Description
* Discuss the legal form of business structure (sole proprietor, LLC, Corp, S-Corp) you will use for your new venture. Identify why this is an appropriate choice, listing 3 pros and 3 cons of the organizational structure you selected.
* Discuss legal considerations of your business, like securing intellectual property or patents.
* Summarize your feasibility analysis. Discuss why your idea is feasible, or not.
* List the key added benefits/competitive advantage you have over your competition
* Analyze your idea through the 5 criteria of an opportunity
1. Market size: Figure out if there is a market for the opportunity — and how big that market is.
2. Relationships: Does the business opportunity come with some relationships? For example, do you have an “in” that can help you leverage the opportunity? If you know someone who is technically minded, that can help you with certain aspects of the opportunity. What are your relationships with potential investors or customers? When you have more relationships, the opportunity is likely to run smoother.
3. Ability to Manage Cash Flow: Is there start-up funding for the business? What about ways to keep funding the business each month.
4. Management Skillset: If you are evaluating your own business opportunity, you need to be honest about what you bring to the table, and what you need to make up for.
5. Passion and Persistence: you need to make sure you have the passion and persistence for the opportunity. Will you push through even though things get a little dark?
