Julian: Business and Idea Essay

Submitted By Nastycutter1
Words: 704
Pages: 3

Business Idea Competition Criteria
• The overall feasibility and persuasiveness of the idea
• Potential for growth or overall societal benefit
• Clarity and development of the idea
• Feasibility of building and sustaining a competitive advantage
1. Idea Title: (10 Words) The idea title and the author name(s) are the only information that will be made public by the Institute if the entry is a semifinalist or finalist. The title and authors will be listed on the web site and on the event program to be available at the awards ceremony. Please do not place any information in the Idea Title section that you wish to keep private. The title should be short but descriptive. For example: "Rothman Institute-The Entrepreneur's Capital"
2. The Idea: (Max 250 Words) This field fills in the details of your business idea. Exactly what is your product or service, and how will it be used? What additional features or developments (if any) will be needed before the product or service becomes useful? Don’t be afraid to go back and change your basic idea after conducting research. Good business ideas are developed and don’t fall from the sky complete and ready to implement.
3. Customers: (Max 125 words) In this field, outline who will use your product or service, and what customer needs will be addressed by it. Why should the judges believe that your product or service will be better than those currently in existence? If the product is truly new (nothing like it exists currently) how will you persuade customers of its value? What kinds of people make the decision to buy, and how do you plan to reach those people on a large scale?
4. Competitors: (Max 125 words) New businesses almost always step on the toes of existing businesses. What businesses already sell products or services that will be negatively affected by your product or service? Why is your product or service better than what competitors are currently providing? How easy will it be for them to copy your idea? Remember that a new business is almost always weaker than existing businesses. If your idea takes customers away from others and is easily copied, you are not likely to be in business long enough to establish a competitive advantage. How will competitors respond to your market entry, and how will you protect your business from their reactions? Your idea could be a not-for-profit. Here, you will need to outline how your idea will generate enough revenue (through donations and/or other sources) to cover its costs.
5. Societal Benefit: (Max 125 words) Successful enterprises are always about more…