Question 1: Entrepreneurship Readiness (5 marks)
1a) Based on your Entrepreneurship readiness survey, you devised action plans to address your results.
Please list your entrepreneurship style, the specific areas to address (motivation, attitude, aptitude), and 2 SMART actions.
Marks are given for incorporating feedback from assignment #1 on the use of SMART format on the action steps, and how well it addresses the issues that you identified. (3 marks)
Your entrepreneurship style (Homerun, Fact Finder, … etc)
What issue you want to address: (Motivation, Attitude, Aptitude)
2 SMART actions to address the issue listed above:
1b) Based on your style and your team member styles, what are two ways that you add value to the team? (2 marks)
Marks are given for noting your own style and how you fit with your team, describe 2 specific ways that you can add to your team from strengths that you have in motivation, aptitude or motivation perspective.
Question 2: Problem & Persona (5 marks)
2a) Due to COVID, we are not able to live life as normally would, which is causing a lot of issues for many people.
Pick a persona (consumer target) who is being affected by work safety issues, and what you may be able to focus on in terms of a problem.
Write a problem statement that describes an issue potentially affecting our persona. You will need to pick a problem topic, persona and the impact.
Full marks are given for a problem statement that is in the “How might we format below and is reasonable, relevant, and specific to the persona”
Please use a different problem statement than any of your previously submitted problem statements in assignments.
How might we solve [problem topic] for [person] to address [impact on persona]? (1 marks)
2b) Provide a description of the potential persona. Include a name, and demographic and psychographic descriptors with full sentences to describe our persona. (2 marks).
2c) What is a potential impact on that the persona pertaining to the problem currently? (2 marks)
Question 3: Market Research (10 marks)
4a) List whether the following tools or data is are primary or secondary (4 marks)
You send a survey to friends
Stats from White papers
You interview a consumer
Starbucks coffee sale data
3b) True/False. Please state whether the following statements are true or false. (2 marks)
You need to spend a lot of money to gather data
You only need to talk to your persona after you have an idea
3c) List the 5 steps for market research covered in class, and provide your thoughts on the most important part, and why? Your thoughts and rationale should be in full sentences and at least 100 words. (4 marks)
Question 4: Ideation & Prioritization (15 marks)
Using your group assignment #2 business topic, pick one of the tools below that you DID NOT USE, and use the tool to ideate 5 ideas for the problem statement. Remember, it doesn’t need to be perfect at this stage, they just need to be ideas. Marks will be given for demonstrating the tool, and the ideas themselves.
From Group Assignment #2:
4a) Your Problem Statement (1 mark)
“How might we …
4b) Pick one of the tools below that you did not use and use the tool to ideate. Please show a snapshot of your full work below. Brainmapping, Mashup, 4R’s (6 marks)
4c) List 3 ideas (3 marks)
4d) Describe how would you decide between the ideas (5 marks).
Full marks given for describing the elements and the process that you would prioritize and evaluate.
Question 5: Business Model Canvas (15 marks)
Using your team business idea, provide details for the key parts of the Business Plan below. Be sure to use the class material to highlight elements to apply to your business. (15 marks)
a) Your business idea & the story of the company (1 mark)
b) Target Market: Describe your persona or ideal customers. Full sentence. (3 marks)
c) Market Feasibility: What is the industry that you are in, what is the market size in $ and growth rate potential (Needs to be supported by Secondary Research) (6 marks)
d) Competitive Analysis (SWOT) (5 marks0)