Business Question

Business Finance

George Brown College

Question Description

Hi there,

I would like you to do my small assignment.

Identify, research and present a business idea for a home-based business. Preferably, the idea addresses a need that has arisen because of the COVID-19 pandemic. The idea need not be for a new product/invention. It could be an extension of an existing product, which satisfies an unmet need, improves an existing product or service or is a hybrid of existing services (e.g., Uber Eats is a hybrid of Uber and food delivery service, like, Door Dash).

Please check all instruction carefully.

Thanks

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BUS 1041 - Individual Assignment #1: Due: Start of Wk 3’s Class via Assignment Dropbox, worth 10% of final grade Identify, research and present a business idea for a home-based business. Preferably, the idea addresses a need that has arisen because of the COVID-19 pandemic. The idea need not be for a new product/invention. It could be an extension of an existing product, which satisfies an unmet need, improves an existing product or service or is a hybrid of existing services (e.g., Uber Eats is a hybrid of Uber and food delivery service, like, Door Dash). The pandemic has affected virtually all aspects of our lives. Bernhard Schroeder, San Diego State University, suggests that opportunities exist for businesses to meet new needs, which have arisen because of the pandemic (Schroeder, 2020). Dianne Buckner, CBC News, supports that idea. Many firms provide virtual services to replace services that were formerly delivered in-person. Examples include funerals, telemedicine for humans and pets, food/grocery delivery, etc. (Buckner, 2020). Additionally, technology supports social distancing needs. Examples include contactless payment, virtual meetings, remote working from home, and automated thermal monitoring (Manjunath, 2020). REQUIREMENTS 1. Identify an idea for a home-based business. Ideally, it should meet a need that arose because of the pandemic. The idea should NOT be app-based (requires much capital and funding), or one that requires entrepreneurs to overcome regulatory barriers (e.g., see barriers for commercial sale of home-cooked food in City of Toronto). 2. Complete the attached 16-question worksheet. NB: Support at least 67% of responses with secondary research. Copy & bold each question and use as headings for response. Separate question/response sets with one line space. 3. Summarize the business idea as follows: ● Paragraph 1: Introduce business idea by describing the target market, their unmet need (problem, opportunity), how the idea can satisfy unmet needs and why customers would buy from you (vs. competition). One bonus point is awarded if the business idea arose because of the pandemic (e.g., home delivery of alcohol). ● Paragraph 2: Discuss financial aspects* of the business idea (e.g., startup costs, potential sales volume, price vs. cost, profit margins, etc.) and one other pertinent item from the worksheet. ● Paragraph 3: Conclude why investors (e.g., angel investors) should invest in the business idea. ● * NB: As the idea is for a home-based business, startup costs should not exceed $20,000. OTHER REQUIREMENTS ● Cover page includes student name/number, course name/code, assignment title, instructor’s name, date. ● In-text citation and references must use APA style. ● As modelled in this assignment, please paraphrase vs. using quotations. If in doubt, always cite. o Plagiarized content will receive a grade of zero. Please use SafeAssign to detect inadvertent plagiarism. ● Use the grading rubric and the 16-Question Worksheet to guide the development of your responses. o See Philip’s Tip Sheet in Resource Folder (to be posted) RE: Exercising care in ‘mechanics’ of the submission (e.g., common spelling errors, missing required items, not following requested citation/reference style, etc.). ● Submit completed work by start of Wk 3’s class via the Individual Individual Assignment #1 Dropbox. o Executive Function Tip: Drafts e-mailed to Philip by 11:59 p.m. Wk 4’s class will receive feedback within 48 hours (NB: Note Mon./Tues. section in e-Mail) References [Best Practices Tip: This document models the correct use of in-text citations and references in APA style] Berry, T. (n.d.). “Estimating realistic startup costs”. BPlans.com (n.d.) Retrieved from: https://articles.bplans.com/estimating-realistic-start-up-costs/ Buckner, D. (2020). “Are we nuts? Meet Canadians who started businesses during the pandemic.” CBC News. Retrieved from: https://www.cbc.ca/news/business/dianne-buckner-entrepreneurs-pandemic-covid-19-1.5535960 Canadian Institute for Food Safety (2019). “Is it legal to operate a home food business in Toronto?”. CFIA. Retrieved from: https://www.foodsafety.ca/blog/it-legal-operate-home-food-business-toronto BUS 1041 - Individual Assignment #1: Due: Start of Wk 3’s Class via Assignment Dropbox, worth 10% of final grade Manjunath, B. (2020) “Covid-19: 8 ways in which technology helps pandemic management”. CIO.com. Retrieved from: https://cio.economictimes.indiatimes.com/news/next-gen-technologies/covid-19-8-ways-in-which-technology-helpspandemic-management/75139759 Schroeder, B. (2020). “Startup opportunities coming out of the pandemic – some are opportunistic, others will be here for a long time.” Forbes, April 9, 2020. Retrieved from: https://www.forbes.com/sites/bernhardschroeder/2020/04/09/startup-opportunities-coming-out-of-the-pandemicsome-are-opportunistic-others-will-be-here-for-a-long-time/#25e5e75c9350 “See Canada through a whole new PRIZM” (n.d.) Environics Analytics (n.d.). Retrieved from: https://prizm.environicsanalytics.com/ What are target marketing and segmentation? (n.d.). Corporate Finance Institute (n.d.) Retrieved from: https://corporatefinanceinstitute.com/resources/knowledge/strategy/market-segmentation-and-targeting/ GRADING RUBRIC FOR ASSIGNMENT #1 - BUSINESS IDEA CRITERIA Idea Proposal Proficient “A” Quality Compliant B+ to C- Quality ● Includes 3 paragraphs that cover introduction, financial overview and potential value proposition for investors (3). ● Includes Worksheet questions as headers for responses (1) ● At least 67% of responses in Worksheet are supported with in-text citation in APA style (4) ● Target market is identified/segmented, well-sized for a startup home-based business (1) ● Unmet need is clearly identified and is rational (2) ● Business idea strongly aligns with unmet need (3) ● Includes competitive advantage over competition (2) Content meets 60-77% of criteria noted in Expert level of competency. For details, see online grading rubric in Assignment Dropbox. ● Includes research on financials (e.g., startup costs) (3) ● Other pertinent item supports idea, seems rational (1) Novice/NonCompliant < C- Quality Content meets <60% of criteria noted in Expert level of competency. For details, see online grading rubric in Assignment Dropbox. Score _____/20 Idea Proposal _____/20 Idea Addresses Need That Arose from the Pandemic – Bonus +1 Demerit Points -_____/20 TOTAL _____/20 Grade in Blackboard (My Grades) will reflect 10% weight of the final grade (i.e., out of 10) Mechanics: Spelling/Grammatical Errors, non-compliance issues (e.g., MLS instead of APA style used): 0.1 point deduction each - no maximum limit on demerit points. Late Submission: 10% per day, max. 5 days. See Philip’s Tip Sheet in Resource Folder (to be uploaded) NB: Work containing plagiarized content will receive a default grade of zero and students’ names will be registered with the GBC Academic Integrity Breach Portal. BUS 1041 - Individual Assignment #1: Due: Start of Wk 3’s Class via Assignment Dropbox, worth 10% of final grade Worksheet - Questionnaire to Guide Business Idea Proposal Adapted from: https://smallbusinessbc.ca/wp-content/uploads/resource_files/Evaluate_Your_Business_Idea.pdf Completion of this questionnaire will help guide the development of the business idea. Include and attach research-based responses (i.e., APA-style in-text citations, references from acceptable sources) to support your work for Assignment #1. [TIP: Type responses below bold-texted questions and include worksheet in your work.] For this assignment, the term, “product”, may be used synonymously and interchangeably with the term, “service” Customer 1. Who are your customers? How many customers are there? Where are they located? Tip: Consider using this segmentation tool. [Tip: Select your target market carefully, as you lack resources to serve a large population or multiple customer segments.] 2. What benefits will your customers gain from buying/using your product/service? 3. How often will customers buy your product/service? What factors impact their purchase frequency/demand? Product 4. Identify your customers’ unmet/unsatisfied needs/problems. 5. Explain how your product/service satisfies your customers’ needs/problems. 6. Who are your competitors? How do your competitors’ product/service NOT satisfy the customers’ needs/problems? 7. How will you procure material/goods for your product/service? (i.e., raw material, goods for resale, labour for services, etc.) 8. What competitive advantage do you have over your competitors? (Tip: Should NOT be low price) 9. How easily can your product/service be duplicated? Is it worth protecting? (e.g., effort or legal restriction?) Place 10. Where are your customers located? What is the market size? (e.g., population, sales) 11. How will you distribute your product/service to customers? (Tip: Suggest B2C due to limited resources) Promotion 12. How will customers become aware about your product/service? (What media will you use to advertise?) 13. How will you acquire customers and get them to buy from you repeatedly? (Tip: NOT low price – no long term sustainability) Price 14. How much do your competitors charge for their product/service? 15. How much will you charge for your product/service? (Tip: Consider commensurate to benefits provided) 16. How much does your product/service cost? What is estimated profit margin (gross/net)? ...
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