Business Idea
BUS 604 New Business Venture Management

Business Idea

Before the inception of any business venture an idea is born, an idea that is merely the dreams of a individual(s) who seeks to provide a new product, service, or make an existing product better. Despite the reasoning for the idea and the desire to produce and distribute a product to consumers, there is first some methodical research and analysis to assess the feasibility of the idea before this dream can become reality. Pursuits as such are explored by a certain breed of people, a person who recognizes an opportunity and is willing to organize a business venture while assuming all the risk in hopes of aspiring to reach his or her goals, these people are called entrepreneurs. (Barringer and Ireland, 2010, pg. 6) defines entrepreneurship as “the process by which individuals pursue opportunities without regard to resources they currently control.” These characteristics are essential in developing and launching a venture and are just as important as the technical aspects that make the concept operate as intended.

The purpose of this document is to allow the author to present a reflective style paper regarding the feasibility of an original business idea. In doing so this document will encompass but is not limited to a descriptive product overview, value proposition, business model, and a market size and growth measurement. In addition, this document will further expand on the products comparative advantage, the management structure implemented within the organization, potential revenue growth and projections, financing requirements to begin operations, and a summary of supporting information regarding the risk involved and how to mitigate and or overcome risk. Upon the conclusion of this document the