Task Breakdown:

Tasks to complete:

1. Choose a product or service that you wish to offer and identify a target market. (30-45 minutes)
2. Conduct your opportunity analysis to demonstrate that this is a viable business opportunity. This analysis should include:
   1. Industry analysis (2-3 hours) identify the industry your product or service falls within. Look at industry sales volume and trends in sales over the last 3-5 years. Include any other industry data that helps to demonstrate that your business has the opportunity to be successful. This might include the number of businesses operating in the industry, average profit margins, # of customers served, average sales per customer, etc.
   2. Environmental analysis (60-90 minutes) identify opportunities and external threats to your company and how you will address these to stay in business. This might include an economic recession, government regulations, weather, traffic congestion or traffic patterns, technological changes. Every business has some external force that could threaten their business. How will you change your strategies or processes to address these when they arise.

Competitive analysis (1-3 hours) identify and analyze your competitors. Every business has at least one competitor. How will you provide a product or service that can gain market share?