HCS 567 Week 3 Assignment Opportunity Description and Concept Statement
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Due Week Three: Part I: Opportunity Description and Concept Statement
Describe the entrepreneurial opportunity you chose and develop a concept statement for the team’s business. Be sure to include the following items in the description and statement:
1. Entrepreneurial opportunity
a) Describe the opportunity in at least 200 words.
b) Explain why it is an opportunity rather than an idea.
2. Concept Statement
a) Product or service
b) Target market
i) Describe the common approaches you would use to assess that your opportunity meets the needs of the target market and is a profitable opportunity.
c) The benefits of the product or service
d) The positioning of the product or service
e) Evaluate the opportunity
i) List the evidence that supports the need for the potential opportunity. Is the opportunity a societal need? Is it due to the diversity of the industry? If the opportunity is the same as someone else’s idea, what makes it stand out from the rest?
f) Statement must be at least one page total
See p. 83 of Entrepreneurship for an example concept statement.
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