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Preview of the “The Opportunity Analysis Canvas Project” In the term project, you will individually integrate and apply your knowledge to develop a new Opportunity Analysis Canvas for yourself by responding to the provided questions. Focus on an opportunity for which you can develop and launch a product within the next 12 months. Your solution should leverage your skills and relationships, and require initial funding of no more than $25,000 to bring the product to market. Be sure that if you are proposing a hardware or software solution requiring technical expertise, that you presently have this expertise or have a feasible plan for development based on the principles discussed in the course and the $25,000 funding limit for this assignment. We suggest that you copy these questions and author your responses in a Google Doc or Word-compatible document before submitting them into the Canvas fields for submission by the due date. Be sure to save this document and not edit it after the due date in case a backup copy is needed to evidence your on-time completion. This will also provide you with a copy of your ideas and plans that will live beyond your access to this course. For questions 1 through 10, please respond in 180 to 220 words per question. Be sure to stay within the word count limit for each response. Responses that exceed this word count will be graded as a 0. This approach aligns with how competitions, grants, awards, etc. are evaluated for startup companies as applications that do not meet the word or page limit requirements are typically not accepted for evaluation. 1. Based on your evaluations on entrepreneurial mindset, summarize your level of need for achievement, individualism, control, focus, and optimism. What strategies and tactics could enhance these in the next 6 months? 2. Based on your evaluations on entrepreneurial motivations, summarize your level of self-efficacy, cognitive motivation, and tolerance for ambiguity. What strategies and tactics could enhance these in the next 6 months? 3. Based on your evaluations on entrepreneurial behaviors, summarize your confidence, risk tolerance, interpersonal relationship skills, and social capital. What strategies and tactics could enhance these in the next 6 months? 4. Describe an innovative business idea that you have that is the basis for the rest of these Opportunity Analysis Canvas questions. For questions 5 through 10, be sure to include the in-text citations (Links to an external site.) for each response that aligns with your references to support your analysis for this question. There should be at least 10 unique reference sources (i.e. 10 different articles, reports, etc.). While you may repeat a citation (i.e. reference one report multiple times), referencing one report multiple times counts as one citation. As these references should be specific to the industry, competitors, market, etc. for your new venture, do not include the textbook, articles, lectures, or lecture slides from the course as references. In-text citations do count as part of the word limit. Additionally, in your response to question 11 at the end of this assignment, list the full reference in APA format (Links to an external site.)
. 5. For your business idea, what are the knowledge and demand conditions related to this idea. 6. For your business idea, what is the life cycle stage of your industry, and the existing industry structure. 7. For your business idea, what are the demographic, psychographic, technical, and societal changes as well as the political and regulatory forces in your industry. 8. For your business idea, what factors you can your team eliminate, reduce, raise, and create. Describe why the factors that you selected for the value curve are important to customers. 9. For your new business idea, discuss how the learning curve influences your success, the complementary assets that are critical to develop for your venture, and the reputation of your competitors. 10. For your new business idea, summarize why the problem is real, how your team's solution creates value for stakeholders, the types of advantage that you all possess, and your ability to build the right team. 11. List the references used for this analysis in APA format (Links to an external site.) . Preview of the Term Project: The Startup Analysis Canvas To assist in understanding how the course will evolve this semester, and to see what the term project entails, here are the instructions. The Startup Analysis Canvas Project As the term project for the course, you will integrate and enhance your ideas and notes to develop a comprehensive, research-based analysis for your new startup company. This is an individual assignment. The problem that you are defining is the basis of the technology-based startup company that you will design this semester. Be sure to consider problems that can be solved with a technology-based product that you can create, or lead the creation of with a team that you can build. Startup ideas may include mobile apps, software, hardware, or related technologies that serve as the foundation, or key differentiation factor, of the startup. A cafe that has a website is not considered a technology-based startup. A startup company that is creating inventory management software for cafes would be considered a technology-based startup for the purposes of our course. Focus on a problem for which you can develop and launch a solution within 12 months. Your solution should leverage your skills and relationships, and require initial funding of no more than $25,000 to bring the product to market. The total length of this analysis should be approximately 4,000 words in total for questions 1 through 11. Be sure not to exceed 4,200 words in total. This is a substantial assignment that should be developed throughout the course. I encourage you take a moment today to review the questions. We suggest that you copy these questions and author your responses in a Google Doc or Word Doc before submitting them into the Canvas fields for submission by the due date. Answer each bulleted question separately in the Google Doc or Word Doc to facilitate the copy and paste process into Canvas. Be sure to save this document and not edit it after the due date in case a backup copy is needed to evidence your on-time completion. This will also provide you with a copy of your ideas and plans that will live beyond your access to this course. Be sure to include in-text citations (Links to an external site.) for each response that aligns with your references to support your analysis for this question. There should be at least unique 10 reference sources (i.e. 10 different article, reports, etc.). While you may repeat a citation (i.e. reference one report multiple times), referencing one report multiple times counts as one citation. As these references should be specific to the industry, competitors, market, etc. for your new venture, do not include the textbook, articles, lectures, or lecture slides for the course as references. Also be sure to include a breath of references; at least ten different references should used in this project. In your response to question 12 at the end of this assignment, list the full reference in APA format (Links to an external site.)
. You do not need to include a title page or abstract. 1. The Problem What is the problem? What evidence supports that the problem exists? Is the problem urgent, underserved, unworkable, and/or unavoidable? Is the problem conspicuous and/or critical? 2. The Customer Who is the target customer? What are their needs and wants? What is the market size? 3. The Value Proposition What gains will customers experience? These are the benefits which the customer expects and needs, what would delight customers, and the things which may increase their likelihood of adopting your product. What pains will customers experience? These are the negative experiences, emotions, and risks that the customer may experiences in adopting your product. 4. The Minimum Viable Product Who are the competitors and their customers? What are our minimum viable features? Are our features valuable and rare? What is the prototype? Include a link to a Google Doc or Google Slide with a set of wireframes (Links to an external site.)
if you are creating an app or software, or a diagram (Links to an external site.)
if you are creating a physical product. 5. The Price What are the competitors’ pricing strategies and prices? What is our pricing strategy and prices? 6. The Placement Strategy What are our distribution channels? Who are our intermediaries? 7. The Promotional Strategy What is the advertising plan and budget? What is the public relations plan? What is the personal selling plan? What is the direct marketing plan and budget? What is the sales promotion plan and budget? 8. The Sales Process? What is our sale process? 9. The Revenues and Costs What are our itemized estimated costs in year one and year two? What types of revenue streams are used by competitors? What types of revenue streams will we use? What are our estimated revenues in year one and year two? 10. The Funding Plan What are our funding requirements? Who are our candidate sources of funding? 11. The Team Who are the founders? Who are the advisors? Who are the key partners? 12. Reference Page (See format here (Links to an external site.) )