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Complete the environmental trend scan found on Moodle indicating your three possible business ideas, the opportunity gap that exists, and the trend or force contributing to this opportunity

Working in teams select the one idea you are likely to pursue for your final plan. Sharing the information you used for the environmental trend scan, ask your teammates to complete the Peer Feedback Survey and complete a survey for their ideas as well. Post a one-page reflection on what you heard from your peers about your business idea. Identify what was most helpful and what you don’t agree with. Indicate what you will change in your concept after receiving the feedback.

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Brainstorming a new idea does not mean the idea will be a success in the marketplace. Prepare a post of what are the factors that may distinguish an idea from an opportunity that is worth the effort and cost of an investment. What are the most important indicators telling you when the idea is worth pursuing?

Watch this video Business Link: Research & Analysis Prepare a list of talking points identifying what you felt were the five most important points you will keep in mind when you are conducting. After watching the video on Business Link identify what primary and secondary research you will conduct to analyze your idea and your competitors. Indicate what secondary sources you have found relevant to your industry.

Think of a company that interests you and do some research to find their business model. For example, Netflix uses the technology innovation of video streaming, and it has been highly successful. In addition, Netflix revolutionized the way people watch television. They understood that consumers wanted to watch programs when they wanted and not on a set schedule. They also tailored their programming so people could “binge watch” an entire series and watch it until completed. What business model have you seen change an industry based on a unique business model?

Discuss the organizational structure you envision for your business

Finding the start-up money for any new venture is always a major concern for an entrepreneur. Based on your budget plans, how much money and other resources will you need for your start-up? Where will you find these resources? In your initial post, briefly describe your resource needs for your new enterprise and describe the potential sources of such resources.

Marketing researchers shy away from overreliance on any one method for marketing. They also recognize the value of using two or three methods to increase confidence in the results. In determining the demand for your product/service what are three methods you can use to provide evidence of demand and what are your reasons for choosing these methods.

Prior to class, or the second day of the unit, prepare a draft ten-to-fifteen-minute presentation using PowerPoint to present your business ideas. Your plan should identify the intended audience and discuss the main points of your idea in a persuasive presentation.

Draft presentation is due no later than Monday for online class and 1 day before class meeting for on-campus classes.

It is a common business practice to protect your business ideas. A solution is to use a nondisclosure agreement (NDA) before sharing the plan. Post your plans to use such an agreement or any other ways you can protect your idea. In your initial post, discuss if you would use an NDA and provide your reasons for doing so or not doing so.

At the beginning of a new venture, it is not likely we would think about the end. However, it is important to recognize your personal and professional goals are in starting the business. When you accomplish these goals you may move on to another investment or maintain the business in order to pass it along to family members. Think about the future of your proposed venture and in your initial post, describe how you envision your exit from your business. Then comment on the exit plans of at least three of your fellow students.

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