Business Idea Report

Business Idea Report – OFFT2120

Purposes

• To put into practice the writing skills you have learned and refined in OFFT2120 to compose an original document.
• To gain familiarity with a report format, including how to incorporate visual aids into text.
• To gain experience researching credible sources, synthesizing data, and presenting that information to the reader.

Assignment

In this report, you will propose an idea for a new business. The business should center on a legal product or service. While it can be similar to a product/service that already exists (e.g., a type of athletic shoe), you will need to clearly identify how your idea is significantly distinct from any in the current marketplace. Your audience will be potential investors in the business.

Your report will have the following sections. Use these section titles (the numbers are only for convenience on this document) and put them in this order.

1. Introduction to Idea & Personal Overview (approximately ½ a page): In this section, share a brief overview of your business idea. Also, give a brief personal background and any relevant qualifications you hold (do not embellish or make up information–many entrepreneurs are typical members of society who happen to have amazing ideas!). Share why you are interested in this business idea. The final component of this section should preview the rest of the report in the order the content appears.

1. Business Idea & Rationale (approximately 1 page): Now, go into more depth about the widespread problem facing the consumer and how your idea (product/service/business idea) is the solution.

To support your business idea, you need to include outside research: Your idea and rationale must be supported by no less than three credible published sources, all of which are cited appropriately in APA format. Your outside sources should show why your idea is solid and how it might fit into the current market.

1. Competition (approximately ½ a page + 1 table): Within this section, carefully describe the current competition (cite your outside, credible research in APA format) and show how your idea compares to no less than four competitors through a competitor matrix graphic. You can conduct a basic internet search to figure out who your competitors are—just use discretion in choosing sites, evaluating each for credibility. For example, you will likely get a more accurate picture of a company and its product through the company website than through an online retailer selling the product. This section should show how your idea will stand up to the competition and how it is filling a gap in the market.

1. Target Market & Marketing Plan (approximately ½ a page + 1 visual): This section describes your audience and how you will reach them. Share who you plan to sell your product/service to, being as specific as possible. While virtually anyone could purchase your product/service, is that realistic given how you will sell/market your idea? Who is your ideal customer? Give a good description of this individual. You should include a minimum of one source that shows why this audience is ideal – for example, why the demographic you chose is the best audience or how many people exist in that specific demographic.

Next, describe the best ways to communicate with your target market. This part should clarify the best medium/channel combinations to reach your audience as described in the previous paragraph and how they will be used. You need a minimum of one source to back up why you are using the channel(s) chosen.

Finally, include a visual that either helps to clarify and illustrate either your target market or your marketing plan. You should create this visual yourself but can use outside information (cite it appropriately if used).

1. Future Outlook (approximately ¼ a page): Outline your milestones (planned major goals that must be achieved for your business to succeed). Next, describe a long-term vision for this business. Identify any future products/services, as well as plans for expansion.

1. Summary (approximately ¼ a page): Wrap up your report with a brief summary of the main takeaways from each section, as well as thoughts on your business idea as a whole. Make sure you end on a strong note, reiterating why your business idea is a solid idea, as shown in the report.

Format

• Compose the report using guidelines and principles outlined in your textbook.
• Include page numbers in either the header or footer of the report. Suppress from the title page.
• Include both a title page and a table of contents for your report.
• Remember that a report uses single spacing, with a blank line between paragraphs and sections. Your margins should be 1” on all sides of the document.
• The font should be something standard like Times New Roman, Bookman Old Style, or Georgia, 11- or 12-point.
• The Letter of Transmittal is a separate assignment listed in Moodle but corresponds with this report.
• After your Summary, insert a page break, and include your References in APA format. Include a heading of References (not Works Cited nor Bibliography). This heading should match the rest of your sections.

 Final Notes

See Canvas for the Business Idea Report – Section Information & Pointers for more information and examples of items found in each section.

Your work will be will be evaluated using the Business Idea Report rubric posted in Canvas. You are encouraged to consult this document as you are writing your assignment, comparing your work against specified criteria.

You will submit your report in Moodle and to turnitin.com. The Moodle submission will be used for grading.

Due Dates

See the timeline for corresponding due dates.

Checklist of items for final product