I. Feasibility Study.
According to the research, a number of critical factors are significant for a new venture’s success and should be assessed in a systematic manner prior to investing extra time and one’s other resources. Those factors are summarized in “Exhibit 4.2, The Feasibility Study Outline” in the textbook, pages 93-96 and in the Appendix, Sample Feasibility Study, pages 103-116. Your feasibility study assignment will include four (4) written parts based on developing an initial feasibility study of your business concept and an analysis of its viability for a business startup. Each written component must be three pages in length and single spaced. The page limitation is designed to encourage you be brief but particular. Part four will need the completion of two spreadsheets which will be attached to the assignment.
The feasibility analysis is a prelude to writing a business plan, that is more detailed and thoroughly researched and is, needed if a bank loan or investment funds are being sought. The purpose of the feasibility study is to assess whether or not a good idea represents a profitable business opportunity and is designed to gain sufficient information and data to give you with a ‘go or no-go’ decision in moving forward in completing a full business plan.
Assignment1. (3 pages single spaced with subheadings)
Part1. The Description of your Business Concept (please include subheadings).
i). Describe your product or service in a paragraph or two.
ii). Present the Mission of your business, e.g. fundamental reason for being.
iii). Describe the features or characteristics of your product or service. Ref. pages 274-276 and pp. 186-187.
iv). Describe the value added (benefits) of your product or service, E.g. why would someone pay for or buy your product/service over your competitors. Ref. pages 193-194.
v). What need or desire does your product fulfill: 1) solves a problem in the market; 2) fills a gap in the market; 3) responds to current environmental trends?
vi). Will your business be 1) an online business; 2) an on-ground business; or, 3) a combination of both? Explain.
vii). Provide the six-digit NAICS (North American Industrial Classification System) number for your business. NAICS numbers may be found at the following site: https://www.census.gov/cgi-bin/sssd/naics/naicsrch?chart=2012
Thread 1: Small Business vs. Entrepreneurship
Table 1.1 on page 7 of our text distinguishes between small businesses and high-growth or entrepreneurial ventures. Please present three businesses currently in operation which would be examples in every category and why you placed them in every category.
Remember our discussion of entrepreneurial characteristics and competencies from last week. Do these influence whether or not a business is a small business or a high-growth venture?
Thread 2: Playing the ‘Stringless Uke’
Testing your Creativity and Innovativeness
Scenario: You moved recently and forgot to pack your ukulele, which you love to play in your extra time and that always cheers you up. You call your former landlord and ask him to send the ukulele to you at your new address. The package arrives and you open it with great anticipation. When you open the package, much to your distress you find your ukulele, but it has no strings!
Explain to your classmates how you would play or otherwise do with a string less ukulele. Also, please consult with a trusted family member or close friend as to how they would play a string less ukulele and compare or contrast with your own responses.
List and discuss the solutions that you believe are left-brain hemisphere solutions (logical or rational) and those that are right-brain hemisphere solutions (artistic or non-linear) and support with evidences. Comprise a definition and discussion of some strategies which you could use to amplify your creativity and discuss these with your classmates.