| Project Description: |
You are budding entrepreneurs who have decided to
start an on-line business. You approach me, an Angel investor, to solicit me to
provide funds to start-up your company. Before I will do this, I ask you to
provide me with the following:
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What is it that you are going to sell? What is your product line?
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Who is your target audience and what are the demographics for this audience
(age, number, gender, income, career, buying power, geographic region,…The ones
that are important to the sale of your product or how you identify your target
market)?
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What is your business strategy (Refer to Porter's Generic Strategies)?
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Who are your competitors? How much do they sell?
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Perform a Competitive Assessment - how are you going to get a competitive
advantage? Usually you will evaluate your competitions strengths and weaknesses
to look for ways to mitigate their strengths and exploit their weaknesses.
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Are you/How are you going to use IT to gain a competitive advantage?
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What IT features/systems do you need to support your enterprise?
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How are you going to attract and retain customers?
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Create a prototype of your site depicting how you think the site will operate
(NOTE: since this is a prototype, back end IT systems do not need to actually
work. For example, if you plan to use a database to store customer information
so that you can personalize their shopping experience, you can "hard code" an
example directly into your web site to show me how it would work - you do not
have to actually have a database and access it through your site).
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Your prototype should follow a "typical user experience."
Basically, identify something a typical user would do with this
system and then develop a prototype that would allow this typical user to
do what you identified.
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