Forming An Innovative Business

Assignment 1: Forming an Innovative Business
Due Week 4 and worth 260 points

Go to the Wall Street Journal’s Website and read “And the Most Innovative Entrepreneur Is…”, located here. After reading the article, conceive an innovative idea for a new product or service. Imagine that you are going to start a business that offers that product or service.

Write a six to eight (6-8) page paper in which you:

1. Briefly describe your innovative idea.
2. Determine the business structure that would be the best choice for your venture. Support your decision.
3. Create an outline of the stages in the entrepreneurial process that you would need to follow when starting this business. Determine the resources and tools you would need to be successful at each stage.
4. Determine the market for your innovative idea. Include details on regarding your potential customers, the predicted size of the market, and the competitors that already exist in the marketplace.
5. Create an action plan that describes how you would overcome any foreseen barriers to your venture’s success.
6. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.

Your assignment must follow these formatting requirements:

• Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
• Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

• Analyze the stages in the entrepreneurial process.
• Examine the process of innovating and developing ideas and business opportunities.
• Analyze different innovative business models to determine the best model for a specific venture.
• Analyze the market, customers, and competition of entrepreneurs.
• Examine the process of developing a business plan and setting up the company.
• Use technology and information resources to research issues in entrepreneurship.
• Write clearly and concisely about entrepreneurship using proper writing mechanics.

Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric found here.