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Entrepreneurship Immersion Week Guidelines

Business Concept Guidelines
In the course of the week, each team is to develop a Business Concept for competitive presentation on Friday morning. A Business Concept in this sense is a thought out idea, reflecting student creativity, appropriate ideas gleaned from the week’s presentations, limited research, team working sessions and, finally, contact with potential customers and entrepreneurs. It is not a Business Plan with full Pro- Formas, detailed Market Research, etc. However, it should be a credible idea for a new business which follows certain guidelines.

Guidelines for Business Concept:
  • An idea for a business with solid growth potential, an ability to generate wealth for the entrepreneur, and new jobs for Northeast Ohio.
  • A period of three years to full regional potential operation should be considered. The idea should be capable of allowing growth beyond the three years.
  • Be either a production or service business with the level of technology open.
  • Include a description of who the business will be selling to and who will be the competition.
  • Describe the business operations, including requisite strengths, unique competencies and structure.
  • Discuss, but not necessarily quantify, what features of the business will produce profitability.
  • Discuss how and where the money will be raised to start the business.
  • Analyze the most critical issues, the vulnerability of the concept and risks associated with the business. Specify future steps needed to make it a reality.
  • Business ideas must be original and cannot be something that the Team or a student has developed prior to Immersion Week and/or already used in a classroom presentation, competition or similar activity for evaluation or feedback.
Business Concept Questions
The following questions should be answered in the business concept presentation:
  • What is your product, service or business idea?
  • Why is it different and what makes it special?
  • How will it be produced?
  • How will you sell it?
  • What start-up resources do you need?
  • How will you make money (revenue streams, a preliminary estimate of revenues in each of the first three (3) years)?
  • How much will you charge? (range is acceptable)
  • Who will buy your product/service (target market, estimate of the potential market size)?
  • Who are your competitors? What are your advantages over the competition?
  • Show how your idea is feasible in NEO (wealth or job creation or social value)
  • Any other reasons why this idea will win.
The best way to predict the future is to invent it.
eec@eecohio.org
P.O. Box 1386 Hudson, OH 44236
  • Home
  • Who We Are
    • Mission & Vision
    • CEO Message
    • Leadership >
      • Board of Directors and Staff
      • Member Representatives
    • Strategic Framework & History
    • Contact
  • What We Do
    • Programs >
      • Internships
      • Tech Side Hustle
      • Side Hustle
      • ideaLabs 2023
      • Entrepreneurship Immersion Week >
        • EIW Guidelines
        • Past EIW Results
    • For Campus Leaders
    • For Students
    • For Employers
  • Dream It, Do It Series
    • Season One >
      • Episode 1
      • Episode 2
      • Episode 3
      • Episode 4
      • Episode 5
    • Season Two >
      • Episode 1
      • Episode 2
      • Episode 3
      • Episode 4
  • News & Media
  • Web Consistency 2