Coming up with a good idea for starting a business is not an easy task the can be accomplished in a few hours. But as an exercise, you are required to think through some idea for business and document it in an executive summary. The executive summary should be about 2 to 4 pages.
Your business idea could be a proposal for offering a product or a service to satisfy a market need, may be from a personal experience. It could be a new idea for a product or a service, or adaptation of something current that you can innovate. Perhaps your final year engineering project.
Looking in a “Crystal Ball”, estimation of market potential and market size/volume, financial aspects from the viewpoint of cost, price, and profit estimates (note the difference between cost and price).
Finally, write some justifications so that your idea may be adopted by your group for the purpose of the Group Business Plan.
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