Your concept description should be no longer than 2 full pages, single spaced, and it should give me enough information about your idea.
1 â€“ Describe the problem you are trying to solve. What is the â€œneedâ€™ in the market,
and â€œwhoâ€ is your customer?
2- Describe your solution to the above problem. What is the product/service you are trying to sell? How will your product fill the market need in step 1?
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3- Describe how you are going to make money by doing the above. What is your business model? Where will your revenue come from? How will you finance your operations?
4- What is your competitive advantage? What is so special about you or your product that will make customers choose you over the competition?(Donâ€™t tell me you are the only person who can do whatever you are thinking of. Think of customerâ€™s alternatives)
5 â€“ Who are your competitors? What are their advantages and disadvantages? How big are they?
6 â€“ What is your marketing and sales plan? How will you reach your customers? How will they know about you? How will you communicate your advantage to the customers?
7 â€“ Who is in your team? How do you plan to recruit the right people? How much time do you think it will take before your company is ready to do business?
8- Give me some financial projections. (In real life, the final plan should contain at least 3 years of balance sheet, income statement and cash flow statement, but for the purpose of this class you only need 1 year in the concept description and 2 years in the final project.)