Develop a venture idea that you can use as a basis for formulating a complete business plan

Objective

Develop a venture idea that you can use as a basis for formulating a complete business plan and investor pitch in the Final Project, due Week 8.

Guidelines

1. Idea Generation: Take the ideas you developed in Week 3, and summarize the key elements using the Level 1 and 2 assessments of the search model in Figure 1.2 (page 3) of the text. Conduct a preliminary screen of your ideas, answering the questions posed in Level 3 at the bottom of page 4 (3–4 pages).
2. Screen: Using the results from Item 1 above, take your ideas and apply the Level 1 screen and complete the Level 2 screen (page 44) and new venture template (innovation, value, persistence, scalability, appropriation, flexibility, and execution) (pages 47–48). After reviewing the results, select an idea to move forward with (3–4 pages).
3. Business Planning and Preparation Prework: Using the model on page 112 of the text, develop for your new venture a document that addresses Level 1 and Level 2 up through and including Level 2, Stage 1. Be sure to use the harvest model—output, input, and process; the communications and credibility checklist for entrepreneurial business plans, Table 3.1 on page 107; and Figure 3.2 as your guide in developing your answers (3–4 pages).