Essay 2 Instructions: Entrepreneurship
To start a business, an entrepreneur would write a plan which describes/explains:
• the product ( service or good)
• the targeted customer ( the WRITE EXPERIENCE instructions mentioned this)
• a rationale as to why the target customer would buy the product ( benefits)
• cost to the customer
• initial start up costs of the business
• marketing to attract customers
• facilities/space and equipment requirements, and or production of goods
• how the business will be funded; (initial start up costs and continuing operations)
Your Targeted Business Idea Plans:
You want to start a business and perceive an opportunity in serving a rapidly growing segment of the US population over 50. The service you create must appeal to aging baby boomers 50 years old or older who are still at work (not yet retired) in professional or high level corporate careers. They work an average of 60 to 80 hours per week and make a minimum $100,000 per year. They like to look good, be social, and stay healthy. Time is a big issue for them. The rules of your business idea are as follows: any idea is acceptable at this stage; nothing should be ruled out as silly, impractical, or even antisocial; also, improvements on existing services can be considered.
Describe in detail your best business idea for this customer set. Follow the above (8 point) business plan details and provide answers to each point of the plan. Be sure to consider your chapter readings as well as additional outside information sources.