Try It Out:

Come up with a business idea and determine if it is effective.

For this project, write out your answers. Your response for each of the steps below should be approximately one paragraph.

Steps

From your brainstorming this week, choose one business idea and explain what it is.
Does your business idea solve a problem? What is the problem?
In what way does your idea try to solve that problem?
Is anyone else trying to solve the same problem? If so, are you doing it in a different way? What makes your way different? Finally, is your way of addressing the problem better than what is already being done? Explain why.

Test Your Understanding: Optional Case Studies

Athlete's Warehouse Case Study

To test your knowledge of the course thus far, please click this link and review the case study before answering questions 1 and 2 below. This case study can be done individually or in groups.

Questions

In day two of week two we discussed eight techniques to begin thinking of a business idea. List and describe at least one of these techniques and how Colin Power uses it?
In day three of week two you have read about five validating rules to ensure your business idea will work, considering them, explain why it was important that Colin Power examined the economy and the competition in the area he wanted to start his business?

PaperChase Case Study

To test your knowledge of the course thus far, please click this link and review the case study before answering questions 1 and 2 below. This case study can be done individually or in groups.

Questions

Can you think of other questions which the entrepreneurs will need answered to complete their business plan?
What are two of the eight techniques that Tom and Ken used to develop their business idea?