Mobile App Industry
Entrepreneurship often concerns identifying, assessing, and then exploiting opportunity. In this project, you are asked to focus exclusively on opportunity identification and assessment. To complete this assignment, you are expected to:
(1) select an industry;
(2) gain, through secondary research and interviews, an in-depth understanding of that industry;
(3) identify industry pain points that you believe can be resolved with three specific business solutions
(proposed by you);
(4) assess and modify, again through secondary research and interviews, the solutions you have identified; and
(5) select and share the best business concept developed through that research, providing a thoughtful, data-based introduction to that concept.
For this assignment, you must complete a paper that addresses the points above, as described in detail below.
THE PAPER (This is REQUIRED)
Format of the Paper
Your paper should be formatted as follows:
? no more than 7 single-spaced pages in length (including Sections I-IV, not including title page or bibliography), using an 11-12 point font of your choice, with margins 1″ on all sides.
? very well-researched, with a title page and a bibliography.
? easy to read and well-organized (e.g., in sections with headings, not in essay form).
The title page should include your name and be designed to “sell” the reader – creating interest in your industry and your recommended concept. The bibliography should include clear reference to at least three industry interviews (i.e., “primary research”) and five secondary references (i.e., “secondary research”). Use of Wikipedia is not allowed; take great care to ensure that any research or quoted material taken from external sources is properly cited (and, where relevant, placed in quotation marks). It should be clear from the paper how your primary and secondary research was used to develop your findings.
Structure and Content of the Paper
Your paper should be written using the following structure and addressing the listed content requirements.
1. INDUSTRY (not longer than 2 pages)
Open your paper by identifying your chosen industry and sharing your accumulated knowledge and insights about that industry. Here focus on secondary research (e.g., research conducted through available sources such as online databases, newspapers, journal articles), as follows:
? Describe the Industry Today (e.g., size, growth, major players, changing distribution/revenue models).
? Discuss Patterns of Change: What major changes are taking place and are anticipated to take place in the industry? Which interest you most? (Industries in flux / areas of chaos often create great opportunities.)
? Identify the Unmet Needs/Pains that you might be able to address. Where can you make an impact?
(Note: If you have trouble finding data, the reference librarians at Crocker Library are fantastic.)
2. THREE CONCEPTS (not longer than 1 page)
In this three-paragraph section, identify and describe, clearly and concisely, three concepts that you consider worthy of pursuit. Briefly describe both what each concept is and the reason why (based on your industry research from Section 1) you believe each concept to have potential.
3. INTERVIEWS AND RESULTS (not longer than 2 pages)
In this section, provide a four-column table in which you identify WHO you interviewed (including each person’s job role and company); WHY you selected each individual; WHAT you learned about the industry; and WHAT you learned about each of the proposed concepts. A minimum of four interviews is required for this project.
4. OPPORTUNITY (not longer than 2 pages)
In this section, summarize what you consider the best opportunity based on your secondary and field research
(i.e., the best of the three initial concepts, or a modified version of one, based on new data). Specifically provide:
a. Statement of Desire
Open with a single sentence that captures the essence of your venture and your hopes for that venture.
Specifically: “I want build my venture in the ________ industry, so I can _________________!”
b. Concept Statement
Provide a clear and detailed description, in one to two paragraphs, of the concept you believe has the greatest chance of success. (Identify the Pain and the Solution, providing a clear product description and a value proposition. Also identify your Target Customers, your Differentiators (i.e., how you will complete and win), your planned Distribution Channels, and your Revenue Model.)
c. “Who you are – Whom you know – What you know” Grid
Submit a three-column table that shows the relevant entrepreneurial resources you have and will need to pursue your recommended concept. The table must make it clear Who You Are (i.e., the experience you have that would help with this concept); Whom You Know (i.e., the specific individuals or organizations that you can access, who are likely to have needed resources for business launch); and What You Know (i.e., the expertise and training you bring that might enhance the likelihood of your proposed concept’s success). It is important that the table make it clear how the Who / Whom / What are supportive building blocks for the proposed concept’s emerging as a new venture; the table should be supplemented by a discussion of what is not there and still required for success.