Assignment
Overview
Business opportunities can be found in all areas of entertainment. So much has already been done that finding a new and creative idea may seem like a difficult process. To succeed, the idea must solve a real problem. For example, it could provide a product, service, or experience that isn't already provided in the industry. A new idea must have creative and novel possibilities.
Prepare
You will be identifying a new business opportunity in your area of interest, so first you must determine your area of interest and research it thoroughly. Learn what's been done in that area, how it worked, and what is missing that would make a great new idea.
Create
In a Word document (3 to 4 pages) explain the following:
I. What is the new business idea?
II. How did you come up with it?
III. What has already been done in the area relating to it?
IV. Why are you the person to create it?
V. What need will the product or service meet?
VI. Describe your target primary customer in terms of age, gender, ethnicity, education level, income level, lifestyle, personality, and interests.
VII. Describe your target geographic location.
VIII. What resources will you need to get started?
IX. What will the price of your product be in order to entice customers and still make a profit?
X. Why is now the right time for this product/service/process?
XI. What distribution channel(s) will be used for your idea to reach target customers?
XII. Briefly explain the essential components needed for your business plan. How does each component help you determine the viability of your idea?
Format your assignment according to the give formatting requirements:
• The answer must be using Times New Roman font (size 12), double spaced, typed, with one-inch margins on all sides.
• The response also includes a cover page containing the student's name, the title of the assignment, the course title, and the date. The cover page is not included in the required page length.
• Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.