In developing a new business venture, the process begins with recognising an opportunity fromabusinessproblemandcreatingabusinessconceptthatarticulatesit. For the first steps, the entrepreneur (1) builds a concept to solve the business challenge; (2) fashions a story that conveys the meaning of the new venture, and (3) prepares a presentation that tells the story and explains the concept to potential customers, investors and partners. After testing the concept with stakeholders, the entrepreneur may go on to develop a complete business plan. To help you build these skills you will be required to undertake the entrepreneurial process of opportunity recognition and concept development. You will be asked to identify possible commercial opportunities for an innovation and then articulate the opportunities into a 100% NEW business concept. Identifies and describes your innovative business idea. You can select one of the cities/ countries from the list for your targeted market: France, Germany, Sweden, Italy, Brazil, Peru, South Africa, Dubai, Japan, South Korea, Malaysia, and Taiwan.

Some of the issues that will help you in developing and evaluating your business idea are:

the problem or need and identification of the customers and market

the proposed solution and the uniqueness of the solution

why the customer will pay for the solution

feasibility, marketing, finance and operational issues Report:

In your business concept report you should:

Identify the problem and recognise a business opportunity to solve it.

Assess the business opportunity (undertake a feasibility analysis).

Identify and explain the business model/strategy, based on the assessment of the business opportunity.