Task: In developing a new business venture, the process begins with recognising an opportunity from a business problem and creating a business concept that articulates it. For the first steps, the entrepreneur (1) builds a concept to solve the business challenge; (2) presents a story that conveys the meaning of the new venture, and (3) and be able to explain 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. 1000-1100 words.

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. You will submit a 2,000 2,100 words business concept report that identifies and describes your innovative business idea. You must research and select one of the cities/ countries from the list for your targeted market: France, Sweden, Italy, Brazil, Peru, South Africa, Dubai, Japan, Malaysia, Vietnam, Taiwan and Singapore.

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.

1. The business opportunity: The problem and solution (Identify the problem and discuss the business opportunity that may address it, showing an understanding of the particular market and potential customers.)

2. Business opportunity assessment (This is your feasibility analysis. In this section, assess the feasibility of the business idea in relation to the following: industry/market, product/service, and the organization and its management.)

3. Business model/strategy (Based on your assessment of the business opportunity, explain the business model/strategy that you will use to realize the opportunity.)

Business idea already selected - Tourism business in Italy