Identifying the Best Business Ideas

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Identifying the Best Business Ideas

Use the five principles below to evaluate your list of ideas. Also, use Exhibit 5.6 to evaluate and remove ideas that don’t look promising. If you delete an idea, state in 1-2 sentences why you deleted it. Select one idea per group. State why it is a good idea based on the five features above and Exhibit 5.6.

Real Business Opportunities have the following features:

  1. They create or add significant value to the customer
  2. They fix a real market “pain” or difficulty for customers
  3. The problem is urgent and pervasive and the customer is willing to pay to fix it.
  4. The opportunity has strong market, margin, and profitability
  5. The founders and management team have collective experience in the area of business

Written reports should show professional quality.  They should be well-written and well-organized. Use paragraphs and topical paragraph headings. Where appropriate, organize your report by the questions asked in the assignment.   It is a good idea to state the question as a paragraph heading, then give your answer to the question.  Then reread the question and answer together to be sure your answer addresses the specific question.  Leave a space between paragraphs.  Bullet points are allowed. 

Reports must include a cover sheet, like what you would use if submitting a printed report.  Your cover sheet should include the Course Name, Assignment Title, Date of Submission, and the full names and nicknames of each member of the group.  Only ONE group member should submit the report on Canvas.

Prepare your report in a word processor with a spelling and grammar checker.  If your English is not strong, you are likely to need stronger grammar checking than what is available in MS Word.

When your report is fully proofed and is formatted the way you want it, save your final version on your computer, then also save it as a PDF file.  Submit your PDF before the deadline at the link in Canvas for the assignment’s submission.  All written work must be submitted online as a PDF file.  Only ONE group member should submit the report on Canvas.