Undergraduate Paper
“Idea for a New Venture”
The paper should state and defend your specific idea. Not including references, the paper must be at least 5 pages. It may be much longer. The paper should be double spaced, except for the tables which should be in the main body of the paper and single spaced. The unique space maps should also be in the main body of the paper. You will turn the paper in online.
Carefully examine the rubric before starting the paper!!
PART 1: UNIQUE SPACE
Be sure your paper is consistent with the points made on the PowerPoint titled “Unique space maps”. Clearly label each part of the paper using the outline below as a guide!
I. KIND OF COMPANY
My idea is to bring these hard to find or limited-edition items to the consumer. It would be online website and app for consumers to input their wanted items. There would parameters such as timeframe and price range. There would be 5% commission on each item. Once I command a good market share in the business, I will speak to manufacturers directly to obtain my own allotment of goods.
II. UNIQUE IDEA
Briefly summarize, in at most five sentences, your unique idea. Specifically, compare it to the competition and/or substitutes in terms of 1) any important unique features you are adding or deleting, 2) any unique benefit(s) you are adding or deleting, and 3) any cost associated with benefits that you are adding or deleting. Note this section is meant to provide an overview so that the reader can easily and quickly understand the idea. You do not need to go into detail here, for example, by mentioning specific competitors or substitutes.
III. UNIQUE SPACE MAP 1
A. Unique space map description
Include your unique space map in the main body of the paper. The map should show competitors and/or substitutes. In a few sentences summarize the map.
B. The Y Axis
Rigorously define the benefit on the Y axis. Clearly identify the features that will deliver the benefit.
C. The X Axis
Discuss the costs on the X axis that are related to your unique benefit and that are expected to be different from competitors or substitutes. Excellent discussions will identify specific dollar amounts based upon research. Good discussions don’t need to provide specific dollar amounts; they can just mention, as compared to competitor or substitutes, added features that will lead to higher costs or eliminated features that will lead to lower costs.
D. Benefit/Cost Comparison.
Using a completed “Benefit/Cost Comparison Table” (in the main body of the paper) and the unique space map (in main body of the paper), as a guide, discuss why you think you are in a valuable unique space. You will need to discuss costs and benefits compared to competitors and/or substitutes, although again you only need to spell out specific dollar amounts if you are striving to do an excellent paper.
1. Competitor or substitute 1
i. Cost comparison
ii. Benefit comparison
iii. Explain the column you are in relative to competitor 1
2. Competitor or substitute 2
i. Cost comparison
ii. Benefit comparison
iii. Explain the column you are in relative to competitor 2
3. Etc.
IV. THREE RULES
In main body of the paper, show a completed General Rules Table.
A. Do customers desire the space?
Back this up with research. While you might support any section of the paper with research, it is especially important to support this section. Make sure to relate the desire to the unique benefit. This section of the paper is particularly important.
B. Do you have the ability to fill the space?
C. Will competitors have difficulty entering the space?
V. SUMMARY (VERY SHORT)
REFERENCES
I do not care about the specific style of references so long as you are consistent.
GRADING
See Paper Rubric.
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