Entrepreneurial Opportunity Identification Log is an individual project. Each student will identify at least three (3) “bugs” or problems/needs per week. That is, you are asked to write down things that annoy you, things that frustrate you, and any dissatisfaction you have with the way the world around you works. In this portion of the Log, you simply list the problems/needs you become aware of (the description of each log should be NO more than 8 lines, 12pt Times New Roman). The purpose of this Log is to help you improve alertness to unsolved problems or unmet needs in the market and to increase your sensitivity to the opportunities around you. The expectation is to come up with at least 15-25 “bugs” (problems/needs).
Then, pick one (1) problem/need from the list and offer a solution in form of a business idea. You need to prepare 1 written page summary (1 inch margins, 12pt Times New Roman, single-spaced) for this new business idea. Also include the copy of the Log of all problems/needs you have identified.
The new business idea summary MUST address the following:
1) What is the problem/need that you offer solution for?
2) How are you solving this problem/need? (i.e., what is so novel/unique about your product/service?)
3) Why is it a good business opportunity? (i.e., how are you solving this problem better than any other company or existing solution?)
4) How feasible/realistic is the exploitation of this business opportunity?
Grading rubrics of opportunity identification log (50%)
- Total number of problems identified: at least 15 logs should be identified – each log below 15 will lead to a deduction of 5%;
- Clarity of the description: the extent to which each log is clearly identified and understandable:
- Each log should clearly identify 1) what you experienced, 2) the reason of the frustration, and 3) what had been your expectation;
- Each log which is unclear will lead to a deduction of 5%;
Grading rubrics of the new business idea summary
Each summary should clearly describe
1) The problem (5%): complete and clear description;
2) Your proposed solution (5%): complete and clear description;
3) The assessment of the solution as compared to other companies/existing solutions (20%): uniqueness of your solution as compared to other solutions;
4) Feasibility of the solution as a business opportunity (20%);
- Market for your solutions (10%): your assumption or evidence supporting your proposition about the market
- Resources needed to pursue the opportunity (10%).