Exploring a new business opportunity for new product

Imagine you are hired by a new start-up company. You are tasked to recognize and explore a new business opportunity of creating a new product or service for your company. As part of your new business vision, you will create a business plan describing all keys elements of the business opportunity which will ultimately be presented to an executive team in a venture capital group for possible funding and execution.

Part I of the business plan will describe your business vision you plan to undertake in your company.

Write a five to six (5-6) page in which you:

1. Compile a business vision about the type of product or service you think your company needs to develop. Next, describe the business values and corporate values that you want to create.
2. Determine the need for the new product or service. Next, provide an overview of the market you intend to enter, and defend why this market is ripe for the introduction of this product or service at this particular time.
3. Determine the type of business model you will use for your new business opportunity. Support your response.
4. Formulate a feasibility analysis, and determine whether the new product or service is feasible. Identify the roadblocks that you will likely face.
5. Evaluate the data from your analysis, considering the source and time period. Justify the future financial condition of your company.
6. Use at least three (3) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.

Click here to view the grading rubric for this assignment.

Week 1 Objectives

Upon completion of this lesson, you will be able to:

• Analyze the entrepreneurial process to determine where a company is in the process and how to implement change successfully.
• Examine entrepreneurial intentions and strategies to support entrepreneurship.
• Examine the creativity and business idea process, and the materialization of domestic and foreign market entry opportunities.

Week 2 Objectives

Upon completion of this lesson, you will be able to:

• Analyze the financial planning process for a new venture.
• Analyze the process of protecting the new venture idea and legitimizing it through a formalized business plan.

Week 3 Objectives

Upon completion of this lesson, you will be able to:

• Examine the creativity and business idea process, and the materialization of domestic and foreign market entry opportunities.
• Analyze the process of protecting the new venture idea and legitimizing it through a formalized business plan.
• Examine the organization plan options and how the organizational structure aligns with the business strategy.

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