest of the industry
f) Minimum Viable Product. Describe what MVP you decided to use for customer value testing, and how you arrived at that decision. Include a picture, screenshot, etc.
g) Customer Validation report detailing real world results and feedback from 25 to 30 potential customers. Describe, and explain:
i) Which customer segment you targeted,
ii) Your means for gaining validation using the MVP,
iii) What their responses were,
iv) What you learned from the customer validation exercise

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