Assignment 1: Describe the Business Opportunity

You may have heard about the famous “business plan on a napkin” idea? Keep that in mind. This assignment is not to write a business plan. It is to write a description of your business opportunity. Explain your business opportunity in a single letter-sized page.  This one-page overview demonstrates best with illustrations as well as text. You can draw it yourself and write it yourself; you can use PowerPoint or some other drawing program.  Here are a couple of examples: College Prep Information Business and Australian Firefighter Business.

Your  business opportunity should cover the following three points:

  1. Identify and explain a problem or need that your business idea would solve. Remember you don’t have to limit yourself to physical needs, because wants and intangibles – prestige, good looks, business success, etc. – are also valid.
  2. Explain how your new business idea fills the need or satisfies the want.
  3. Describe the ideal customer, or target market company. Ideally you want to invent or dream up an image of a specific person, (with age, gender, economic stratum, job, preferences) or a company (with industry type, size, location) who would buy your product or service.

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