INTRODUCTION TO ENTREPRENEURSHIP

Entrepreneurship 81 Opportunity Assessment PROJECT 2.1 DUE: March 24, 2014

(50 points)
Project 2.1 is designed to build your skills in taking an idea and determining if there is a market opportunity for the idea. The idea for this project will come from a product in the apparel industry. It may be the creation of a garment (e.g. retractable belt), distribution of an apparel product (e.g. clothing delivery), or service of an apparel product (e.g. scarf humidor). Excluded are clothing stores, reselling of brands, etc. You are to answer all questions. Do not leave any question unanswered or with a statement that it is not related to your product or service. Every question except those in the Idea Statement category is to contain a reference to at least three sources of information such as a website or an expert who you contacted. If an expert, provide name, phone number, and day and time of contact. If website, be sure to provide the exact link, not a general domain. You must have at least one expert and one potential customer for the product included in your analysis. A data source is essential in the evaluation of Project 2.1. Data sources move you away from this is what I think to this is what I found. What you think is usually wrong and inaccurate in trying to forecast the success of an idea. Data may be skewed or dated making it less accurate, but far better than your guess based on what is floating in your head. Project 2.1 is to be turned in during class on March 24, 2014. Late work will not be accepted. No exceptions.

Stearns ENTR 81 Spring 2014 Project 2.1

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IDEA 2.1: Idea:

Identify an apparel product or service idea that you believe could be profitable.

Where did the idea for the product or service come from? Be sure to provide more than a general explanation. Be specific as to what led the team to believe this idea would have potential in the market. Who does the product or service help? What is the problem the product or service addresses? What is the pain that the potential customer feels by not having the problem solved? What emotion is evoked by the potential customer who is unable to solve the problem? How does the product or service provide a solution to the problem and relieve the pain felt by the potential customer?

Industry: What is the NASIC (North American Industry Classification System) of the industry in which the product or service is located? Go to at least 4 digits for the code listing. Provide a description of the industry as listed. What are typical revenues in the industry? Look for industry averages or find estimate for total number of companies and total amount of industry revenues. How many competitors are in the industry? Identify the number of competitors in the 4 digit NASIC and the 2 digit NAISC. For instance if the NASIC is 3498, find the number of competitors in the NASIC 34.

Customer: What are the demographics of your first customer? Identify by sex, race, age, income, and location. How many customers are there? Identify narrow range, mid-range, and large range.

Product: What are the features and benefits of the product you have selected? Identify the features your product will have. Use a similar product or service in the industry for comparison.
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Stearns ENTR 81 Spring 2014 Project 2.1

Competitors Identify three competitors in the industry and the product they produce. Identify how your product or service is different. The product should be unique from other products offered by competitors such as by size, convenience, durability, add-ons, etc. Include website, product profiles and related information.

Wrap Up! Based on the information you have obtained, provide an overview. The overview should include a discussion of the evidence that would lend strong support to the idea, evidence that has modest support, and evidence that does not support the business idea. Based on this presentation, clearly state why the product idea justifies a go/no go decision. If the decision is go, identify what additional information you will need to collect. If the decision is no go, identify what new evidence or data would lead you to change your mind.

Stearns ENTR 81 Spring 2014 Project 2.1

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