Week 5

Tonica I don’t know exactly what it is that you provided but it is not what is required for the midterm project. The grading rubric is provided below. Please let me know what you want to do?1.      Idea Generation 40/40: Take the ideas you developed in Week 3, and summarize the key elements using the Level 1 and 2 assessments of the search model in Figure 1.2 (page 3) of the text. Conduct a preliminary screen of your ideas, answering the questions posed in Level 3 at the bottom of page 4 (3–4 pages). – at least 2 ideas for development, pool of possibilities – search for an opportunity – internal search need in the marketplace – experience search familiar background – deliberate search: creative thinking; concrete ideas – uncovered potential opportunities, obstacles, desire/want to pursue, needs of  marketplace, risk/reward analysis  2.      Screen 55/55: Using the results from Item 1 above, take your ideas and apply the Level 1 screen and complete the Level 2 screen (page 44) and new venture template (innovation, value, persistence, scalability, appropriation, flexibility, and execution) (pages 47–48). After reviewing the results, select an idea to move forward with (3–4 pages).·         Screen feasibility analysis = 20/20a.       Trends – political, economic, social, technologicalb.      Industry – substitutes, buyers/suppliers, competitors, new entrant attractivenessc.       Internal – competenced.      Market profile – size, growth potential, development cycle stage, profitability of the industry·         New Venture Template = 30/30a.       15 new venture template questions·         Select an idea to move forward with = 5/53.      Business Planning and Preparation Pre-work 45/45: Using the model on page 112 of the text, develop for your new venture a document that addresses Level 1 and Level 2 up through and including Level 2, Stage 1. Be sure to use the harvest model—output, input, and process; the communications and credibility checklist for entrepreneurial business plans, Table 3.1 on page 107; and Figure 3.2 as your guide in developing your answers (3–4 pages).·         Level 1  – planning the product or service (see Figure 3.2)a.       Target Market1.      Demographic2.      Segment size3.      Segment needb.      Product concept1.      Concept design; market to whom, technical assessment what it provides, description, what it does2.      Value statement; creating value for the customer, product positioning, why choose me, suitable competitive advantagec.       Competitive position – How to compete in the marketplace1.      Competitive strategy – differentiation; basis for competition2.      Pricing strategy·         Level 2 – Planning and obtaining Financing (Figure 3.5)a.       Determine venture output requirements1.      Evaluation of harvest2.      Evaluation of stakeholders expectationsb.      Input requirements1.      Debt vs. equity2.      Management team3.      Suppliers and key stakeholders identified4.      Working capital arrangements5.      Key information resourcesc.       Planning financial process1.      Plan ideas match i/p to o/p2.      Practice presentation3.      Present to key stakeholders4.      Persist and refine