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Validating Your Entrepreneurial Idea and Business Model

Assessment Description
In developing a successful entrepreneurial venture, the first important step is to recognize an opportunity from a problem and build a viable and feasible solution to solve that problem.

During this process, successful entrepreneurs rely on credible primary and secondary information to make their calculations, assumptions, and future course of action. After testing and validating the concept with relevant stakeholders, the entrepreneurs may go on to develop a complete business plan.

To help you build these skills, in assignment

1, you are required to describe your entrepreneurial idea/concept that identifies and describes your innovative solution for the problem and how you intend to convert that into a viable entrepreneurial opportunity. You will validate your entrepreneurial idea and business model in

Assignment 2, and then develop that into a full business model to Pitch to investors in assignment 3.
Assessment Requirements: 
Introduction i.e. objective and overview of the report
Some important points that you should specifically cover in describing your entrepreneurial idea and opportunity are:
Showing an objective and fact-based understanding of the particular industry, market and potential customers,
Describe the problem/s you are going to address. How did you discover this problem and how do you know the problem still exists?
What pain points you have identified and who is facing them?
Describe your entrepreneurial idea and demonstrate how this idea is an entrepreneurial opportunity (i.e. viability and feasibility).

In other words, how do you know that you can build a sustainable, viable, and feasible product/service and venture around your proposed idea/solution? What are your main value propositions i.e. pain-relievers and gain-creators? (Justify by providing objective evidences i.e. facts and figures from academic, industry, and government sources/reports).

What are your critical assumptions about the problem, pain-points, solutions, market, customers, competitors, technologies etc. that you would like to test and validate? What is the logic and justification of your critical assumptions i.e. how and why did you develop them? (Justify by providing objective evidences i.e. facts and figures from academic, industry, and government sources/reports).
Who are your potential targeted customers?

What are their demographic, psychographic, economic, sociological, attitudinal, and behavioural characteristics? How do you know they are looking for this solution and willing to pay for it? (Justify by providing objective evidences i.e. facts and figures from academic, industry, and government sources/reports).
Identify which technology tools you may require to develop your solution (e.g. product and service) and what is your plan to get access to the technology you need and how you will use it.

Identify which technology tools you may require to develop your solution (e.g. product and service) and what is your plan to get access to the technology you need and how you will use it.

What contextual (economic, regulatory, industry) factors should you be aware of? What markets and market drivers should you focus on?

What will be your uniqueness or competitive advantage in introducing your solution for the problem, and how will you develop your uniqueness and competitive advantage? (Justify by providing objective evidences i.e. facts and figures from academic, industry, and government sources/reports).

How did you discover your entrepreneurial idea/opportunity i.e. serendipitously, through systematic research for opportunity, PC revolution, replication, and/or accidentally?

What effectuate principles you see working behind the conceptualization of your entrepreneurial idea/opportunity? What is your personal motivation for this idea/opportunity/solution?
If you were to start a business, what would be your opportunity cost? In other words, what is the next best use of your time if you donít pursue this entrepreneurial idea? How much money could you make working at a job instead?

Validating Your Entrepreneurial Idea and Business Model

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