In the term project, you will individually integrate and apply your knowledge to develop a new Opportunity Analysis Canvas for yourself by responding to the provided questions. Focus on an opportunity for which you can develop and launch a product within the next 12 months. Your solution should leverage your skills and relationships, and require initial funding of no more than $25,000 to bring the product to market.
Be sure that if you are proposing a hardware or software solution requiring technical expertise, that you presently have this expertise or have a feasible plan for development based on the principles discussed in the course and the $25,000 funding limit for this assignment.
We suggest that you copy these questions and author your responses in a Google Doc before submitting them into the Canvas fields for submission by the due date. This will also provide you with a copy of your ideas and plans that will live beyond your access to this course.
For questions 1 through 10, please respond in 180 to 220 words per question. Be sure to stay within the word count limit for each response. Responses that exceed this word count will be graded as a 0. This approach aligns with how competitions, grants, awards, etc. are evaluated for startup companies as applications that do not meet the word or page limit requirements are typically not accepted for evaluation.
1. Based on your evaluations on entrepreneurial mindset, summarize your level of need for achievement, individualism, control, focus, and optimism. What strategies and tactics could enhance these in the next 6 months?
2. Based on your evaluations on entrepreneurial motivations, summarize your level of self-efficacy, cognitive motivation, and tolerance for ambiguity. What strategies and tactics could enhance these in the next 6 months?
3. Based on your evaluations on entrepreneurial behaviors, summarize your confidence, risk tolerance, interpersonal relationship skills, and social capital. What strategies and tactics could enhance these in the next 6 months?
4. Describe an innovative business idea that you have that is the basis for the rest of these Opportunity Analysis Canvas questions.
For questions 5 through 10, be sure to include the in-text citationsLinks to an external site. for each response that aligns with your references to support your analysis for this question.
There should be at least 10 unique reference sources (i.e. 10 different articles, reports, etc.). While you may repeat a citation (i.e. reference one report multiple times), referencing one report multiple times counts as one citation.
As these references should be specific to the industry, competitors, market, etc. for your new venture, do not include the textbook, articles, lectures, or lecture slides from the course as references.
In-text citations do count as part of the word limit.
Additionally, in your response to question 11 at the end of this assignment, list the full reference in APA formatLinks to an external site..
5. For your business idea, what are the knowledge and demand conditions related to this idea.
6. For your business idea, what is the life cycle stage of your industry, and the existing industry structure.
7. For your business idea, what are the demographic, psychographic, technical, and societal changes as well as the political and regulatory forces in your industry.
8. For your business idea, what factors you can your team eliminate, reduce, raise, and create. Describe why the factors that you selected for the value curve are important to customers.
9. For your new business idea, discuss how the learning curve influences your success, the complementary assets that are critical to develop for your venture, and the reputation of your competitors.
10. For your new business idea, summarize why the problem is real, how your team’s solution creates value for stakeholders, the types of advantage that you all possess, and your ability to build the right team.
11. List the references used for this analysis in APA format
