Written Course Assignments

1.  Feasibility Study.

According to the research, a number of critical factors are important for a new venture’s success and must be assessed in a systematic way prior to investing additional time and one’s other resources.  Those factors are summarized in “Exhibit 4.2, The Feasibility Study Outline” in the textbook, pages 93-96 and in the Appendix, Sample Feasibility Study, pages 95-98.  Your feasibility study assignment will consist of four (4) written parts designed to assess the initial financial viability of your business concept. Each written component should be two pages in length and single spaced.  The page limitation is designed to encourage you be brief but specific.  Part four will require the completion of two spreadsheets that will be attached to the assignment.

The feasibility analysis is a prelude to writing a business plan, which is more detailed and thoroughly researched and is required if a bank loan or investment funds are being sought. The purpose of the feasibility study is to assess whether or not a good idea represents a profitable business opportunity and is designed to gain sufficient information and data to provide  you with a a “go or no-go” decision in moving forward in completing a full business plan.

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For each assignment, please include the Part number, e.g. Part 1, Part 2, etc.; and please include the title of each lettered subsection in each assignment, e.g. a. b. c. etc. Also make certain that your name is on the top of the page and that your electronic submission includes your name at the beginning of the submission title e.g. Smith, J. Part 1. For your convenience, I have also included text page numbers discussing the various feasibility topics.  The assignments are as follows:

Assignment 1. 

Part 1. The Description of your Business Concept (2 pages single-spaced, please include subheadings).

1. Describe your product or service in a paragraph or two.  Ref. pages 274-279.
2. Present the Mission of your business, e.g. fundamental reason for being; and a Vision statement, what you hope your business will become.
3. Describe the features or cost benefits of your product or service. Ref. pages 188-197.
4. Describe the value benefits of your product or service. E.g. why would someone pay for or buy your product/service over your competitors.  Ref. pages 188-197
5. Will your business be 1) an online business; 2) an on-ground business; or, 3) a combination of both?  Explain.
6. Provide the six-digit NAICS (North American Industrial Classification System) number for your business.  NAICS numbers may be found at the following site:   http://www.census.gov/cgi-bin/sssd/naics/naicsrch?chart=2012

Locate the “keyword box” in the upper left hand corner and enter a keyword describing your business, e.g. health food, pet products and this will lead you to your NAICS number.

 

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Assignment 2.  

Part 2.  Customer/Industry Analysis (2 pages single-spaced, please include subheadings)

1. Describe the industry within which your business will be located and describe at least three recent trends in that industry. Note: This information and item b. following may be found using your NAICS number and in trade organization publications. Also, see Skill Modules 3.1, p. 54) and 7.2 (p. 190). And pages 18-190 and NAICS link above in assignment 1.
2. Describe the market growth rate for your product/service, i.e, what is the market demand likely to be in the next 1-3 years.  You may also try using Google or Bing for this information or trade associations (Skill Module 3.1, p.54) for your proposed business idea.
3. Describe your market segment and your market niche within that market segment, i.e. describe your customers, who they are and where they are located. Ref. pages 393-95.
4. Describe at least three of your competitors, why they are competitors and where they are located.
5. Where will you locate your business?  If a wholly online business what will you do to attract customers?
6. How will you market or promote your product/service? I.e., online sales, social media marketing, search engine optimization, personal selling, etc. Describe in detail.

    

    

   Assignment 3.   

Part 3.  Management and Operations (2 pages single-spaced, please include subheadings)

1. Describe who will be the CEO and his/her qualifications/experiences in the product/service industry, including both education and work and other relevant experiences.
2. Describe briefly how you will distribute your product or service. Ref. pages 348-358
3. Describe how many employees you will need at startup, their particular expertise (e.g. marketing, financial, operations, etc.), and how they will be paid.
4. Describe what types of external advisors you will need and how they will be paid (e.g. lawyer, accountant, etc.)
5. Describe the legal organization of your business (e.g. sole proprietor, LLC, Partnership, C Corporation, S Corporation) and reasons for selecting this legal organization form.  Ref. page 600, Table 18.5.
6. Describe unpaid advisors who will assist you during startup and 3 years thereafter.

Assignment 4. 

Part 4.  Financial Analysis and Requirements (2 pages single-spaced, please include subheading. Please cut and paste your spreadsheets into your part 4 document. Thank you!)

1. Describe your pricing strategy for your product/service. Ref. Table 9.1 page 295.
2. Describe the amount of startup funds you will need, where you will get them, and how they will be used.
3. List 3-5 assumptions governing your cash flow projections.  For a startup, assumptions are your “best educated guesses” regarding goals such as how many units you will sell and why, or what your cash flow will be at the end of each month and why, etc. will you pay yourself, what will you pay your employees, will you use full or part-time employees, what services will you outsource or contract out, etc.

    

4. Complete your startup sources and uses of funds using the “Opening Day Balance Sheet” (third bullet point under “Finance Templates”) on the following website:

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