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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