In this post, you’ll be sketching out your business concept “on the back of a napkin,” so to speak. Although you need to provide detail regarding different aspects of your business, you’re still in the earliest learning phases. More than likely, the concept you describe here won’t be the same concept you end up with at the end of the course. That’s OK! In fact, that usually happens.
So, please describe the following:
1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically, regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?
2) What are you offering to customers? Describe the product or service (in other words, how you’ll solve customers’ unmet needs).
3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?
4) Why do they care? Your solution is only valuable insofar as customers believe its value to them. Here, explain why customers will actually pay you money to use your product or service.
5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?
In addition to these five elements, please send a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others. For more information on Entrepreneurship check on this: https://en.wikipedia.org/wiki/Entrepreneurship
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