Section 1: Business Concept and Industry Analysis (3–4 Pages Total)
1. Business Overview (1–1.5 pages)
- Business Name: Create a unique and catchy name that reflects the nature of your business.
- Business Description: Provide a detailed description of your product or service. What problem does it solve, or what need does it fulfill?
- Mission Statement: A clear, concise statement explaining the purpose of your business. Think about why your company exists beyond making a profit.
- Vision Statement: What is your long-term goal for the business? Where do you see it in 5–10 years?
- Business Structure: Identify the legal structure of your business (sole proprietorship, partnership, LLC, corporation) and explain why you chose this structure.
- Location and Facilities: Describe where your business will operate (physical location, online, or both).
2. Target Market and Customer Profile (1 page)
- Target Market: Who are your ideal customers? Be specific about age, gender, income level, education, lifestyle, and geographic location.
- Customer Needs: What specific needs, wants, or problems does your business address?
- Market Segmentation: If applicable, identify different customer segments (e.g., budget-conscious customers vs. premium customers).
- Customer Motivation: Why will customers choose your product/service over competitors?
3. Industry and Market Analysis (1–1.5 pages)
- Industry Overview: Describe the industry your business operates in. Is it growing, stable, or declining? Provide data on market size and growth trends.
- Key Competitors: Identify at least three competitors. What products/services do they offer? What are their strengths and weaknesses?
- Market Trends: What current trends are shaping the industry? This could include technological advancements, consumer preferences, or economic factors.
- Competitive Advantage: What will set your business apart from competitors? (e.g., pricing, quality, innovation, customer service).
Tips for Success:
- Research Thoroughly: Use databases like Statista, IBISWorld, or the Small Business Administration (SBA.gov) for industry and market data.
- Be Specific: Avoid vague descriptions—quantify your market size, competitor prices, or growth trends.
- Stay Organized: Use headings and bullet points for clarity.
- Proofread: Check for grammar, spelling, and APA formatting errors.
- Formatting and Submission Guidelines
- Length: 3–4 pages (excluding title and reference pages)
- Format: APA 7th edition (12-point Times New Roman, double-spaced, 1-inch margins)
- Sources: Include at least 3 credible sources to support your market and industry analysis.
- Citations: Proper in-text citations and a reference page in APA format are required.
