Essentials of Entrepreneurship Pearson eTextbook (USE BOOK) Business Project Part 1: Defining Your IdeaAnswer the questions in detail using the business model below. Please use the book to incorporate key terms.Is this a Problem Worth SolvingDescribe the key problem or unmet need that you will address for your customers. If you have a common business, such as a restaurant or nail salon, explain why your customers need your particular restaurant or nail salon. Do you offer lower prices? More convenient hours? A better location? A specialty that is not otherwise available in your area, such as a Moroccan restaurant or a late-night taco truck?If your company is doing something new and different, explain why the world needs your innovation. What is it about the existing solutions that are subpar? Maybe your new medical device avoids the need for invasive surgery to treat a serious medical condition. Or maybe you are improving on a mediocre product category — creating a better hospital gown, an easier way to de-wrinkle clothing, a more convenient way to outsource your tax preparation, and so on.If your company solves several distinct customer problems, describe them all here. You may want to rename the topic to be plural: “Problems Worth Solving.”Our SolutionExplain how your company will address the problem you identified above. What products or services do you offer, and how do they meet your customers’ need? For example, if the problem is that parking near the local college is expensive and hard to find, your solution might be a bike rental service with designated pickup and dropoff locations near both classrooms and off-campus student housing.If your company is tackling several distinct problems, describe your solutions individually here. You may want to rename the topic to be plural too: “Our Solutions.”How a business idea is intended to be used may differ from how the actual users perceive its function. In addition, buyers of products are not always the users of those products.Where will your team operate this business? And what equipment, tool, or technology is necessary for this type of business?Location and FacilitiesDescribe your company’s physical locations. This might be your office, store locations, manufacturing plants, storage facilities — whatever is relevant to your business. How much space do you have available, and how well will it meet your current and future needs?If location is important in your market, as with a restaurant or an art gallery, explain the benefits of where you are located. Do you get a lot of vehicle or foot traffic passing by? Is your target customer type heavily represented in your neighborhood’s demographics? Are you close to other key resources, such as a key supplier’s office or shipping ports or freeways?If you are working from a home office, talk about how well that is working for you. Are you planning to move to an outside office later? If so, when and why?TechnologyDescribe any important software, hardware, or other information technology that you use now or plan to use later to operate your business. That might include a point-of-sale system to take payments, an e-commerce engine for your website, a CRM solution for managing your pipeline, marketing tools for generating leads, and so on. For an industrial company, be sure to cover any industry-specific technologies that you have developed or purchased to power or manage your operations.Equipment and ToolsList any special equipment that you have or plan to acquire to do your work. This is an important component of the business plan for many industrial companies. A steel fabrication plant, for example, needs CNC lines, welding machines, drill presses, and other metalworking tools. Likewise, with a photography studio business, having the right sort of cameras, lighting rigs, editing tools, and so on is going to be key.If your forecast includes plans to make major capital expenditures — investing in another fermenting tank for your microbrewery, for instance — be sure to discuss the cost, benefits, and timing of those purchases here.Name of idea or business?The name of the startup business I propose is Desert Beach Bodz. My reason for choosing this name derives from the location of the business, and the expectation and goal of our consumers. The company’s name (Desert Beach Bodz) uses a literary technique and a form of wit to attract consumers, since there is no beach in the dessert the name alone will draw in consumers, out of sheer curiosity.What type of offering is envisioned?The type of offering that Desert Beach Bodz envisions is a shop that specializes in selling top quality athletic training supplements, apparel and workout equipment to deployed military service members and civilian contractors. .Describe your idea?Desert Beach Bodz will be a one shop for all fitness enthusiasts. The products offered will range from high quality supplement such as: vitamin supplements, protein powders, energy drinks, meal replacement bars, and pro-hormones, to workout apparel from top name sports line like: Nike, Adidas, Under Armor, and Reebok. Workout equipment will also be stocked in our stores such as weightlifting gloves, power bands, jump ropes, boxing gloves, and sport braces to name a few. Desert Beach Bodz we operated at many forward out bases (FOB’) in and around Iraq and Afghanistan.How does the user use the offering?The user will be able to use this offering by coming to one of many Desert Beach Bodz locations across the region. When they visit our shop they will be greeted by one of our highly professional fitness sells reps. who will assist in helping them find the right products for their fitness goals.Who are the users or beneficiaries?Desert Beach Bodz users will also be our beneficiaries, because after the user attains some of our quality products their life will improve because of it. We will manage this by closely examining the needs of our consumer and matching them with the right product for optimum fitness achievements.Who are the buyers or decision makers?As CEO and founder, I will ultimately be the decision maker for Desert Beach Bodz. As the company expands we will employ an experienced buyer who specializes in the fitness and supplement market.Why do you believe this idea is desirable to users?The reason I believe this idea is so desirable is because I know the users, I am the user. Being deployed overseas in many different remote locations has allowed me to understand the wants and needs of deployed personnel. Situated away from home and confined to a small base doesn’t give people many recreational options, so about 90% of deploy personnel decide to spend their time working on themselves, and what better way to do that, then to build the body of your dreams. Therefore, if they access to a shop that specializes in making fitness goal come trueWhy is the offering important to buyers?This offering is important to buyers because it gives them an alternative. Currently, our consumers can only order fitness supplements online, and with the dawdling postal service here it can take anywhere from two weeks to a month to receive any item. By using Desert Beach Bodz our users can buy the products they need direct, without the long wait.What specific knowledge, skills and/or experience do you bring to the table?The knowledge I possess is over 10 years of bodybuilding experience, which has given me the skills to understand what it takes to sculpt the body into desired form. I feel my comprehension of the industry will be viable to our users as I will be able to guide them on the right path of their fitness journey.What are the unique features of your idea that differentiate it from competitors?Desert Beach Bodz key features that will differentiate us from our competitor are wholesale pricing and direct product buying. Desert Beach Bodz will cut out the middle man and use our strategic distrubiton model to offer our users wholesale direct prices. Our pricing philosophy is simple: Low Prices Every day. Our consumers will not find a lower overall price anywhere. Our wholesale volume pricing discount structure simply cannot be beat. Secondly is our direct buying no long postal waits, our users will see today and buy today.The post Essentials of Entrepreneurship Pearson eTextbook (USE BOOK) Business Project Part 1: Defining Your Idea appeared first on Academic Essay Guru.