Write a short summary describing your business idea. Before implementing an idea, you should test for its feasibility. The goal of a feasibility study is to determine whether to pursue an idea, wait until the time is right, or move on to something new. Feasibility studies include the extent to which an idea is viable, and realistic and the extent to which you are aware of internal and external forces that could affect your business.
What is the problem that your business solves?
What is (your solution offered through) your product or service?
Who is your target market?
Who is your competition
Lastly, Identify the Benefits of Your Business Idea in the Value Proposition. The value proposition addresses one question: why is your solution best? In our textbook, a value proposition is defined as small business owners’ unique selling points (or benefits) that customers can expect from your goods or services including benefits that differentiate your offering from those of the competition. The value proposition helps the entrepreneur focus on the most important aspects of your business.
In this assignment, you will prepare a value proposition for the business idea. The value proposition should include the following information:
For (target customer)
Who (statement of need or opportunity)
The (retail business name) is a (product or service category)
That (statement of key benefit)
Unlike (primary competitive alternative)
Our business (statement of primary differentiation)
Is available (where)
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