Preliminary assessment of the business idea format: section: i. Brief description of your proposed business. Make sure it is very clear what your business is and how it works. Don’t use industry specific words or concepts without defining them. in other words, make the description is clear to anyone who reads it. ii. Provide an initial business model canvas as described in the business model generation text. iii. Provide a brief description of the following 1. Overt benefit- (what customer problem(s) are being solved?) 2. Real reason to believe – (what are your credentials for being able to solve the customer’s problem(s)? 3. Dramatic difference – (what can you do for the customers that no other firm can?) iv. Answer each of the following questions thoroughly, providing as much detail as you can. You will need specific number of customers who fit your customer profile. The United States census bureau is a great place to start. 1. Is there demand for the product or service? 2. What are the customers (i.e. profile)? Describe them using: 2 i. Demographics – such as age, income and gender. ii. Geographic – this would include – at a minimum – the number and location of potential customers. iii. Psychographics – describe why people will use your product/service. 3. Is there competition? Who? Where are they located? What are their strengths and weaknesses? 4. Why would a customer purchase your service or product? (What gives it more value than the competition?)