must be a logical iteration of the original concept ), how your products and processes will work, how your business will find customers and compete,
10 and how your team will function. These initial decisions will be the focus of your first status report and consulting session. Therefore, this status report should provide evidence that you’ve initiated a serious feasibility analysis for your venture and have begun to develop plans to launch it. Feasibility analysis includes a number of areas to be analyzed. Below is a list of questions you are expected to start addressing, and continue to apply as your venture moves forward. Obviously, you are not expected to be able to answer all questions in the status report, and these are meant to serve as guiding questions . Please refer to the submission details box below for specific requirements on what to include in the report. ● Industry and Market/Consumer o What are the demographics, trends, patterns of change, and life-cycle stage of the industry? o What are the barriers to entry and are there any barriers you can set up? o What is the status of technology and R&D expenditures, and what is the level of innovation? o What are typical profit margins in the industry? o Who are the opinion leaders in the industry and how do they affect the industry? o What are the distributors, competitors, retailers, and others saying about the industry? o What are the demographics of the target market? o What is the profile of the first customer? Are there other potential customers? o How have you approached customers to learn about their needs? o Who are your competitors, and how are you differentiated from them? ● Product/Service o What are the features and benefits of your product/service? o What product development tasks must be undertaken to achieve a marketable product, and what is the timeline for completion and the associated costs? o What is the window of opportunity for this product? o Is there potential for intellectual property rights? o How is the product/service differentiated from others in the market? ● Founding Team o What experience and expertise does the team have? o What are the gaps and how will you fill them? ● Financial Needs Assessment o What are your startup capital requirements? o What are your working capital requirements? o What are your fixed cost requirements? o How long will it take to achieve a positive cash flow from the revenues generated? o What is the break-even point for the business? o What are your funding requirements? Timeline and milestones? Your report should be well-developed and supported, yet clean in presentation and unwavering in its focus. Then attach appendices/illustrations to this summary which detail the following: ● Initial marketing/promo research and ideas, research plans, survey/interview questions ● Results of team formation activities: o Basic org structure, team’s initial thoughts on ownership/control split… With rationale o Team contract containing group policies and procedures… Teams should scan/upload a typed copy of their contact which shows the signatures of all team members.
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- Simeon the Righteous, MVP