. Step 3: Identify idea/opportunity and explain how you can make it happen. Write up a Business Idea Proposal. Include the following:

Name and nature of the proposed business

Capabilities and experiences of the student(s) to carry out the business plan o Your experience, knowledge, background, connections, etc. to make it happen.

Assessment of the need for the proposed product/service in the market place o Problem solution o Customer benefit

A review of existing and potential competitors o Competitive advantage

How will the product/service be created, distributed, and sold

Any legal issues

Startup costs, sources of finance (funding), projection of revenues and profits, and attraction to potential investors

Step 4: Develop a Business Model o Utilize Business Model Canvas and/or Lean Canvas to begin drafting your idea/opportunity Develop your idea into a Business Model by utilizing Business Model Canvas and Lean Canvas. This is necessary to help you better operationalize your idea into an opportunity in terms of being able to understand and develop various components of your idea into a functioning operation (business).

Step 5: Develop a mini report providing further information to supplement your Business Model Deliverable: o Description of venture o Industry and market analysis o Marketing Strategy - Segmentation, target market, marketing mix, competitive advantage, value proposition, positioning, SWOT o Competitor analysis direct & indirect competitors, SWOT o Business strategy differentiation, cost, niche, hybrid, etc o Explain day-to-day running of business

Explain any technical and/or operational aspects of the business o Table Costs fixed & variable o Ownership structure

Team, roles & responsibilities o Financial plan

Cost structure Revenue stream

Funding debt, equity, crowd-funding

Break-even, ROI

Post-money valuation

If financial background financial statements (income statement, balance sheet, cost flow statement) o Contingency plan

Assessment of risk

Action plan to deal with anticipated risk Step 6: Combine your Business Model and Mini Report. The mini report should not exceed 15 to 25 pages in length, excluding appendix.