Submit a concept statement for any type of business, in your choice of concept please know that there are some constraints on businesses that will be acceptable for a class project. First, there are some business concepts that either is not acceptable or do not work very well for a class project. Any business that is illegal, including cannabis businesses, is not acceptable. In addition, consulting businesses or businesses that require little planning are not a good platform for class projects. The book outlines four different types of business: Survival, Lifestyle, Managed Growth, and Aggressive Growth. We much prefer businesses focused on managed or aggressive growth. Survival businesses that have little economic potential are not acceptable. We prefer to avoid lifestyle businesses or small businesses that don’t have the potential for growth or scaling. In the process of concept selection, we are hoping you think big about your opportunities and use this project to its greatest potential. You should think about these issues in choosing your individual business concept.
Concept Statements
-Draft a one-page (max) summary of your business concept, which should be for a new, independent start-up venture or an internal (intrapreneurial) venture. Students should work on ventures that are economically and personally compelling.
-Your summary should begin with a short, one-to-five-word, title of the concept (e.g., Vegetable Oil Fueled Lawn Mower).
– The full concept statement should be no more than a standard page of text (max 400 words) and include a concise description of:
1) the problem, need, or opportunity
2) the product or service
3) the intended target market
4) the benefits of the product or service
5)how the product or service will be differentiated from competitors
6) the current status of the business/project (what has been done on it, if anything)
7) how excited you are about pursuing the project
