You are required to provide at least 15 “bugs” (problems/needs).
o You are asked to write down things that annoy you, things that frustrate you, and any dissatisfaction you have with the way the world around you works.
· In this portion of the Log, you simply list the problems/needs you become aware of (the description of each log should be NO more than 8 lines, 12pt Times New Roman).
· The purpose of this Log is to help you improve alertness to unsolved problems or unmet needs in the market and to increase your sensitivity to the opportunities around you.
1. Then, pick one (1) problem/need from the list and offer a solution in form of a business idea.
· You need to prepare 1 written page summary for this new business idea.
· Also include the copy of the Log of all problems/needs you have identified.
· The new business idea summary MUST address the following:
1) Customers & their problems/needs
2) Potential solution
3) Why your solution is better than existing solutions
4) Feasibility of your business idea
· Maximum of 1 single-spaced page. The page limit does not include the reference list, cover page or opportunity identification log.
· Use APA style for your references.
Grading rubrics of opportunity identification log (5 points)
1. Total number of problems identified: at least 15 problems should be identified – each log below 15 will lead to a deduction of 0.5 points;
2. Clarity of the description: the extent to which each log is clearly described:
a. Each log should clearly describe 1) what you experienced, 2) the reason for the frustration, and 3) what had been your expectation.
*For each opportunity, unclear description will lead to a deduction of marks (10%).
Grading rubrics of the new business idea summary (10 points)
Each summary should clearly describe and provide specific information on the following:
1) Customers & their problems (1 point)
2) Your solution (1 point)
3) The assessment of the solution as compared to other companies/existing solutions (4 points):
a. Uniqueness of your solution as compared to other solutions
b. Values for your customers
4) Feasibility of the solution as a business opportunity (4 points)
a. Market for your solution: your assumption and evidence supporting your proposition about the market
b. Resources needed to pursue the opportunity and availability of those resources
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