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EDE Peoject - Business I dea Creation and Assessment P...

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Business Idea Creation and Assessment Project The conception of a new business occurs at that point in time when a business idea and the entrepreneur meet. The assumption behind this project is that you are the entrepreneur in search of a business idea. As we will find in our study, however, a business idea is different from just an idea. To be a business idea, the entrepreneur must have an opportunity to make a profit and build a business by closing the gap between what is and what could be. An idea, on the other hand, is an opportunity created by the difference between what is and what could be, but there is not sufficient customer demand to make a profit by closing the gap. The purpose of this project is to identify and assess a business idea. As a result of the project, you will have a systematic method for evaluating a business idea. This will be of value to you whether you are considering starting a business or evaluating the potential of a business startup, relocation, or expansion that has been presented to you in your role as a professional economic development specialist. In addition, the business idea developed in this course could be further developed in EDE 6352. The project will proceed in two phases Phase 1 Each student will be required to submit a potential business idea with a preliminary assessment. The instructor will review the submission and work with the student until both are satisfied that the business idea has sufficient potential for success. Phase 2: Each student will develop a formal assessment of the business idea using a framework that combines the ideas contained in McKnight’s book “Will It Fly?” and Doug Hall’s book “Jump Start Your Business Brain.”
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