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Overview
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In this project, you will follow the entrepreneurial process by identifying a new business opportunity. Business opportunities can be found in all areas of entertainment. So much has already been done that finding a new and creative idea may seem like a difficult process. To succeed, the idea must solve a real problem. For example, it could provide a product, service, or experience that isn’t already provided in the industry. A new idea must have creative and novel possibilities.
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Instructions
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1. Identify a new business opportunity in your area of interest. Research your area of interest to learn what has been done, how it worked, and what is missing.
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2. In a word document (approx. 3-4 pages) address each of the following questions:
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What is the new business idea?
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How did you come up with it?
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What has already been done in the area relating to it?
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Why are you the person to create it?
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What need will the product or service meet?
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Describe your target primary customer in terms of age, gender, ethnicity, education level, income level, lifestyle, personality, and interests.
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Describe your target geographic location.
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What resources will you need to get started?
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What will the price of your product be in order to entice customers and still make a profit?
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Why is now the right time for this product/service/process?
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What distribution channel(s) will be used for your idea to reach target customers?
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Briefly explain the essential components needed for your business plan. How does each component help you determine the viability of your idea?

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