During Week 5, you will complete an assignment in which you propose the value proposition of a product or service for the business idea that you would like to implement. You will need to define the competitive market and industry for the business idea, and you will need to create a strategy on how you will protect this business in at least two areas. The product idea will need to be tested for feasibility. Last, you will need to define the amount of cash along with a rationale that will be required for this business.
For the first assignment, you will write a research paper that will take you through some of the first steps of the journey to starting a small business.
Select a business idea you would like to implement, and then complete this assignment. Note: You will use the same business and product idea that you used in the discussion topic for Week 4.
Write a 4–6 page paper in which you do the following:
- Propose the value proposition of the product or service the business will offer and explain the rationale.
- Outline the competitive market and the industry in which the business will operate.
- Determine at least two strategies for protecting each of the following:
- The branding.
- The logo.
- The product or service.
- The technology (if applicable).
- Suggest methods to test the product idea for feasibility.
- Suggest at least three strategies to incentivize the founding management team.
- Estimate the amount of cash needed to start the business. Provide a rationale to support your estimation.
- Use the Internet or Strayer Library to locate at least three quality resources in this assignment. Note: Wikipedia and similar websites do not qualify as quality resources.
Your assignment must follow these formatting requirements:
- The paper will be 4–6 pages, typed, double spaced, using Times New Roman font (size 12), with 1-inch margins on all sides; citations and references must follow SWS.
- 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.