February 9, 2023

Complete the First Screen template found in the text and prepare a summary of your findings and what you are thinking about for your proposed business

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Complete the First Screen template found in the text and prepare a summary of your findings and what you are thinking about for your proposed business. This analysis will help the student understand how the industry is organized and how companies in the marketplace compete. This assignment should help them identify aspects of their business that differs from the competition and what makes their product/service unique. You are also required to complete the Competitor Data Collection Plan identifying the major competitors and the Competitive Analysis Worksheet found on pages 14 and 15 of the Score Business Plan Template Score Template. When you have completed these worksheets, step back and evaluate the data you compiled. This should clearly tell a story about how your offering is different from the competition. Prepare a document where you draw conclusions based on the Market and Industry Analysis that you have just done.

Describe succinctly what the opportunity is and make a compelling case for your business including these points:

Why have you chosen the entry point to start your venture?
What is a compelling need for your product/service?
Is a real problem being solved?
What indicates you will be able to compete successfully in the industry?

Evaluation and Feedback

· The First Screen Template will be marked in its entirety out of 100. The following rubric indicates the criteria students are to adhere to, and their relative weights to the assignment overall.

Graded Item	% of Final Grade
Demonstrates the strength of the business idea according to the elements found in the First Screen template	/15
Identifies key issues in the industry that will impact the business	/15
Assesses trends and behavior of the target market	/15
Develop a mission statement and vision statement	/15
Describes the financial requirements to launch the business and time to break even	15
Identifies how the business will compete in the market and its core strategy	/15
Demonstrates good organization, including a strong introduction and conclusion.	/10
Total	/100

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Template for First Screen

Complete this screen by highlighting where you would rank your idea. Then prepare a paper that discusses these points and why you feel they are ranked as they are. Provide evidence of your ranking in your discussion.

Part: 1 Strength of the Business Idea	Low Potential (-1)	Moderate Potential (0)	High Potential (+1)
1. Extent to which the idea: – Takes advantage of an environmental trend – Solves a problem – Addresses an unfilled gap in the marketplace	Weak	Moderate	Strong
2. Timeliness of entry to the market	Not timely	Moderately timely	Very timely
3. Extent to which the idea “adds value” for its buyer or end-user	Low	Medium	High
4. Extent to which the customer is satisfied by competing products that are already available	Very satisfied	Moderately satisfied	Not very satisfied or ambivalent
5. Degree to which the idea requires customers to change their basic practices or behaviours	Substantial changes required	Moderate changes required	Small to no changes are required

Part:2 Industry-Related Issues	Low Potential (-1)	Moderate Potential (0)	High Potential (+1)
1. Number of competitors	Many	Few	None
2. Stage of industry life cycle	Maturity Phase or decline phase	Growth phase	Emergence phase
3. Growth rate of the industry	Little or no growth	Moderate growth	Strong growth
4. Importance of industry’s products and/or services to customers	“Ambivalent”	“Would like to have”	“Must have”
5. Industry operating margins	Low	Moderate	High

Part: 3 Target Market and Customer-Related Issues	Low Potential (-1)	Moderate Potential (0)	High Potential (+1)
1. Identification of target market for the proposed new venture	Difficult to identify	May be able to identify	Identified
2. Ability to create “barriers to entry” for potential competitors	Unable to create	May or may not be able to create	Can create
3. Purchasing power of customers	Low	Moderate	High
4. Ease of making customers aware of the new product or service	Low	Moderate	High
5. Growth potential of the target market	Low	Moderate	High

Part: 4 Founder’s Related Issues	Low Potential (-1)	Moderate Potential (0)	High Potential (+1)
1. Founder’s or founders’ experience in the industry	No experience	Moderate experience	Experienced
2. Founder’s or founders’ skills as they relate to the proposed new venture’s product or service	No skills	Moderate skills	Skilled
3. Extent of the founder’s or founders’ professional and social networks in the relevant industry	None	Moderate	Extensive
4. Extent to which the proposed new venture meets the founder’s or founders’ personal goals and aspirations	Weak	Moderate	Strong
5. Likelihood that a team can be put together to launch and grow the new venture	Unlikely	Moderately likely	Very likely

Part: 5 Financial Issues	Low Potential (-1)	Moderate Potential (0)	High Potential (+1)
1. Initial capital investment	High	Moderate	Low
2. Number of revenue drivers (ways in which the company makes money)	One	Two to three	More than three
3. Time to break even	More than two years	One to two years	Less than one year
4. Financial performance of similar businesses	Weak	Modest	Strong
5. Ability to fund initial product (or service) development and/or initial start-up expenses from personal funds or via bootstrapping	Low	Moderate	High

Overall Potential

Score (-5 to +5)

Overall Potential of the Business Idea Based on Each Part

Suggestions for Improving the Potential

Part 1:

Strength of Business Idea

High potential

Moderate potential

Low potential

Part 2:

Industry-Related Issues

High potential

Moderate potential

Low potential

Part 3:

Target Market and Customer Related Issues

High potential

Moderate potential

Low potential

Part 4:

Founders (or Founders’)

Related Issues

High potential

Moderate potential

Low potential

increase the knowledge of the industries.

Part 5:

Financial Issues

High potential

Moderate potential

Low potential

Overall Assessment

High potential

Moderate potential

Low potential

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Complete the First Screen template found in the text and prepare a summary of your findings and what you are thinking about for your proposed business

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