Generates a business idea and analysis it in some methods. Adam recently inherited the family restaurant from his parents as they retied to Florida. The parents have kept the place profitable and up to code in downtown St. Catharines (near FirstOntario Performing Arts Centre) for 20 years. However, the profit is thin and only because Adam and his younger brother help out from the kitchen to delivery. Adam’s brother is going to McGill medical school and leaving Adam to deal with the restaurant alone. Adam can finally do whatever he wants with this business! And he probably needs to do something soon to keep the business running. He notices many restaurants downtown as part of revitalization in St. Catharines and the greater Niagara Region (read article here，i’ll provide it later). He wants to make it “one of a kind” but is uncertain what to do. He is a Brock Kinesiology student and you know each other through Brock Dance club. He learned that you are taking entrepreneurship course and asks you for help. 1,You learned that good leaders and entrepreneurs start with why. What steps will you recommend Adam take? a,(1 pt.) Put these in order (without repeating): “generate ideas”, “conduct feasibility analysis”, “create business model”, “set goals for the business and for Adam”, and “find investment or loan”. b,(3 pts.) Explain to Adam the logic behind the steps you recommended. 2,You learned that you can brainstorm to generate business ideas. But not all ideas have the potential to become opportunities for successful businesses. You learned that there are THREE ways to identify opportunities. a, (1 pt.) Explain to Adam the TWO caveats mentioned in the textbook when identifying opportunities through observing trends. b,(3 pts.) Read the “Experience Trends” section (p.22-45) in the “Food + Drink Trends and Futures 2017” report by JWTIntelligence (open attachment here). Select ONE trend and generate ONE idea. Create a partial concept statement (concept, why the concept, and special feature – no other restaurant does this) to pitch to Adam the idea. You will not be penalized for the quality of the idea. c,(1 pt.) Using a grid to state the corresponding sections of “why, how, and what” in concept statement and in business model. 3,You learned that there are FIVE forces influencing the intensity of competitive rivalry among existing firms within an industry. a,(1 pt.) Name ONE industry (other than 72211CA) relevant to the idea you generated in question 2. Must use the official name and its NAICS Canada code at the 5-digit code level. b,(3 pts.) Locate “IBISWorld Industry Report 72211CA” from Sakai > Library Research > IBISWorld Industry Research Database. Use information from “competitive landscape > basis of competition” section of the report to assess the competitive rivalries, threat of new entry, and threat of substitution. 4,You learned that assessing the attractiveness of a target market is more difficult than assessing the attractiveness of an entire industry. a,(3 pts.) Based on the idea you generated in question 2, explain to Adam what are TAM, SAM, and SOM and who the TAM, SAM, and SOM might be.
#Generating #business #idea #analysis #methods
