. Pick one idea for a business you would like to start. The business can be anything, in any industry(EXCEPT DRONE FARMER, COSMETIC BRAND AND restorative brand). You may even use your donkey-cart idea. The idea does not necessarily need to be something new, but it does need to be creative (i.e. have the potential to become a real-time business). You may also use a business you have already started work on. 2. Prepare an elevator pitch describing your idea. Your audience should be potential partners and investors. An elevator pitch is a 1 minute description of your idea. Google details of how to prepare an elevator pitch. Hint: focus on why your idea is important rather than wasting time on how you plan to implement it. Elevator pitch should be written if we have time at the end of the semester, we might practice giving the speeches in person, but right now it needs to be submitted on paper. Always remember that if you cannot communicate your idea within a single paragraph, (ideally one sentence!) it is probably too complicated to put into effect. You may use this as the opening of your report 3. Expand on your idea. This will require a limited amount of research. Things that you need to focus on: Which business sector and industry does your idea fit into? (E.g. if you are making ATM machines, your main business sector is manufacturing but the industries you will be interacting with are: banking/finance (for primary customers, design requirements) IT (financial software design, ERP software development, security), Manufacturing (Competitors, and supply chain logistics: where do you get your parts and raw materials from? Who puts them together?) What are the opportunities, gaps, and problems your idea solves? What sort of trends can you identify in both your relevant business sector and the industries that affect you? Are there other applications for your idea? (e.g, can you modify your ATM machines for polling purposes in elections) What sort of competitive advantage can you shoot for? What kind of human resources are you likely to require? What sort of financial requirements are you likely to need? What sort of organization setup works best for your idea? (Include ownership issues in this). What sort of human resources are you likely to require? Use the sections on new-business checklist and why businesses fail .

1. Pick one idea for a business you would like to start. The business can be anything, in any industry. You may even use your donkey-cart idea. The idea does not necessarily need to be something new, but it does need to be creative (i.e. have the potential to become a real-time business). You may also use a business you have already started work on. 2. Prepare an "elevator pitch describing your idea. Your audience should be potential partners and investors. An elevator pitch is a 1 minute description of your idea. Google details of how to prepare an elevator pitch. Hint: focus on why your idea is important rather than wasting time on how you plan to implement it. Elevator pitch should be written - if we have time at the end of the semester, we might practice giving the speeches in person, but right now it needs to be submitted on paper. Always remember that if you cannot communicate your idea within a single paragraph, (ideally one sentence!) it is probably too complicated to put into effect. You may use this as the opening of your report 3. Expand on your idea. This will require a limited amount of research. Things that you need to focus on: Which business sector and industry does your idea fit into? (E.g. if you are making ATM machines, your main business sector is manufacturing but the industries you will be interacting with are: banking/finance (for primary customers, design requirements) IT (financial software design, ERP software development, security), Manufacturing (Competitors, and supply chain logistics: where do you get your parts and raw materials from? Who puts them together?) What are the opportunities, gaps, and problems your idea solves? What sort of trends can you identify in both your relevant business sector and the industries that affect you? Are there other applications for your idea? (e.g, can you modify your ATM machines for polling purposes in elections) What sort of competitive advantage can you shoot for? What kind of human resources are you likely to require? What sort of financial requirements are you likely to need? What sort of organization setup works best for your idea? (Include ownership issues in this). What sort of human resources are you likely to require? Use the sections on new-business checklist and why businesses fail in the class lectures as a helpful guide