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identify a new business opportunity in your area of interest

identify a new business opportunity in your area of interest.

Overview

Business opportunities can be found in all areas of entertainment. So much has already been done that finding a new and creative idea may seem like a difficult process. To succeed, the idea must solve a real problem. For example, it could provide a product, service, or experience that isn’t already provided in the industry. A new idea must have creative and novel possibilities.

What You’ll Need

  • Your tech kit including laptop
  • Internet for research

Prepare

You will be identifying a new business opportunity in your area of interest, so first you must determine your area of interest and research it thoroughly. Learn what’s been done in that area, how it worked, and what is missing that would make a great new idea.

Create

In a Word document (3-4 pages) explain the following:

  • What is the new business idea?
  • How did you come up with it?
  • What has already been done in the area relating to it?
  • Why are you the person to create it?
  • What need will the product or service meet?
  • Describe your target primary customer in terms of age, gender, ethnicity, education level, income level, lifestyle, personality, and interests.
  • Describe your target geographic location.
  • What resources will you need to get started?
  • What will the price of your product be in order to entice customers and still make a profit?
  • Why is now the right time for this product/service/process?
  • What distribution channel(s) will be used for your idea to reach target customers?
  • Briefly explain the essential components needed for your business plan. How does each component help you determine the viability of your idea?

Incorporate the concepts and terminology learned from this week’s readings into the paper, demonstrating how the business idea you chose reflects the concepts learned about in the Read & View activities.

Submit

1. If you chose to create an audio Keynote: Export your Audio Keynote Presentation to Quick Time.

2. Upload your presentation as a Quick Time Video on the LAO.

3. Your Quick Time Video should be named as follows:

LASTNAME_FIRSTNAME_BusinessOpportunity

identify a new business opportunity in your area of interest

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