Instructions_for_Completing_and_Submitting_Your

Instructions_for_Completing_and_Submitting_Your -...

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Instructions for Completing and Submitting Your “Formal Concept Statement” for the New Venture Project Introduction A “Formal Concept Statement” provides a preliminary description of the business opportunity that your group intends to develop into a new business venture. It should also explain the research that your group has done to both support and justify the fact that your proposed new venture represents a legitimate business opportunity with a high potential for success. Your online reading entitled “Recognizing Opportunities and Generating Ideas” defines a business opportunity as a favourable set of circumstances that creates a need for a new product, service, or business. This reading also explains that an “ opportunity gap ” represents a gap between what products or services currently exist in the market and the possibility for a new or significantly improved product or service that results from emerging trends. In order to qualify as a legitimate opportunity, your proposed business concept should possess four essential characteristics. It should be (1) attractive in that it should address a specific set of needs possessed by your proposed target market and should do so in a manner that is superior to any similar products or services currently available in the market. It should be (2) durable in that it should be able to stand the test of time and possess the potential to grow and be developed over the longer term into a successful large business. It should be (3 ) timely in that the “window of opportunity” for introducing your product or service should be open. And finally, it should be (4) anchored in a product or service that creates or adds value for your proposed end user .
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