Reference no: EM133155102
BUSN 1510 Entrepreneurship
New Business Idea List - Assignment Description
Assignment Description: Generate a list of 10 independent and different ideas for new businesses. Each business idea should include the following four elements:
1. A description of the problem the business is trying to solve for customers
2. A description of the target market
3. A description of the product or service the business would provide
4. A brief description of how the business might operate
We are looking for ten creative and different ideas. The only constraints are: The product or service ideas must be feasible with current technology. For example, a business providing time travel would be out of bounds, unless you have a technical solution to that problem. The business must require a reasonable level of investment. For example, a business that offers to build an aircraft to compete against the Boeing 737 would require hundreds of millions of dollars investment, and would not be acceptable. Think about businesses that could be started with an investment under $5 million. ? Each idea must be different. For example, starting a restaurant would be an acceptable idea. However starting a restaurant providing Italian food, and starting a restaurant providing African food are not different enough to count as two ideas. Idea papers must be 4 to 5 pages in length (12 point font, double spaced, 1 inch margins, excluding title page and references). Each idea must be individually numbered and clearly identify the four required elements listed above.
This is the Examples for this Assignment up here:
Business Idea List Examples Examples Only - You are required to submit 10 ideas of your own
1. Commissioned model panting service.
a. Description of the Problem - Not all players of the gaming systems that require models are good at painting miniature, or just don't have the time. As such there is a need for a panting service that will paint your miniature for you.
b. Target Market - Target market is the older player of the 205 million dollar industry. A seasoned player that has a very successful career and more disposable income than time. 25 to 40 years of age. Mostly married males with families.
c. Description of the Product or Service - The service I will provide is a website store on eBay that lists my fee for a commissioned miniature paint job. I will have a sliding scale based on the initial cost of the model. To specify a paint scheme I will direct customers to go to a third party site that has a webpage miniature painter on it and to send me a picture of the paint scheme they have chosen.
d. How the business might operate - I will run the company as a sole proprietor with no employees until the number of orders is more that I can paint in a timely manner. Then I will hire a painter or two and share the commission with them. I would become at that point more of a clearing house to connect painters with customers for a fee.
2. School boxed lunch service for kids with special dietary needs. Gluten free, peanut allergies, Etc.
a. Description of the Problem - There are very little or no choices for hot lunches at schools for kids with dietary needs. Forcing parents to make box lunches for their kids. This can be time consuming and not easy.
b. Target Market - Any parent with a child that has special dietary needs in the twin cities.
c. Description of the Product or Service - I will have a website that is advertised by flyers in schools. People will contact me through my website and let me know what kind of dietary needs they have and wish to order a lunch for. I will then research a recipe solution, write back asking for orders. When I have enough orders, I will shop for the proper ingredients in bulk at Cub or Costco. Then make the lunches a week at a time on the weekend.
d. How the business might operate - I will have to team up with some consumer kitchen somewhere and rent the space for the weekend. I will tally weekly receipts and pay the fee for the kitchen rental. Whatever is left over from buying more groceries for the next week's boxed lunch is what I keep as a sole proprietor.