Business Concept Plan
Identifying an opportunity is great! For example, before Uber became a global icon the idea of a technologically based journey service was just an embryonic idea by Garrett Camp and Travis Kalanick. However, before any idea or opportunity can proceed you need to be able to articulate some key things to obtain buy-in to continue before significant time and investment is spent developing a product / service / process innovation that may require some adjustments and/or other considerations if you want it to be successful.
This assessment requires you to develop a Business Concept Plan that articulates what your idea is and what you would like to do with your idea to exploit the opportunity you have identified. This clarity of your vision will serve as evidence that you have thought critically about the idea. When investors and other business people see this, they will have a better sense of the risk they would take by working or investing with you just by reading this document.
You are required to develop a Business Concept Plan which provides a business solution to an opportunity which you have identified. You need to ensure that the plan demonstrates that your idea is a feasible and viable solution and something that will obtain support from an executive or management team to develop in to a business case, ultimately seeking funding and approval to develop / implement).
Consider what it is that will attract approval and funding of your idea. What it is that makes this a great opportunity and something worth developing or progressing? So find a creative business idea to implement. Please provide three different new business ideas, for example it could be anything like any new business idea in food industry or anything and send it to me so I will approve one idea and then you can start writing.
Use the following format.
•1. Industry Background [1-2 paragraphs]
•2. Problems and Opportunities – description of your idea [1-2 paragraphs]
• 3. High-level Solution [1-2 paragraphs]
• 4. Business Model - how will you make money? [1-2 paragraphs]
• 5. Gap Analysis – (Explain what is exists now and what we are going to offer etc and draw diagram like following sample)
•6. Competitor Analysis [use a 2-axis matrix] – I will give you an exact sample bit later. Please leave it to the end.
• 7. Unique value proposition – (Write what makes you unique, better and different from your competition and fill in the following value proposition statement)
Value proposition When customers buy & use………………….(your product/service)………………instead of …………………(competitor products/ existing products or services or solutions)……………….they would ……………(the key benefits they would receive – can be many)……………..because …………………(uniqueness that you are offering)…………….
8. Ideal Customer Profile – (before using your product / after)
(Following is a sample profile, but all the facts in that profile are irrelevant to this assignment. So you need to create your own customer profile that relate to your business before using your product and after. Please google and search ideal customer profile and make a good one.
•9. Total Addressable Market [use a diagram to illustrate and explain it. Following is a sample diagram]
10. Business Model Canvas (explain how business canvas model useful for your business and create a business model canvas like following diagram)
11. Value Proposition Canvas –(Explain how value proposition canvas is useful for your business and create a value proposition canvas and explain it. Refer following links to get idea.)