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Note: All fields can be expanded to provide additional space to respond to the questions. A
copy of this template, along with each of the assessment tools, is also available in
PDF format at the authors Web site at www.prenhall.com/entrepreneurship.
Introduction
A. Name of the proposed business
- Body mist sunscreen
B. Name of the founder (or founders)
- Pinsinee Mekpanuwat
C. One paragraph summary of the business
- Body mist sunscreen is a new product that gather skin products together.
You will get moisturizer, sun light protecting and smell good. The main
point is the packaging; the product is designed in body mist format. So, it is
convenient to use and easy to carry.
Assessment Tools
Concept Statement Test
Write a concept statement for your product/service idea. Show the concept statement
to 5 to 10 people. Select people who will give you informed and candid feedback.
Attached a blank sheet to the concept statement, and ask the people who read the
statement to (1) tell you three things they like about your product/service idea, (2)
provide three suggestions for making it better, (3) tell you whether they think the
product or service idea is feasible (or will be successful), and (4) share any additional
comments or suggestions.
Summarize the information you obtain from the concept statement into the following
three categories:
One caveat is that people who say that they intend to purchase a product do
not always follow through, so the numbers resulting from this activity are almost
always optimistic. Still, the numbers provide you with a preliminary indication of
how your most likely customers will respond to your potential product or service
offering.
How likely would you be to buy the product or service described above?
____1__ Definitely would buy
____3__ Probably would buy
____8__ Might or might not buy
____0__ Probably would not buy
____1__ Definitely would not buy
Additional questions may be added to the buying intentions survey.
Conclusion (expand fields and report findings, in discussion form, for each area)
A. Product/service desirability
- It is make sense and reasonable because this product can use in real life and it can
be used in every type of people whether man and woman or adult and teenager.
However, it is not the product that excited other people much because we just
combined every function of skin product together, but we did not create a new
function. This product can take advantage of a gap in the marketplace because
there are more than half of costumers that want to buy this product. Therefore, it is
a good time to introduce the product in the market because at this time most of
people in urban have a rush hour that they live hurriedly all the time so this
product create to make people have more convenient.
Assessment Tools
Industry Attractiveness
To the extent possible, assess the industry at the five-digit NAICS code level your
potential business will be entering. Use a broader industry category (less NCICS
digits) if appropriate (http://www.census.gov/epcd/www/naicstab.htm).
Assess the attractiveness of the industry the potential business plans to enter on each
of the following dimensions.
Market Timeliness
Determine the extent to which the window of opportunity for the proposed business
is open or closed based on the following criteria.
Determine the timeliness of entering a specific target market based on other criteria.
Assessment Tools
Management Prowess
Use the following table to candidly and objectively rate the prowess of the founder
or group of founders who will be starting the proposed venture.
Resource Sufficiency
The focus in this section is on nonfinancial resources. Use the following table to rate
your resource sufficiency in each category.
The list of resources is not meant to be exhaustive. A list of the 6 to 12 most critical
nonfinancial resources for your proposed business is sufficient.
An explanation of the rating system used in the first portion of the table is as follows:
1 Available
2 Likely to be available: will probably be available and will be within my budget
3 Unlikely to be available: will probably be hard to find or gain access to, and
may exceed my budget
4 Unavailable
5 NA: not applicable for my business
Conclusion (expand fields and report findings, in discussion form, for each area)
A. Management prowess
- Im starting business from my passionate that I want to include all of skin
product together to make life is easier and more convenient. Even though, I dont
have industry and entrepreneurial experience at all because I havent graduated
yet, I have discussed about this product with management team already.
B. Resource sufficiency
- Office space is available now that I and my team will meet and discuss there.
Similarly, lab space and space for launch a service business. However, there is a
few employees now, but in the future there will be more employees for sure.
C. Organizational feasibility (circle the correct response)
Not Feasible Unsure Feasible
D. Suggestions for improving organizational feasibility
- Im just start the business so many things are still not stable so I will lightly learn
from mistake and improve it to be better.
Assessment Tools
Total Start-Up Cash Needed
The startup costs (which include capital investments and operating expenses) should
include all the costs necessary for the business to make its first sale. New firms
typically need money for a host of purposes, including the hiring of personnel, office
or manufacturing space, equipment, training, research and development, marketing,
and the initial product rollout.
At the feasibility analysis stage, it is not necessary for the number to be exact.
However, the number should be fairly accurate to give an entrepreneur an idea of the
dollar amount that will be needed to launch the firm. After the approximate dollar
amount is known, the entrepreneur should determine specifically where the money
will come from to cover the startup costs.
Property 1m
Payroll taxes 5%
Travel 5k
Signs 5k
Other expense 2
Annual Sales
Net Income
First of all, my product is sunscreen mist that combined all of the skin care
product function together which is lotion, sunscreen and perfume. From other comments,
they said that the product is too original that there are a lot in market right now. So, I will
improve the product from other criticizes to make it better. Secondly, even though the
sunscreen industry have for a long time and there are many competitors, but
my product is different that I focus on only one target that is people in rush hour who
want to have convenient life so this product can be more attractiveness in those group of
people. Therefore, Im starting the business from my passionate that I think many people
have struggle with this problem same as me. So, I already discussed the process already.
Lastly, my start up cash is not too high which around 5,424,000 that I can get money back
in 4 years if an annual revenue is 1,788,500.