BUSM1325 New Venture Creation

Question:

Assessment:

Your venture concept/idea is probably the first thing that investors would like to see in order to learn more about your venture to make investment decisions. You will write and submit a detailed description of your venture concept/idea providing evidence-based description of the following aspects of your venture concept/idea.

You should particularly cover the following points in your concept report.

· What is your main venture idea and solution? How did you identify the need of this idea/solution?

· What is your motivation for this venture idea/solution i.e. to solve the problem and create the solution?

· What main problem and subsequent pain-points your idea/solution is going to solve?

· What are your value propositions?

· What is your product or service and how will you develop an initial version of your product or service? In other words, how will you develop prototype of your minimum viable product/service/solution?

· Who are your customers? And how do you know that the customers need your product? In other words, how do you know that you are solving the problem in a way that appeals to your target audience?

· How do you know that you can build a sustainable, viable, and feasible venture around your proposed idea/solution and a set of products / services?

· What will be your unique competitive advantage and how will you establish that?

1. Where would you find a journal article about a company?

2. Where would you find a newspaper article about a company?

3. Should you look for more than just the company / industry reports? Why?

4. Where would you go to find Company information?

5. Where would you go to find Industry information / Market Research?

6. How do you know if the information you’ve found is good quality and not fake news?