Criteria For Business Ideas

Submitted By Nastycutter1
Words: 704
Pages: 3
Open Document
Business Idea Competition Criteria
• The overall feasibility and persuasiveness of the idea
• Potential for growth or overall societal benefit
• Clarity and development of the idea
• Feasibility of building and sustaining a competitive advantage
1. Idea Title: (10 Words) The idea title and the author name(s) are the only information that will be made public by the Institute if the entry is a semifinalist or finalist. The title and authors will be listed on the web site and on the event program to be available at the awards ceremony. Please do not place any information in the Idea Title section that you wish to keep private. The title should be short but descriptive. For example: "Rothman Institute-The Entrepreneur's Capital"
2. The Idea: (Max 250 Words) This field fills in the details of your business idea. Exactly what is your product or service, and how will it be used? What additional features or developments (if any) will be needed before the product or service becomes useful? Don’t be afraid to go back and change your basic idea after conducting research. Good business ideas are developed and don’t fall from the sky complete and ready to implement.
3. Customers: (Max 125 words) In this field, outline who will use your product or service, and what customer needs will be addressed by it. Why should the judges believe that your product or service will be better than those currently in existence? If the product is truly new (nothing like it exists currently) how will you persuade customers of its value? What kinds of people make the decision to buy, and how do you plan to reach those people on a large scale?
4. Competitors: (Max 125 words) New businesses almost always step on the toes of existing businesses. What businesses already sell products or services that will be negatively affected by your product or service? Why is your product or service better than what competitors are currently providing? How easy will it be for them to copy your idea? Remember that a new business is almost always weaker than existing businesses. If your idea takes customers away from others and is easily copied, you are not likely to be in business long enough to establish a competitive advantage. How will competitors respond to your market entry, and how will you protect your business from their reactions? Your idea could be a not-for-profit. Here, you will need to outline how your idea will generate enough revenue (through donations and/or other sources) to cover its costs.
5. Societal Benefit: (Max 125 words) Successful enterprises are always about more
Show More

Related Documents: Criteria For Business Ideas

Placement-Inspirational, Design, And Creativity For A Competitive

Team Placement - Inspirational, Innovation, Imaginative, and Intuitive Daneen Clendening, Terrance Hamilton, Julian Mona, Cindy Rasmussen OI361 - Innovation, Design, and Creativity for a Competitive Advantage September 18, 2014 Dr. Edward Wirth Team Placement - Inspirational, Innovation, Imaginative, and Intuitive Team A completed the “Creative Intelligence Profile” with the following results and a personal analysis of the results follow: Name Intuitive Innovation Imaginative Inspirational…

Words 1596 - Pages 7

Societal Rules Essay

race relations within the context of the relationship Julian has with his mother. Julian’s mother views are still influenced by her ancestors from the South. She still believes in firm social codes of conduct that are used to determine the behavior of blacks and whites. Although these societal rules no longer apply, she still abides to the them to abstain from the new changes of desegregation and antidiscrimination. On the other hand, Julian embraces the new, integrated South and promotes racial…

Words 1432 - Pages 6

Relationship Between Creativity And Innovation

nurtured, if you have the right guidance and incentives. What is the relationship between creativity and innovation? Teresa Amabile clarifies that "Creativity is the initial production and development of novel, useful ideas. Innovation is the successful implementation of creative ideas." In short, creativity plays a role at the initial stage, innovation at the final stage. She implies that creativity is the seed and innovation is the fruit. (Blanding, “Getting to Eureka!: How Companies Can Promote…

Words 678 - Pages 3

An Analysis of Superdry’ Working Environments and the Future Prospects for the Company Essay

An Analysis of Superdry’ Working Environments and the Future Prospects for the Company Executive Summary This report discussess the working environment of Superdry and then offers an analysis of the future prospective for the company. Firstly introduce the background of Superdry include establishment, products, performance and so on. Then Porter’s five forces framework is applied to analyse the competitive environment which are suppliers, customers, competitors and so on. Next Porter’s PESTEL…

Words 3442 - Pages 14

Cango Week 1 and 2 Analysis Essay

Week 1 Clip 1 Scenario: Julian, the President of the Hudson Valley Business Association, places a phone call to Liz to inform her she has been nominate the Regions Business Leader of the Year and that she will be expected to deliver a speech at the next Association meeting about the "How and why of CanGo's success". During the conversation Julian goes on to describe Cango as the "Fastest Growing Company in the Hudson Valley" and as a "Success Story." Liz is obviously flattered and elated by this…

Words 2647 - Pages 11

Essay about ENGL 250 Journal 1

Kaila-Marie Hardaway ENGL 250A Kermode Journal #1 “Medieval” refers to anything that was made, written, or thought during the Middle Ages. Medieval authors often expressed the idea that the world was coming to the end. Anglo-Saxons spoke an early form of a language that we now call “Old English”. Old English is similar to both German and Dutch The main characters in Beowulf are pagan Danes and Geats In 1066, a French-speaking ruling class added a number of French “loan” words to the English vocabulary…

Words 585 - Pages 3

HBS economics Essay examples

natural resources grow arithmetically – Against population growth “Essays on Principle of Population” Michael Kremer (Population) Population advances societies, making them more dynamic and productive. They produce ideas by learning from each other and competing For population growth Julian Simon (Population) Larger population means more people with different skills contributing to economic growth For population growth Jerome Kerviel (Gambling & Stocks) Center of the biggest trading fraud in history…

Words 711 - Pages 3

Summer Week 3 Strategy MGMT 670 Essay

out-of-touch with this terminology then that is because I have never texted. I do have a cell phone, and I use that for making calls. I do not use the cell phone for taking pictures---it is for communication. This is the first time that I have used this business experience as a mini-case, but I think that it can be a good lesson in strategy development and analytical thinking. The parent company, CDC, had $150 million in sales revenue company with three operating groups. The Industrial Group. One division…

Words 1563 - Pages 7

Five Year Marketing Plan

Ricks, Dorothy Davis, Marquita Brown, Julian Chan, and JoeAnn Follins in 2009. These seven entrepreneurs put their 15 years of experiences of fashion and global icons to create a master-mind plan. A company design to reach out to every beautiful individual lady of any race, age, or size. Mz. Pinky has already pre-launch in August 2009 to USA, Europe, Australia, & South America, which were our first launch. The growth has develop marketing and retail business with North America, China, Japan, North/South…

Words 957 - Pages 4

Business Marketing P1 2 3 4 5 6 Essay

whether people just buy the product to feel good about them self or just buy a product because it’s well known and like a product just of the looks of it or how it’s packaged which have attracted them to buy that particular product. E-Business and E-Marketing:The E-business and E-marketing has enabled organisations to deliver individual marketing mixes to customers sometimes called micro-marketing. This is an advanced technique than segmentation. Databases are able to undertake micro-marketing functions:…

Words 1566 - Pages 7