Write a short summary describing your business idea. Before implementing an idea, you should test for its feasibility. The goal of a feasibility study is to determine whether to pursue an idea, wait until the time is right, or to move onto something new. Feasibility studies include the extent to which an idea is viable, realistic and the extent to which you are aware of internal and external forces that could affect your business. Unit 2 DQ is designed to provide you a chance to conduct the feasibility study.
After discussing with the class your business idea(s) this week, you need to write up a summary to brief the instructor about your business idea which you choose to pursue. In the summary, the topics should include:
- What is the problem that your business solves?
- What is (your solution offered through) your product or service?
- Who is your target market?
- Who is your competition?
Your instructor will provide you with feedback and final approval of your business plan idea prior to your next assignment that will be due in Unit #3. Do not proceed with any further assignments until you’ve checked for and received approval from your instructor on your business plan idea.