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New Venture Creation MGT 320: Syllabus Fall 2007Mondays and Wednesdays – Miriam Hall, Room 209
Professor: Diane M. Sullivan, Ph.D. Office Hours: Monday and WednesdayOffice location: Miriam Hall, room 702 1:00pm-2:45pm, and by appointmentPhone: 937-229-3705Email: [email protected]: http://academic.udayton.edu/DianeSullivan
ObjectiveThis course is intended to provide the student with the basic knowledge necessary to create new business ventures and to innovate within existing companies. Some goals of the course include: 1. Learn decision-making tools that can help entrepreneurs identify and develop new venture
opportunities2. Learn the importance of innovation, market research, new business feasibility, and planning for
product and service concepts3. Learn the basics of formulating a business plan4. Understand how to manage a new and growing business venture
TextBarringer, B.R. and Ireland, R.D. (2006). Entrepreneurship: Successfully Launching New Ventures. Pearson Prentice Hall: Upper Saddle River: NJ.
There are several articles that are required readings for the course in addition to the text cited above. You will be provided with a copy of these articles at the beginning of the semester. Please read these articles as they correspond to the itinerary (e.g., the first author’s name will appear in the itinerary for the day that this reading is required).
Select Article Citations for winter 2007:
Borland, J. (2006). Tensions grow between labels and digital radio. ZDNet News. Access from the following web address: http://news.zdnet.com/2100-9595_22-6027079.html
Bruno, A. (2006). Napster’s new old business model: Free. Billboard. 118(19), 20.
Innovation is the secret to bringing good old things some new life (2007). Wall Street Journal. January 11, 2007, B6.
Pagliarini, R. (2006). What is an elevator pitch? American Venture Magazine, June, 31.
Simon, E. (2007). Pay gap persists: Women still make less, study says. USA Today, April 23, 2007.
Spors, K. (2007). Do start-ups really need formal business plans? Wall Street Journal. January 9, 2007, B9.
Wrenden, N. (2002). How to make your case in 30 seconds or less. Harvard Management Communication Letter. 5(1), 3-4.
Other supplemental materials (e.g., handouts, additional articles, etc.) that may be needed will be available as needed on my website or provided to you in class. You will be informed as to when you are to print out these materials and bring them to class.
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GradesGrades are comprised of:
Assignments Point Value Due DateIndividual Assignments
Elevator Pitch #1 100 September 12, 2007, Wednesday
Elevator Pitch #2 100 October 31, 2007, Wednesday
Networking Report 100 November 14, 2007, Wednesday
Exam #1 (Chapters 1-4, Articles, Special Topics) 100 October 17, 2007, Wednesday
Final Exam (Chapters 5, 6, 8, 9, Articles, Special Topics) 100
4:30 – 5:45pm class, final exam is Monday, December 10th from 4:30pm – 6:20pm
3:00 – 4:15pm class, final exam is Friday, December 14th from 10:10am – 12:00pm
Team Assignments:
Feasibility Analysis Study Presentation Assignment and Deliverables 100
Teams #1 and 2 present on Wednesday, November 28, 2007
Teams #3 and 4 present on Monday, December 3, 2007
Total Possible Points (individual and team): 600
Grading
The plus/minus system will be used whereby grades will be distributed according to the following schedule:
Out of 600 Points:
Grade High Range Low Range Percentage in Course GPA
A = 600 564 94 – 100 % 4.00A- = 563 540 90 – 93 % 3.67B+ = 539 522 87 – 89 % 3.34B = 521 504 84 – 86 % 3.00B- = 503 480 80 – 83 % 2.67C+ = 479 462 77 – 79 % 2.34C = 461 444 74 – 76 % 2.00C- = 443 420 70 – 73 % 1.67D = 419 360 60 – 69 % 1.00F = 359 0 < 60 % 0.00
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Performance Standard for Grading As upperclassmen, many of you have either already begun your transition period from being a student
to being a professional or you are planning to in the near future. As such, the quality of the work you complete should be that of a professional.
The following will be used in grading your work and in assigning your final grade for the course. A = Outstanding: A student who consistently demonstrates a nuanced understanding of
material, engages in high quality participation/preparedness, exhibits excellent team management abilities, generates deliverables that demonstrate superior abilities, etc.
B = Above Average: A student who consistently demonstrates above average understanding of the material, engages in participation that demonstrates regular preparation, works well in groups, and turns in thoughtful, well-prepared, high-quality deliverables, etc. This student may demonstrate intermittent “outstanding” work.
C = Average: A student who demonstrates an understanding of the material, comes to class most of the time and participates, is usually prepared, gets along in groups, provides a positive contribution to team assignments, and turns in deliverables of appropriate professional quality.
D = Below Average: A student who does not fully understand the material, misses class and/or fails to participate regularly, does not prepare for class regularly, gets along in groups and does their fair share but the quality may not meet the expectations of other group members, puts deliverables together at the last minute, etc.
F = Failure: A student who has an inadequate understanding of some or all of the material, misses class, does not participate, does not turn in all deliverables, and/or does not complete team assignments.
Attendance and Class Participation Attendance, advanced preparation, active preparation and contribution are vital to your career
success, particularly within entrepreneurship. It is also vital to an effective learning environment. No set weight is allocated to this component of the course. However, your instructor, at her discretion, will use this component to revise your overall grade for this course—this may raise or lower your grade.
Throughout the semester I will be evaluating the adequacy your individual class participation. Evaluations of participation will primarily be based on the frequency and quality of your contributions to in-class discussions as well as your contributions during in-class exercises (both individual and team-based). If individual class contributions are not deemed adequate (e.g., if you never speak up in class) or value-adding to the class discussions and in-class projects (e.g., your contributions must be meaningful to the topics under discussion), your overall final grade can be increased or decreased up to 10%. A few notes on class contributions: The assessment of contribution will be based first on the
quality and second on the quantity of your participation. Further, the extent of both attributes will be solely determined by the instructor. While much of the focus of class discussions is the application of analytical frameworks/tools to guide entrepreneurial decisions, any comments adding to the classes’ understanding of the issues, cases, firms, entrepreneurial topics, etc. are encouraged. Comments reflecting thorough preparation which extend the class discussion can positively affect your grade. Conversely, “off-the-cuff” and non-value adding contributions will negatively affect your grade. What is a contribution?
Raising and answering substantive and relevant questions Sharing relevant ideas, observations, and personal experiences Generating potential solutions Relating and synthesizing ideas of others so as to increase everyone’s understanding of a
concept Pointing out relationships to earlier discussions
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Please note that criticism of others’ ideas/comments without substantive recommendations or alternatives is not considered a contribution
Other Policies
Electronic Devices 1. Cellular phones and other electronic devices (e.g., PDAs, etc.) are not allowed to be used in the
classroom. 2. If you use a laptop in class, please only do so for class-related issues (e.g., taking notes, following
along with the notes, etc.). Please do not engage in non-class related activities (e.g., surfing the Internet, IMing, emailing, or engaging in other non-class related activities). If others get distracted because too many students are inappropriately using laptops, I may restrict laptop usage in the classroom. Thank you.
Assignments Submitted for Feedback 1. I am happy to look over student and team assignments before they are due. I do, however, ask that
any work submitted for feedback be electronically (e.g., via email) sent to me no later than 10 days prior to the assignment due date. I have established this policy in order to allow for sufficient time to provide feedback to students and teams and to leave enough time for students and teams to make any recommended changes and integrate any feedback. Further, so that I can provide the best possible feedback to students (e.g., substantive feedback versus stylistic feedback), I ask that assignments submitted for feedback be in a final, or near final, form (e.g., formatted correctly, checked for grammar, etc.).
Academic Integrity 1. Academic dishonesty will not be tolerated. This is a policy that I take very seriously. If
cheating, plagiarism, or academic dishonesty of any kind occurs, the offender will be automatically dismissed from the course with a failing grade.
2. The University Bulletin specifies what constitutes academic dishonesty, so I suggest that you read it. For example, beyond those types of dishonesty discussed in point one in this section, academic dishonesty also involves enabling others to cheat. That is, if you “lend an assignment” to someone, and they copy it (or just portions of it), you will receive the same penalty as they do. It doesn’t matter if you tell them not to copy, if they do so anyway, you share liability with them. If it is a group assignment, I use my judgment to decide what to do, but everyone within the group can receive the same grade.
3. With regard to citing references that you have used within the body of your work, you must cite all sources. Anything that is cut and pasted should be included in quotes, and cited in your references section. Do not excessively use direct quotes, either. Be sure to paraphrase if direct quoting becomes excessive. If you are unclear of what to cite or not, contact me for clarification prior to turning in materials.
4. I will send a number of emails throughout the semester regarding the class. I will use the University’s Lotus Notes email system and the corresponding email addresses for the members of the class. Consequently, it is your responsibility to check your Notes account for emails regarding the class.
Classroom Professionalism 1. Always be respectful of others in the class (professor and students alike); both their opinions and
their comments.2. Respect extends beyond the classroom. The content of any emails, group meetings, online chat
meetings, etc., should be carefully thought out. Please be respectful of each other and the professor, including your electronic transmittals. Remember this is a formal business course and I expect you to conduct yourselves as business people both inside and outside of the classroom, including any correspondence.
3. The professor reserves the right to alter the syllabus, itinerary, or class assignments at any time.
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4. Any behavior deemed by the professor as unprofessional, disrespectful, inappropriate, and/or rude will result in up to a 20% reduction in your final grade.
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New Venture Creation MGT 320Course Outline for Fall 2007Professor: Diane M. Sullivan
The following is a schedule outlining the various topics to be discussed in the course. All readings and assignments are due on the day noted on this itinerary, so please come to class prepared to discuss the readings assigned for each class period. Changes can and may occur to maximize learning.
Class Date Day Topics Assignments Due
August 22 Wednesday
*Classes Begin*
Course Introduction
Assignment Discussion
August 27 Monday
Introduction to Entrepreneurship and Review
Why entrepreneurship, why now? Who is an entrepreneur? Who is a successful entrepreneur? What types of new venture start-ups do they found?
Reading Assignment(s) Due: Textbook, Chapter 1
August 29 Wednesday Recognizing Opportunities and Generating Ideas Day #1
Article Reading Assignment(s) Due: Title: Innovation is the secret to bringing good old things some new life
Reading Assignment(s) Due: Textbook, Chapter 2
September 3 Monday *Labor Day, No Classes*
September 5 Wednesday The “Art” of the Elevator Pitch
Website: Download Elevator Pitch Slides
Article Reading Assignment(s) Due: Author: Robert Pagliarini
Article Reading Assignment(s) Due: Author: Nick Wreden
September 10 Monday
Recognizing Opportunities and Generating Ideas Day #2
The importance of networking and entrepreneurship
The Evolutionary View of Opportunity Construction
Website: Download Evolutionary View of Opportunity Construction Handout
Reading Assignment(s) Due: Textbook, Chapter 2
September 12 Wednesday Elevator Pitch #1, Class selection of businesses, and Team Formation
Individual Assignment Due: One-minute elevator pitch (100-points)
September 17 Monday Team in-class Exercise Team in-class Exercise: New
Product Development Task within Emerging Industries
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September 19 Wednesday Guest Speaker—Vince Pecoraro,
member of winning team 2006-2007 UD Business Plan Competition
Come to class prepared to ask questions about the business plan competition experience
September 24 Monday Introduction to Feasibility Analyses Reading Assignment(s) Due: Textbook, Chapter 3
September 26 Wednesday Product/Service Feasibility Analyses Day #1 Reading Assignment(s) Due: Textbook, Chapter 3
October 1 MondayProduct/Service Feasibility Analysis Day #2
Using Primary Research to Collect Feasibility Analysis Data
Website: Download Primary Research slides
October 3 WednesdayProduct/Service Feasibility Analysis Day #3
The case of the new product development firm, IDEO
October 8 Monday
Industry, Competitor, & Market Feasibility Analysis Day #1
How to determine if the industry within which we want to start a venture is attractive
Reading Assignment(s): Textbook, Chapter 4
Website: Download Porter’s Five Forces Handout
October 10 Wednesday
Industry, Competitor, & Market Feasibility Analysis Day #2
Competitive Analysis Grids; Trends in the External Environment; Industry Structures
Finding industry, market, and competitive information
Website: Download Industry Structures and Opportunities Slides
Reading Assignment(s): Textbook, Chapter 4
October 15 Monday Exam #1 Review
October 17 WednesdayExam #1
(Chapters 1-4, articles, in-class material, and guest speakers)
Individual Assignment: First exam (100-points)
October 22 Monday
Organizational Feasibility Analysis Day #1 The Business Model and
Organizing the Venture to Create the Most Value
Reading Assignment(s) Due: Textbook, Chapter 5
Reading Assignment(s): Porter’s Value Chain Reading Handout
October 24 Wednesday
Organizational Feasibility Analysis Day #2 The Business Model and
Sustaining a Competitive Advantage in the Marketplace
How firm resources can be a source of competitive advantage
SWOT Analyses
Website: Download VRIO Handout
Reading Assignment(s) Due: Textbook, Chapter 5
Article Reading Assignment(s) Due: Author: Anthony Bruno
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October 29 MondayOrganizational Feasibility Analysis Day #3
The importance of the new venture team and who should be on it
Reading Assignment(s) Due: Textbook, Chapter 6
October 31 Wednesday Elevator Pitch #2 Individual Assignment Due: One-minute elevator pitch (100-points)
November 5 Monday Ethical and Legal Issues Associated with Founding New Ventures
Reading Assignment(s) Due: Textbook, Chapter 8
Article Reading Assignment(s) Due: Author: John Borland
November 7 Wednesday Human Resource Management Issues for New and Growing Ventures Day #1
Article Reading Assignment(s) Due: Author: Ellen Simon
Website: Download Human Resource Slides
November 12 Monday Human Resource Management Issues for New and Growing Ventures Day #2
Same slides from November 7th class
November 14 Wednesday The Business Plan
Reading Assignment(s) Due: Textbook, Chapter 9
Article Reading Assignment(s) Due: Author: Kelly Spors
Individual Assignment: Networking Report due (100-points)
November 19 Monday Team Work Day, No Class Use today to work with your
team in the library or computer labs to prepare for the feasibility presentations
November 21 Wednesday * Thanksgiving Break, No Classes *
November 26 Monday In-class Team Work Day
Come to class prepared to work on your team projects and with any questions about the project for Dr. Sullivan
November 28 Wednesday Teams #1 and #2 Team Feasibility Study Presentation Day (100-points)
Team Assignment: Feasibility Analysis Study Presentations due (100-points)
December 3 Monday Teams #3 and #4 Feasibility Study Presentation Day (100-points)
Team Assignment: Feasibility Analysis Study Presentations due (100-points)
December 5 Wednesday *Last Day of Classes* Final Exam Review
Final Exam (100-points)
(Chapters 5, 6, 8, 9, articles, in-class material, and guest speakers if applicable)
4:30 – 5:45pm class, final exam is Monday, December 10th from 4:30pm – 6:20pm
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3:00 – 4:15pm class, final exam is Friday, December 14th from 10:10am – 12:00pm
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New Venture Management: Individual Assignments
Assignment Name: Networking Experience Paper Assignment Type: Individual AssignmentPoints: 100-pointsDue Date: November 14, 2007, Wednesday
Overview
Each student is required to attend at least one networking event throughout the semester and then submit a written report on the experience. In the report, students are required to summarize the event(s) attended and relate the experience to networking concepts learned in class.
Specifically, each student will attend at least one business meeting such as a chamber of commerce function, i-Zone event, EATT luncheon, or other networking meeting (e.g., event identified in the Dayton Business Journal, eWomenNetwork event, etc.), and then submit a report on the experience. Attendance at the event(s) must occur during this term. You are expected to practice your networking skills to meet a minimum of five (5) people at the event(s). Following the event, you are to write a report on your experiences. In order to be sufficiently detailed, the paper should be around 10-pages in length, double-spaced, and should use the outline included below. This paper is to be turned on November 14, 2007.
While it is up to you to find the specific event(s) that you will attend, you might consider choosing an event that will help you to research your team’s business. That is, you might be able to attend a networking event that will allow you to develop connections with industry participants that can provide information to you as you complete the feasibility analysis studies for your team’s business. Again, this is not a requirement, but it might be a nice way to executing two assignments simultaneously.
Note: You must obtain my approval for any events before you attend them. As such, prior to the event you must get my initials on the event announcement or get approval from me via email. You will include a copy of my initials on the event announcement or the email approval in your report deliverable.
Assignment Specifics
You may attend an event as a team or in smaller groups, but each student is expected to individually practice networking with five different people throughout the semester. None of these can be your fellow students. If you do not collect 5 different business cards to use in your report, then you must attend additional networking events until you have collected a total of 5 business cards that are different from any other student in this class and different from those in the other new venture creation class. If you have duplicate cards you will both lose 10% of your grade on this assignment. Note: don’t procrastinate on this; get started early in the term!
Among other avenues, you might be able to identify a business networking event in the Dayton Business Journal or on one of the following websites: http://www.daytonchamber.org/ http://www.sba.udayton.edu/entrepreneur/local_entrepreneurship_links.asp https://events.ewomennetwork.com/event/calendar.php?lid=33 http://www.daytonizone.org/
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Before Attending the Event
Submit an event announcement, brochure, or email with event information to me in order to obtain approval to complete your Networking assignment at this particular event. Be sure to get my initials on the announcement/brochure or confirmation via email, and keep it to attach to your Networking Experience Report.
Preparation: Obtain Business Cards – It is highly suggested that you obtain your own business cards
before you attend a networking event. Check with local printers as well as online. Try the campus copy center, Kinko’s, and www.vistaprint.com (cards are free, pay shipping and handling only). You can also create your own business cards through MS Word. See a local office supply store for business card template sheets.
Choose Proper Business Attire – wear your interview suit; choose solid colors, plain/simple accessories and makeup, polished shoes. Women’s shoes should be closed-toe; men’s socks should be dark and cover the ankle. When you call to register ask about the typical attire.
Information About the Event – determine the purpose of the event, directions to location, time to arrive, where to park, and cost. Ask if there is a discount for UD students as most organizations typically want to encourage students to attend.
Know about Key People Attending the Event – this will help you to have meaningful conversations. Do some research ahead of time.
Practice Handshake – firm, use whole hand (not just fingers). Remember Names – people are impressed when you remember their names. Jot notes on the back of
their business cards to help you remember them. Other Preparation Tips:
Read the newspaper on the day of the event – this will help you to have something interesting to discuss.
Plan What to Say – develop a “30-Second Elevator Speech” about the reason why you are attending the event. Everyone will expect you to be looking for information, advice, or an opportunity to talk about your business. While you are likely to change what you actually say, you need to be prepared to say something intelligent. This will help reduce nervousness.
Remember that you represent UD, the School of Business, and yourself as an up-and-coming business person. It is extremely important that you are professional and polite. This is a heavy responsibility; take it seriously.
During the Event: Name Tag – Make sure to write your name per the convention of the event. If you don’t know,
ask someone Payment Receipt – keep for tax purposes and for proof you attended this event Territorial or Personal Space Considerations Cultural Differences Know staff of key people Know and be conversant about topics of discussion pertaining to the event How to introduce yourself and how to move on to meet someone else Be aware of your personal safety just as you would be at any other organizational meeting
After the Event: Thank all sponsors and send thank you notes to event leaders - call, email, or send note. Develop file for future follow-ups Follow up on promises (e.g., sending information, contacting in the future, etc.) Write a report that is around 10-pages (double-spaced) in length that uses the content outline
below.
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Written Report OutlineYou are expected to follow the outline below for the written portion of your networking project. Be sure to use proper grammar and complete sentences for each section of the paper. Use the outline to organize the content of your paper with headings.
1. Include a cover sheet that lists your name, the assignment name, the name of the course, and the assignment due date.
2. Event Description Name of event Organization sponsoring the event (if applicable) Date, time, and location of event Why you chose to attend this particular event instead of another Advertised price, and the price you actually paid
3. Elevator Speech What did you plan to say?
o Actually include your prepared ice breaker speech in the content of your paper. What did you actually end up saying?
o Be specific and be sure to include some excerpts from conversations that you had. Hint: After you leave the event you will want to have some paper and a pen handy so that you can record what happened.
4. What Was Most Difficult What were your concerns before you arrived at the event? What was difficult once you arrived at the event?
5. What Was Easier Than You Expected What went better than you thought it would? What pleasant surprises did you have?
6. Information, Leads, and Referrals Obtained What information did you get that will help your team’s business? What information did you get that will help your career? What other important information did you get?
7. Importance of Networking What did you think of networking before you attended this event? What do you think of networking after the event? Why do you think networking is important to entrepreneurs? Discuss what role you expect networking to play in your career.
8. Relationship between experiences and networking concepts learned in class (be sure that this section is thorough) Discuss the most important points about your experience. Specifically, and in detail, discuss
the importance of networking for entrepreneurs and business people, relating your networking experience to what you have learned in class and the concepts and tasks involved with starting a new venture. Be sure to use the proper terminology and concepts learned in class to justify your discussion. You might even ask some of the attendees at the event(s) what networking as meant to them and what a “good” network looks like for them (e.g., what their network or their ideal network would look like—of whom would it be composed?).
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Ask for specific examples of if and how networking has helped them (both formal networking at networking events and informal networking with friends and family).
9. Appendices – if all of these documents are not included, the report will not be graded until they have been provided. Copy of the event announcement/brochure with Dr. Sullivan’s initials on it or email confirmation
of event approval from Dr. Sullivan. Proof of your attendance (e.g., registration receipt, confirmation letter, some sort of event
documentation), and A photocopy of at least 5 business cards you received from at least 5 business people that are
different from other students’ business cards. Do not turn in the actual business cards.
Format and Cautions Use 12-point Times New Roman font Double space your work The document should have 1” margins. Text should be printed on only one side of the paper Use headings that correspond to the sections of the report outlined above Insert page numbers on the bottom right corner of your paper Staple your paper and the supporting documents together in the top left corner. Do not use a
binder or plastic cover for your document. Write in complete sentences Be cautious of your writing skills. Your writing skills must be suitable for your report to be
submitted to a lender or investor. Proofread your paper to ensure there are no problems with your writing skills. You will lose 2 points for each error; you can lose up to 50% of your points for poor writing skills.
Late papers will NOT be accepted. Any papers not turned in at the beginning of the class period for which they are due will receive a zero grade.
Compare your content and format with these instructions. You will lose points if you have not followed directions.
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Assignment Name: Elevator Pitch #1* Assignment Type: Individual AssignmentPoints: 100-pointsDue Date: September 12, 2007, Wednesday
For this assignment, you will be required to identify an opportunity for a new venture and to conduct a one-minute elevator pitch of that venture in front of the class. The business can be a salary-substitute, lifestyle, or growth-oriented business. The new venture elevator pitches conducted by the class are very important as up to five of them will become the topic of your group feasibility projects. Consequently, carefully consider and prepare these presentations. Specifically, after everyone in the class has completed the one-minute new venture elevator pitches, members of the class will vote and select up to five that seem the most promising upon initial inspection of the idea. Teams will then be formed around the selected business opportunities.
Written Portion (70-points)
In addition to the one-minute, oral, elevator pitch each individual is also be required to submit a write-up of the idea. Each individual must turn in, prior to their verbal pitch, a detailed written description of their business opportunity that includes, 1) a description of the business opportunity, 2) the verbal elevator pitch typed out, and 3) a written justification of how the opportunity meets the five criteria distinguishing it as a potential opportunity versus just an idea. That is, the written document must include the following:1. Include a cover sheet that lists your name, the assignment name, the name of the course, and the
assignment due date. 2. The content of the actual elevator pitch conducted in front of the class (e.g., type out the actual
elevator pitch that is to be conducted in front of the class).3. A description of the business opportunity. This is not the same as the elevator pitch. This description
should be in more detail than the elevator pitch and should be a supporting document that elaborates on the different components of the business as presented in the elevator pitch.
4. A description of how this opportunity meets the following five criteria of an opportunity, as discussed in class: 1. Attractive (What is it about this business that makes it a good venture for an entrepreneur to
start? What value does the entrepreneur/investor(s) extract from this opportunity?)2. Durable (e.g., how is the business opportunity is competitively sustainable—not easily
imitated by competitors, unique in some way(s) that allows you to have some amount of a competitive advantage?)
3. Timely (e.g., is being introduced into the market at a time when that opportunity will likely be accepted due to the state of the environment/market/industry/etc.)
4. Adds value to customers (what value do customers extract from this business? Does it solve a problem they are having or fulfill some need they have? Does it save them time/money?)
5. Adds value to network partners (e.g., adds value those people/organizations that you need to cooperate with you in order to make your business work—your resource providers. For this point, be sure to clearly specify who your necessary network partners are likely to be.)
5. A reference page that includes any research conducted that helped you support your business opportunity as discussed.
Written Paper Format Use 12-point Times New Roman font Double spaced Use headings per the outline above The document should have 1” margins. Text should be printed on only one side of the paper
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Insert page numbers on the bottom right corner of your paper Staple your paper and the supporting documents together in the top left corner. Do not use a
binder or plastic cover for your document. Write in complete sentences. Be cautious of your writing skills. Your writing skills must be suitable for your report to be
submitted to a lender or investor. Proofread your paper to ensure there are no problems with your writing skills. You will lose 2 points for each error; you can lose up to 50% of your points for poor writing skills.
Late papers will NOT be accepted. Any papers not turned in at the beginning of the class period for which they are due will receive a zero grade.
Compare your content and format with these instructions. You will lose points if you have not followed directions.
The write-up is due at the beginning of class. Elevator Pitch (30-points)
The elevator pitch should consist of the following and you should be sure to follow the guidelines discussed in the lecture on the “art” of the elevator pitch. That is, The elevator pitch should be a short, simple description of your company or business idea that your
grandmother could understand by the time you ride up three floors in a typical elevator.o You have one-minute to complete your pitch. You will be stopped if you exceed one-minute.
Remember that you are pitching what your business will do for investors and customers, so pitch how your business will solve a tangible problem that exists.
You are NOT allowed to have any notes and the, verbal, elevator pitch must explicitly include the following, much of which will be based on research that you have conducted and not on your assumptions:1. The Hook 2. A brief description of the product/service 3. A brief description of the market (this should be based upon research that you have conducted
and not on your assumptions)4. A brief description of the competition (this should be based upon research that you have
conducted and not on your assumptions)5. A description of how this opportunity is different from (or differentially value-adding relative to)
the competitors offerings and/or other similar products/services (this should be based upon research that you have conducted and not on your assumptions)
6. A brief description of how the business opportunity will make money (briefly describe the revenue model)
Further, I will consider the following criteria as I evaluate the elevator pitches: presentation and content.o Presentation:
An “A” presentation features the following:1. Excellent eye contact with the audience2. Excellent flow, smooth throughout the entire pitch3. Exhibits evidence of rehearsal4. Absence of speech tics (e.g. “ummmmm”, Errrr”)5. No nervous laughter, nor awkward body language 6. Clear speaking voice, loud enough to be heard by the class7. No offensive speak
o Content:An “A” on content features the following:1. The pitch contains the six components of a good pitch listed above.
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2. Concept is easy to understand: I can “get it” on first pass. It doesn’t require a lot of “backstory” or specialized knowledge.
3. The problem is clearly stated, and the opportunity fits well with the problem.4. You clearly identify a potential target market. 5. Investment requirements are reasonable and at first pass it appears that the business could be
lucrative. 6. You have identified a potential competitive advantage that is at first pass at least reasonably
sustainable.7. You demonstrate some knowledge of the industry. 8. It appears reasonable to assume you can execute the idea. 9. Demonstrates real innovation.
There are some limitations on the types of businesses that can be topics for new venture pitches. Specifically, I am looking for ideas that are ethical, moral, and stretch you as a student. It is very easy for students to stay within their “comfort zone”, and as such, gravitate towards certain ideas. Too frequently that limits the learning value of opportunity exploration. While the following list of rejected ideas is not inclusive, it should help you tremendously. Please steer wide of them: Being the campus retailer of “volleyball shirts” is virtually identical to a t-shirt business. Pitches too closely conforming to one of these types of firms will receive an automatic 10% reduction in grade.
o Ethics and morality: Businesses you select must fit with the Marianist Values and sense of mission.
A payday loan business would not fit, sweatshops would not fit, etc. Alcohol related ventures
Any venture that requires a liquor license to legally operate is unacceptable for class projects.
Scams “work at home” “vending routes”, etc. are unacceptable
o Ideas that have been done too many times in the past and are not acceptable this year include: T-shirt business Bed & breakfast eBay-like ventures (e.g., online
auction websites) Campus video store Sports complex, gym, training
facility Housing re-hab Grocery delivery businesses Campus coupons/coupon books, etc.
On-line retailer of student products (e.g. dorm décor, etc.)
Auto detailing, mobile car/truck service (e.g. car wash, oil change)
Pet day care “Student painters”, window
washers, power washing Ideas that are too small include:
o Lawn service businesseso Snow removal businesseso Convenience stores
* Note: A final note on the elevator pitches that are undertaken in class—you should not pitch an idea that you intend to pursue in the future and one that you would not like to share with anyone at this point. Please realize that the business ideas pitched in front of the class are “fair game” and if there is anything proprietary involved with your venture idea, you should not use it for a topic in this class.
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Assignment Name: Elevator Pitch #2* Assignment Type: Individual AssignmentPoints: 100-pointsDue Date: October 31, 2007, Wednesday
For this assignment, you will be required to identify an opportunity for a new venture and to conduct a one-minute elevator pitch of that venture in front of the class. The business can be a salary-substitute, lifestyle, or growth-oriented business. Please note that the timing of this elevator pitch assignment closely corresponds to the elevator pitch component of the UD Business Plan Competition. As such, you might consider practicing the pitch that you are entering in the competition for this assignment.
Written Portion (70-points)
In addition to the one-minute, oral, elevator pitch each individual is also be required to submit a write-up of the idea. Each individual must turn in, prior to their verbal pitch, a detailed written description of their business opportunity that includes, 1) a description of the business opportunity, 2) the verbal elevator pitch typed out, and 3) a written justification of how the opportunity meets the five criteria distinguishing it as a potential opportunity versus just an idea. That is, the written document must include the following:1. Include a cover sheet that lists your name, the assignment name, the name of the course, and the
assignment due date. 2. The content of the actual elevator pitch conducted in front of the class (e.g., type out the actual
elevator pitch that is to be conducted in front of the class).3. A description of the business opportunity. This is not the same as the elevator pitch. This description
should be in more detail than the elevator pitch and should be a supporting document that elaborates on the different components of the business as presented in the elevator pitch.
4. A description of how this opportunity meets the following five criteria of an opportunity, as discussed in class: 1. Attractive (What is it about this business that makes it a good venture for an entrepreneur to
start? What value does the entrepreneur/investor(s) extract from this opportunity?)2. Durable (e.g., how is the business opportunity is competitively sustainable—not easily
imitated by competitors, unique in some way(s) that allows you to have some amount of a competitive advantage?)
3. Timely (e.g., is being introduced into the market at a time when that opportunity will likely be accepted due to the state of the environment/market/industry/etc.)
4. Adds value to customers (what value do customers extract from this business? Does it solve a problem they are having or fulfill some need they have? Does it save them time/money?)
5. Adds value to network partners (e.g., adds value those people/organizations that you need to cooperate with you in order to make your business work—your resource providers. For this point, be sure to clearly specify who your necessary network partners are likely to be.)
5. A reference page that includes any research conducted that helped you support your business opportunity as discussed.
Written Paper Format Use 12-point Times New Roman font Double spaced Use headings per the outline above The document should have 1” margins. Text should be printed on only one side of the paper Insert page numbers on the bottom right corner of your paper
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Staple your paper and the supporting documents together in the top left corner. Do not use a binder or plastic cover for your document.
Write in complete sentences. Be cautious of your writing skills. Your writing skills must be suitable for your report to be
submitted to a lender or investor. Proofread your paper to ensure there are no problems with your writing skills. You will lose 2 points for each error; you can lose up to 50% of your points for poor writing skills.
Late papers will NOT be accepted. Any papers not turned in at the beginning of the class period for which they are due will receive a zero grade.
Compare your content and format with these instructions. You will lose points if you have not followed directions.
The write-up is due at the beginning of class. Elevator Pitch (30-points)
The elevator pitch should consist of the following and you should be sure to follow the guidelines discussed in the lecture on the “art” of the elevator pitch. That is, The elevator pitch should be a short, simple description of your company or business idea that your
grandmother could understand by the time you ride up three floors in a typical elevator.o You have one-minute to complete your pitch. You will be stopped if you exceed one-minute.
Remember that you are pitching what your business will do for investors and customers, so pitch how your business will solve a tangible problem that exists.
You are NOT allowed to have any notes and the, verbal, elevator pitch must explicitly include the following, much of which will be based on research that you have conducted and not on your assumptions:1. The Hook 2. A brief description of the product/service 3. A brief description of the market (this should be based upon research that you have conducted
and not on your assumptions)4. A brief description of the competition (this should be based upon research that you have
conducted and not on your assumptions)5. A description of how this opportunity is different from (or differentially value-adding relative to)
the competitors offerings and/or other similar products/services (this should be based upon research that you have conducted and not on your assumptions)
6. A brief description of how the business opportunity will make money (briefly describe the revenue model)
Further, I will consider the following criteria as I evaluate the elevator pitches: presentation and content.o Presentation:
An “A” presentation features the following:1. Excellent eye contact with the audience2. Excellent flow, smooth throughout the entire pitch3. Exhibits evidence of rehearsal4. Absence of speech tics (e.g. “ummmmm”, Errrr”)5. No nervous laughter, nor awkward body language 6. Clear speaking voice, loud enough to be heard by the class7. No offensive speak
o Content:An “A” on content features the following:1. The pitch contains the six components of a good pitch listed above.
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2. Concept is easy to understand: I can “get it” on first pass. It doesn’t require a lot of “backstory” or specialized knowledge.
3. The problem is clearly stated, and the opportunity fits well with the problem.4. You clearly identify a potential target market. 5. Investment requirements are reasonable and at first pass it appears that the business could be
lucrative. 6. You have identified a potential competitive advantage that is at first pass at least reasonably
sustainable.7. You demonstrate some knowledge of the industry. 8. It appears reasonable to assume you can execute the idea. 9. Demonstrates real innovation.
There are some limitations on the types of businesses that can be topics for new venture pitches. Specifically, I am looking for ideas that are ethical, moral, and stretch you as a student. It is very easy for students to stay within their “comfort zone”, and as such, gravitate towards certain ideas. Too frequently that limits the learning value of opportunity exploration. While the following list of rejected ideas is not inclusive, it should help you tremendously. Please steer wide of them: Being the campus retailer of “volleyball shirts” is virtually identical to a t-shirt business. Pitches too closely conforming to one of these types of firms will receive an automatic 10% reduction in grade.
o Ethics and morality: Businesses you select must fit with the Marianist Values and sense of mission.
A payday loan business would not fit, sweatshops would not fit, etc. Alcohol related ventures
Any venture that requires a liquor license to legally operate is unacceptable for class projects.
Scams “work at home” “vending routes”, etc. are unacceptable
o Ideas that have been done too many times in the past and are not acceptable this year include: T-shirt business Bed & breakfast eBay-like ventures (e.g., online
auction websites) Campus video store Sports complex, gym, training
facility Housing re-hab Grocery delivery businesses Campus coupons/coupon books, etc.
On-line retailer of student products (e.g. dorm décor, etc.)
Auto detailing, mobile car/truck service (e.g. car wash, oil change)
Pet day care “Student painters”, window
washers, power washing Ideas that are too small include:
o Lawn service businesseso Snow removal businesseso Convenience stores
* Note: A final note on the elevator pitches that are undertaken in class—you should not pitch an idea that you intend to pursue in the future and one that you would not like to share with anyone at this point. Please realize that the business ideas pitched in front of the class are “fair game” and if there is anything proprietary involved with your venture idea, you should not use it for a topic in this class.
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New Venture Creation: Team Presentation Assignment
Overview
At the beginning of the semester (September 12, 2007) the class will be broken up into between 3 and 5 teams consisting of approximately 5 people depending upon the class size. As the semester progresses, the team will study the feasibility of a new venture opportunity that they have identified.
According to our text, feasibility analysis is the process of determining whether a business idea is viable. It is a preliminary evaluation of a business idea, conducted for the purpose of determining whether the idea is worth pursuing. It takes the guesswork out of a business launch and provides a more secure notion that a business idea is feasible or viable. Entrepreneurs often underestimate the competition or overestimate their personal chances for success.
Feasibility studies should be conducted after the opportunity recognition stage of starting a new business, and should be completed before completing a full business plan. If, upon completion of the feasibility study you discover that the idea is not feasible, you have two options: drop the idea, or revise it to the point that it is feasible. If indeed the business idea is revealed to be unfeasible, there is no reason to even consider writing a business plan to implement the idea.
If, during the process of conducting feasibility studies, it appears your business is not feasible, then look for ways to change your original ideas to make it feasible. Do more bootstrapping, get creative, be flexible. Do not just give up on a good idea without making an honest effort to make it feasible. That is, if throughout the course of the feasibility studies conducted for this assignment the team determines that the idea is not feasible they must make an honest attempt to modify the idea to make it feasible. Failure to at least try to make this idea feasible can result in a reduction in grade. Teams who determine that their idea is not feasible will be asked to provide evidence that the team has at least tried (e.g., must turn in additional research conducted, written descriptions of the derivations of the initial idea developed, transcriptions of interviews conducted, copies of other research conducted, etc.). However, your grade will not be hurt if ultimately your concept is truly not feasible at the end of the semester so long as evidence of trying has been provided, as the objective is for you to learn how to assess the feasibility of a potential business opportunity. On September 12, 2007 each student in class will conduct an, individual, one-minute elevator pitch of an entrepreneurial opportunity that they have identified (described in the individual assignment section of this document). After everyone in the class has completed their elevator pitch, the class will vote on their pick for up to the five most viable upon their initial inspection and discussion of the potential opportunities1. Teams will then be formed around the selected business opportunities. Each team will complete three feasibility analysis studies (one product/service, one industry/market/competitive, and one organizational2) throughout the semester and will then present their findings to class in a 30-minute feasibility analysis presentation to the class. Students will self-select their team members on September 12, 2007.
Note: It should be noted that although the class will select the opportunities that will be studied by the team based on the initial elevator pitch, the final form of the business and the components of the business model can and in all likelihood should evolve as the team studies the different feasibility aspects of the opportunity. Further, it is possible that after conducting the various feasibility analyses relevant to the
1 Should the class be unable to come to a consensus on the opportunities to be studied, Dr. Sullivan will act as the final say in the opportunities that will become the topics for the team projects.2 Note that the financial feasibility analysis for the business opportunity being studied in this class will be conducted in MGT 321, Dr. Janney’s, class.
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opportunity, the team might conclude that the opportunity is not in fact feasible. However, as noted above, student teams should make an honest attempt to make the idea feasible. Final grades on the assignments will not be based on the actual final feasibility of the opportunity studied and instead will be based on the comprehensiveness and correctness of the feasibility analyses conducted.
Suggestions for Conducting Research In terms of the research that the team will conduct for the feasibility analysis project, everyone on the team should look for information on the topics associated with each feasibility analysis below. Identify the industry that encompasses your business and the consumers or industry(ies) you will be selling to. Information you are seeking includes:○ Industry trends, past growth rate and future growth projections, target market wants and needs.○ Typical products/services offered by competitors, client/customer demographic description, pricing,
location, promotional methods, distribution methods, customer service reputation, quality track record, etc. Learn how your competitors operate.
○ Talk with industry participants and/or subject matter experts (e.g., employees of firms, managers, entrepreneurs, suppliers, manufacturing experts, investors, etc.). That is, identify individuals who work in the industry of your firm and talk with them about the industry, operations, competitors, the technical feasibility of the concept, the market, customer preferences, etc.
○ Talk with individuals who would likely be customers of the offering. What are their preferences, price point preferences, product/service features that are “deal breakers”, etc.
○ Any other information needed to complete your feasibility report.
Suggested Approach to Locating Industry-specific Research1. Determine your NAICS code. This will increase the efficiency of your research.2. Locate trade/professional associations; find one for similar companies in your industry. If you are
selling to other businesses, then locate a second association for the industry your clients are likely to be in. Start with the Encyclopedia of Associations, which is located both in the library (AS22 .E5) and through the library’s online resources. Contact association(s) within the first few weeks of the term to determine what information they might provide to you. Be sure to discuss the association(s) you researched and describe the pertinent information you found through them in your presentation.
3. Find magazine/journal articles or books about your type of business. Online library resources that students have found particularly helpful in the past include Hoovers.com (great for industry and company information as well as identifying relevant industry and trade associations), Business Source Complete database (great for firm- and industry-related articles), Mintel Reports (great for finding industry information and trends as well as information on consumer trends and preferences). While these are great sources, do not limit your research to them. I put them here merely as a suggestion.
4. The following link provides industry profiles of only some industries, so check to see if yours or something close to yours is listed. Note that they are somewhat out of date, but they are likely to help you to some extent: http://sbaer.uca.edu/profiles/
5. The following link provides average costs and sales for small businesses within different industries. You will want to select your industry (or as close as you can to your industry) and input an estimated business revenue: http://bizstats.com
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A Note on Working in TeamsIn today’s business world firms are increasingly being started and run by groups of individuals as opposed to solo individuals. Further, organizations are increasingly employing project teams as they are more efficient and effective in terms of executing organizational tasks. One vital assumption relative to the use of teams in organizational contexts is that all team members perform well and execute their assigned tasks both appropriately and timely. Team members who do not work up to the team’s or organization’s standards are often fired from the organization or reassigned to other duties. In order to align the project in this course to the real-life business world, the following policies will apply to the teamwork portion of the course.
If a team member’s lack of contribution is hurting the team’s progress the team member may be fired by a unanimous vote of all team members. If this happens, the fired team member will be expected to complete all remaining team assignments on his/her own. The group’s presentation will be replaced with individual written analyses. These assignments are due the same date that the student’s ex-group makes their presentations. A total of 20 points will be deducted for every 24 hour period these assignments are late.
Alternatively, if an individual within a team determines that he/she is unable to work in their assigned team, they may pursue one of two courses of action: 1) Try to find another team within the class to join. Note that the new team must vote the new individual on to the team by a unanimous team vote. 2) The team member may complete all remaining team assignments on his/her own. The group’s presentation will be replaced with individual written analyses. These written assignments are due the same date that the student’s ex-group makes their presentations. A total of 20 points will be deducted for every 24 hour period these assignments are late.
Finally, an individual can only be on a maximum of two teams throughout the semester. If a situation arises whereby an individual cannot get along in the second team that they join, they will be required to complete all remaining team assignments on his/her own, using the topic under study for the second team. The group’s presentation will be replaced with individual written analyses. These written assignments are due the same date that the student’s second ex-group makes their presentations. A total of 20 points will be deducted for every 24 hour period these assignments are late.
Note that individuals who leave teams will receive the grade earned on their respective team’s assignment during the time frame that they were a part of the group.
Finally, any team member changes throughout the semester must be reported to Dr. Sullivan.
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General Team Presentation Information:
The purpose of the feasibility analysis study presentation is to present the feasibility analyses that the team has conducted on the business opportunity the team was assigned on September 12, 2007.
In class, throughout the semester, we will discuss different feasibility analyses entrepreneurs must conduct in order to determine if they should pursue a business opportunity (e.g., is it likely that an opportunity that the entrepreneur recognized is viable?). Each team will be tasked with conducting three feasibility analysis studies on their potential business opportunity. I suggest that as we study each feasibility analysis component in class that the team works on the corresponding component of their presentation.
At the end of the semester, teams in the class will present the results of the three feasibility analyses conducted on their potential business opportunity and they will synthesize this information and come up with a final feasibility conclusion (is the business feasible or not) for the business concept. That is, as of the conclusion of the presentation, the team should be able to determine if the business concept is or is not feasible. Specifically, the team must conclude the presentation with an overall feasibility conclusion based on the studies conducted throughout the semester and then elaborate on the following as applicable. If the business is determined not to be feasible, briefly describe/highlight what analyses lead the
team to this conclusion. Further, clearly discuss the actions that were taken throughout the semester to attempt to make the idea feasible.
If the business concept is determined to be feasible, briefly describe what steps the team would take next to start the venture.
Below is specific information regarding each of the three feasibility analyses that will be completed. Be sure to discuss each of the topics listed in the following descriptions. Failure to discuss all topics listed below will results in a reduction in grade. In addition, you will find information regarding the format of the presentation as well as materials that must be turned in with the presentation documents. Be sure to follow the instructions provided and if you have any questions, contact the professor. Note: Your presentation is not an advertisement for your business. It is an objective report
on a business idea, so refrain from using language that tries to sell your product or service.
Team Presentation Format:
The presentation must be between 25 and 30 minutes in length. Teams will be stopped at 30 minutes and any required information not covered will result in a deduction of points.
Teams must turn in a copy of their PowerPoint slides to the Professor before their presentation and the slides must be printed 3-per page, printed on only one-side of the paper.
All team members must speak during the presentation. Not all team members are required to speak for an equivalent amount of time. The important point is to harness each team member’s skills. That is, if some team members are better speakers than the others, then they should do more speaking relative to the others. If some members are better at doing research and the technical aspects of the project (e.g., PowerPoint slides, constructing surveys, tabulating results, etc.) then they should do more of that and perhaps less speaking.
Late presentations and/or presentation document submissions will not be accepted and a zero will be given for the assignment.
Use a heavy duty staple or butterfly clip in the upper left corner for your slides and presentation documents. Do not put your documents in a folder or binder, and do not paper clip it together.
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Documents to be turned in on the day the team presents:
General Documents: Include a cover sheet that indicates the assignment name, the proposed company name, team
members’ names, and the due date of the assignment. Print the PowerPoint slides out 3-slides per page—only print on one side of the page.
The PowerPoint slides must be effective, clear, and correct (e.g., formatted well, consistently, and no grammatical errors)
Please make sure that the printed PowerPoint slides are printed in either color or in pure black and white, so that all content is easy to read on the printout.
From the Product/Service Feasibility Analysis: In the appendices, include any cover letters, surveys, interview protocols, transcribed interview
text, etc. used throughout the semester. Be sure to clarify which cover letters, surveys, interview protocols, etc. correspond to which feasibility analysis tasks (e.g., which cover letters and surveys correspond to the concept statement assessment and which correspond to the concept test assessment).
Tabulate the results of the data that were collected throughout the semester via surveys and interviews (where applicable). Be sure to use an effective and clear table format (see examples on my website). Also, be sure to clarify which results tables correspond to which feasibility analysis tasks (e.g., which results tables correspond to the concept statement assessment and which correspond to the concept test assessment).
The concept statement that the team constructed. The concept test illustration that the team constructed.
From the Industry/Market/Competitive Feasibility Analysis: In the appendices, include a detailed explanation of the Porter’s Five Forces analysis discussion
from the presentation. That is, provide a written explanation for each force as well as each component that impacts each force that the team went through in determining the overall industry’s attractiveness and prospects for long-term profitability.
Note that formal business writing should be used for this component of the assignment—use complete and grammatically correct sentences.
From the Organizational Feasibility Analysis: In the appendices, include each team member’s resume.
Other: Be sure to include a bibliography of the sources that you used for research purposes. Failure to
include a bibliography section at the end of the document will result in the project not being graded and being awarded zero-points.
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Feasibility Study #1 Name: Product/Service Feasibility Analysis Study
PurposeThe purpose of this part of the assignment and of conducting product/service feasibility analyses is to provide an assessment of the overall appeal of the product or service being proposed as well as the technical feasibility of creating/delivering the actual offering. As such, a number of tasks must be completed and research must be conducted.
Include the following in the presentation:
Write a concept statement and use it to collect initial feedback about the concept:○ Write a concept statement for your venture (see an example of a concept statement on my
website, in your text, and in the PowerPoint slides). Show the concept statement to at least 2 industry experts or other relevant network partners
(e.g., suppliers, engineers, etc.) and at least 3 individuals in the target market and ask for their feedback about the product/service (e.g., what do they think about the product/service, how likely would they be to purchase it—why/why not, etc.). Discuss the feedback you received any discuss any changes in the product/service offerings that need to be made as a consequence of their feedback.
Develop a protocol for collecting the feedback about the initial idea (e.g., cover letter and survey or interview protocol3) and include these in the appendices of your presentation documents.
Include a copy of your concept statement in the appendices of your presentation documents. Include a nicely formatted copy of the feedback received from the individuals to whom you
showed the concept statement.
Conduct a concept test:○ Develop an illustration of your business concept—either graphic representation, a short verbal
description, or both that has been created after integrating feedback from the concept statement phase. Utilizing the primary research skills learned in class, develop two surveys with cover letters. The purpose of the first survey is to assess the technical feasibility of creating/delivering the
business offerings. As such it should include relevant questions to determine whether or not the offering can actually be generated and/or delivered.○ Show the representation to at least 3 industry experts (e.g., suppliers, manufacturers,
engineers, etc.) and ask that they complete the survey that the team developed regarding the technical feasibility of the concept. ○ Include the survey as well as the tabulated results that you have collected to assess the
technical feasibility of the offering. The purpose of the second survey is to, on a broader scale, collect feedback from the likely
target market. This survey should allow your team to begin to get an idea of the consumer responsiveness to the firm’s offerings, determine customer price points, determine if there are any modifications to the concept that should be integrated prior to creating a prototype, and
3 Note that when constructing a survey and distributing it to potential customers you are representing the University and the School of Business. Also remember that you are asking these people for their help and their help is completely voluntary. Consequently, be sure to be gracious when asking for their help and fully explain why you are requesting their help as opposed to someone else. Clearly explain the assignment that you are completing and be sure to thank them—regardless of whether or not they complete your survey or participate in your interviews. For assistance in developing your survey/interview questions and/or for help in developing your cover letter please set up an appointment with the professor and also follow the guidelines discussed in class. Also, see some survey, cover letter, and results examples on my website.
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determine the demographic and sociocultural profile of the target market (this will be used in the target market section). ○ Show the representation to at least 30 members of the likely target market and solicit their
feedback regarding the concept (note that if the team finds that the target market initially surveyed is not the proper market, multiple survey distributions to other potential markets may be necessary to determine the appropriate consumer profile for the venture).
Include a copy of your concept test illustration in the appendices of your presentation documents.
Include all cover letters, surveys, and tables representing the results from the data collections in the appendices. Be sure to clarify which cover letters, surveys, and results tables correspond to the technical feasibility assessment and the target market assessment.
3. Discuss the profile of the firm’s target customer. Answer the following questions and base them on the market research that you have conducted:○ Determine exactly who will your customers (or target market) be? Use the primary research
conducted for the concept test to help you to fully understand the demographic and psychographic profile of your target customer. That is, as a part of your concept test survey of your target market, be sure to include questions that are intended to determine the characteristics of your intended target market (e.g., their age, income level, education level, gender, race, work experience, etc.—many of the specific characteristics that will be relevant are likely to vary by the type of firm under study so be sure to give a good amount of thought to the questions that are included in your survey). If you need help in determining what characteristics are likely to be important for your type of venture, please see the professor.
○ Additionally, you can find information about your target market’s profile and preferences by utilizing secondary research: Specifically, use industry publications, firm publications, and databases like hoovers.com and Mintel Reports to help gather information on the target market characteristics of firms offering similar products/services.
○ Include a discussion/copy of the results of the surveys in the presentation (note that the survey will likely be the same one used for the concept test portion of the assignment).
○ Discuss whether or not the results of this research met the team’s initial expectations as to the profile of the target market. If it does not (e.g., this is not the proper target market for the product/service) how would the team 1) alter the product/service to meet the needs of the target market or 2) reconsider the target market for the firm’s offerings.
○ How does the target market’s profile and preferences likely impact the marketability of the firm’s offering? That is, what types of marketing and advertising considerations might the team need to integrate in order to reach the appropriate target market (e.g., would you advertise on MTV or during 60 Minutes? Online or in the newspaper? How does the target market value quality versus price and how might this impact the manufacturing and/or customer service orientation of the firm?). For this point be sure to provide at least one realistic example of how the team might try to market the firm’s offerings to the target market.
4. Test the usability of your product/service (e.g., a Usability Test): ○ A usability test involves creating a prototype of the product/service and then showing it to
potential customers (e.g., a beta test). I realize that you may not be able to make a prototype of your offerings. As such, for this portion of the assignment, include the following: Describe the steps you would use to conduct an actual usability test as well as the likely results
of this test were it actually conducted. Describe your prototype, who you would ask to participate in the usability test, and what you would hope to learn.
Discuss how potential customers would use your product or service. Discuss what features of your product/service would make it easy or difficult to use?
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In considering the potential results the usability test, what changes can you anticipate that you must you make to the product/service to increase its usefulness?
5. Intellectual Property : ○ Discuss whether or not your product/service is protected by intellectual property rights? ○ Discuss if your venture team would pursue any patents and trademarks? (www.uspto.gov)
Search the patent database and determine if others have already protected this concept. Discuss your results.
6. First- mover advantages/second-mover advantages: ○ Do you have a first-mover advantage or a second-mover advantage? ○ If so, explain what advantage you have and how you have achieved said advantage. ○ If you don’t have a first- or second-mover advantage, will that hurt you?
Be sure to base your discussion on the logic for gaining first- and/or second-mover advantages as learned in class.
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Feasibility Study #2 Name: Industry/Market and Competitive Environment Feasibility Analysis
PurposeThe purpose of this part of the assignment and of conducting industry/market and competitive environment feasibility analyses is to provide an assessment of the overall appeal of the industry and market for the product or service being proposed.
Include the following in the presentation:
1. Description of the industry:○ Provide an introduction to the industry within which your firm will compete. Use research
that you have conducted to provide an overview of the industry (e.g., briefly describe the overall industry and what firms in this industry do/provide to consumers, what trends exist in the external environment that indicate the window of opportunity is open/closed for firms competing within this industry, briefly describe the top competitors within the industry, and describe how the team’s firm fits into the industry).
○ Hint : Hoovers.com and Mintel Reports will be able to help you with much of this information.
2. Assess the attractiveness and structure of the industry within which the firm will compete:○ Conduct a Porter’s Five Forces analysis on the industry within which the firm will compete.
For the presentation, go through each of the forces in Porter’s Five Forces model as well as the factors/criteria that impact each of the five forces. Based on this analysis, determine the relative impact (increases/decreases) of each force on the industry’s attractiveness and prospects for long-term profitability.
At the end of the Porter’s Five Forces analysis, be sure to conclude as to the team’s overall assessment of the attractiveness of the industry.○ Base your conclusions on the research that you have conducted.○ Hint 1 : In trying to determine the relative impact of each force and the criteria that impact
each force, don’t forget to search through the annual reports of the top three or so firms’ within the industry (in terms of market share/sales) to identify trends in how they respond to and/or what they have to say about each force.
Include a detailed written discussion of the Porter’s Five Forces analysis in the appendices of the presentation. That is, provide a written explanation for each force as well as each component that impacts each force that the team went through in determining the overall industry’s attractiveness and prospects for long-term profitability. Note that formal business writing should be used for this component of the assignment—use complete and grammatically correct sentences.
○ Determine the structure of the industry (e.g., fragmented, emerging, mature, declining, global) within which your firm will compete. Base your conclusions as to the industry’s structure on the research that you have conducted. See p. 85-89 in your text for a description of industry structures and their corresponding opportunities. Describe how and/or if your firm capitalizes on the opportunities that are presented as a
consequence of the structure of the industry. If your firm does not capitalize on an opportunity present as a result of the industry’s structure,
can you modify your approach to launching the venture so that you can more likely capitalize on the opportunity(ies) presented?
If the venture cannot be modified to capitalize on opportunities presented by the industry’s structure, does this mean that it is not timely to enter this market? Discuss.
3. Discuss the competition. Answer the following questions:
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○ Approximately how many companies compete in the industry? How are market shares distributed across firms within the industry (e.g., do one or a few firms
control the majority of the market share?)○ Are sales generally increasing or decreasing for companies in this industry?
Hint: Look over the historical sales figures for the firms on Hoovers.com. ○ Do first-move advantages exist for existing firms? ○ What attributes of your firm distinguish it from other firms competing within the industry? If
the team determines that there are no distinguishing attributes of the firm relative to competitors, can the venture concept be modified to create/integrate some distinguishing attributes? Hint: A competitive analysis grid might help you with completing this bullet (see p. 91 in your
text).
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Feasibility Study #3 Name: Organizational Feasibility Analysis
PurposeThe purpose of this part of the assignment and of conducting organizational feasibility analyses is to determine if your business idea has sufficient management expertise, organizational competency, and resources necessary for success.
Include the following in the presentation:
1. Use Porter’s Value Chain model to provide an overview of your venture’s business model. Specifically discuss how each of the primary and support activities is completed for your venture. That is, describe what the entire Value Chain looks like for your firm. In this description, talk about any firms/network partners that will fulfill any Value Chain activities that are not a part of the core competencies of the firm (e.g., those activities that the firm cannot perform better themselves relative to those that can be hired to perform those activities).
2. Describe the Management Team (e.g., the people in your group)○ Specifically discuss the prowess (e.g., expertise) of each member of your management team:
Describe your startup’s founding management team. Describe the qualifications of each member of the team. Discuss if and how your team is uniquely qualified to make this business a success. If your
qualifications are lacking, what must you do to improve your abilities? ○ If you are not qualified and cannot acquire the necessary skills within the
team, how will you handle these shortcomings? Are you able to immediately hire the necessary individuals? Are the financial requirements associated with immediately hiring these individuals realistic for the team to meet this early in the venture’s development?
What evidence can you provide, if any, that the founders of your firm (e.g., your team) are passionate about this business idea (e.g., is the business associated with any of the team member’s prior experience? Hobbies? A family business? A specific interest? A desire to improve some aspect of society?)
3. Describe any Anticipated Future Human Resource Needs○ As your firm grows, you will likely need to hire on additional employees. Describe two or three
additional members that should be added to the venture’s employee roster (I don’t need the name of a person – just the profile of the type of person that you’d want). Describe the unique contribution each of these individuals could bring to the team.
4. Evaluate the Venture’s Resources (tangible, intangible, and organizational capabilities) ○ Describe the tangible resources, intangible resources, and organizational capabilities that are most
important for your firm to properly execute its business model. Make a list of the most critical resources, and comment on the extent to which your firm has sufficient resources in these areas. If there are any significant resource gaps, suggest ways that these gaps could be closed.
○ Is it likely that your firm can develop a sustainable competitive advantage as a result of the resources that it possesses? Conduct a VRIO analysis to determine this (e.g., go through the
questions asked by a VRIO analysis to see if a sustainable competitive advantage is possible for your firm).
If a sustainable competitive advantage is not likely, how will this likely impact the venture’s success in the long run?
Hint: On my website is a helpful VRIO handout (http://academic.udayton.edu/DianeSullivan/Slides.htm)
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