Complete the First Screen template found in the text and prepare a summary of your findings and what you are thinking about for your proposed business
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Complete the First Screen template found in the text and prepare a summary of your findings and what you are thinking about for your proposed business. This analysis will help the student understand how the industry is organized and how companies in the marketplace compete. This assignment should help them identify aspects of their business that differs from the competition and what makes their product/service unique. You are also required to complete the Competitor Data Collection Plan identifying the major competitors and the Competitive Analysis Worksheet found on pages 14 and 15 of the Score Business Plan Template Score Template. When you have completed these worksheets, step back and evaluate the data you compiled. This should clearly tell a story about how your offering is different from the competition. Prepare a document where you draw conclusions based on the Market and Industry Analysis that you have just done.
Describe succinctly what the opportunity is and make a compelling case for your business including these points:
- Why have you chosen the entry point to start your venture?
- What is a compelling need for your product/service?
- Is a real problem being solved?
- What indicates you will be able to compete successfully in the industry?
Evaluation and Feedback
· The First Screen Template will be marked in its entirety out of 100. The following rubric indicates the criteria students are to adhere to, and their relative weights to the assignment overall.
|
Graded Item |
% of Final Grade |
|
Demonstrates the strength of the business idea according to the elements found in the First Screen template |
/15 |
|
Identifies key issues in the industry that will impact the business |
/15 |
|
Assesses trends and behavior of the target market |
/15 |
|
Develop a mission statement and vision statement |
/15 |
|
Describes the financial requirements to launch the business and time to break even |
15 |
|
Identifies how the business will compete in the market and its core strategy |
/15 |
|
Demonstrates good organization, including a strong introduction and conclusion. |
/10 |
|
Total |
/100 |
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Template for First Screen
Complete this screen by highlighting where you would rank your idea. Then prepare a paper that discusses these points and why you feel they are ranked as they are. Provide evidence of your ranking in your discussion.
|
Part: 1 Strength of the Business Idea |
Low Potential (-1) |
Moderate Potential (0) |
High Potential (+1) |
|
1. Extent to which the idea: – Takes advantage of an environmental trend – Solves a problem – Addresses an unfilled gap in the marketplace |
Weak |
Moderate |
Strong |
|
2. Timeliness of entry to the market |
Not timely |
Moderately timely |
Very timely |
|
3. Extent to which the idea “adds value” for its buyer or end-user |
Low |
Medium |
High |
|
4. Extent to which the customer is satisfied by competing products that are already available |
Very satisfied |
Moderately satisfied |
Not very satisfied or ambivalent |
|
5. Degree to which the idea requires customers to change their basic practices or behaviours |
Substantial changes required |
Moderate changes required |
Small to no changes are required |
|
Part:2 Industry-Related Issues |
Low Potential (-1) |
Moderate Potential (0) |
High Potential (+1) |
|
1. Number of competitors |
Many |
Few |
None |
|
2. Stage of industry life cycle |
Maturity Phase or decline phase |
Growth phase |
Emergence phase |
|
3. Growth rate of the industry |
Little or no growth |
Moderate growth |
Strong growth |
|
4. Importance of industry’s products and/or services to customers |
“Ambivalent” |
“Would like to have” |
“Must have” |
|
5. Industry operating margins |
Low |
Moderate |
High |
|
Part: 3 Target Market and Customer-Related Issues |
Low Potential (-1) |
Moderate Potential (0) |
High Potential (+1) |
|
1. Identification of target market for the proposed new venture |
Difficult to identify |
May be able to identify |
Identified |
|
2. Ability to create “barriers to entry” for potential competitors |
Unable to create |
May or may not be able to create |
Can create |
|
3. Purchasing power of customers |
Low |
Moderate |
High |
|
4. Ease of making customers aware of the new product or service |
Low |
Moderate |
High |
|
5. Growth potential of the target market |
Low |
Moderate |
High |
|
Part: 4 Founder’s Related Issues |
Low Potential (-1) |
Moderate Potential (0) |
High Potential (+1) |
|
1. Founder’s or founders’ experience in the industry |
No experience |
Moderate experience |
Experienced |
|
2. Founder’s or founders’ skills as they relate to the proposed new venture’s product or service |
No skills |
Moderate skills |
Skilled |
|
3. Extent of the founder’s or founders’ professional and social networks in the relevant industry |
None |
Moderate |
Extensive |
|
4. Extent to which the proposed new venture meets the founder’s or founders’ personal goals and aspirations |
Weak |
Moderate |
Strong |
|
5. Likelihood that a team can be put together to launch and grow the new venture |
Unlikely |
Moderately likely |
Very likely |
|
Part: 5 Financial Issues |
Low Potential (-1) |
Moderate Potential (0) |
High Potential (+1) |
|
1. Initial capital investment |
High |
Moderate |
Low |
|
2. Number of revenue drivers (ways in which the company makes money) |
One |
Two to three |
More than three |
|
3. Time to break even |
More than two years |
One to two years |
Less than one year |
|
4. Financial performance of similar businesses |
Weak |
Modest |
Strong |
|
5. Ability to fund initial product (or service) development and/or initial start-up expenses from personal funds or via bootstrapping |
Low |
Moderate |
High |
|
Overall Potential Score (-5 to +5) |
Overall Potential of the Business Idea Based on Each Part |
Suggestions for Improving the Potential |
|
Part 1:
Strength of Business Idea |
High potential
Moderate potential
Low potential |
|
|
Part 2:
Industry-Related Issues |
High potential
Moderate potential
Low potential |
|
|
Part 3: Target Market and Customer Related Issues |
High potential
Moderate potential
Low potential |
|
|
Part 4:
Founders (or Founders’)
Related Issues |
High potential
Moderate potential
Low potential |
increase the knowledge of the industries. |
|
Part 5:
Financial Issues |
High potential
Moderate potential
Low potential |
. |
|
Overall Assessment |
High potential
Moderate potential
Low potential |
|
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