HEMBA+Opportunity+Register

You will write ** //one// ** opportunity register for this class. An entrepreneurial opportunity must be attractive, durable, timely, and grounded in a product or service that delivers value to a group of customers. You create value for the customer and capture some of that value by selling that product or service at a price that is greater than your costs. This opportunity should be one that your current employer (or a supplier, if you're in the government) can be an adaptation of an business that is already currently being provided to a customer group or it can be a completely new experience based on epiphanies you might have during your travels (you will find that adapting existing offerings of experiences is probably much easier).

In writing up your opportunity register, please keep these criteria in mind. Be sure to use the three major headings of opportunity // type //, // description // , and // assessment //. Finally, please be sure that your idea for an opportunity is ** //legal// **.

Write your opportunity register in Word or similar processing program, then copy and paste to submit using this link.
= Outline and criteria for opportunity register  =
 * 1) Opportunity Type: Product or service
 * 2) Opportunity description: What is the product or service you are offering; what need does the product or service satisfy; who is the primary group of constituents who will want this product or service; how does the primary group of constituents currently try to fulfill their need (however imperfectly); and when, where, and how often would your constituent group use this product or service? //Note: If possible, you are strongly encouraged to incorporate photos and videos in your opportunity description; this is particularly appropriate when you are proposing a modification to an existing product or service.//
 * 3) Opportunity assessment: Drawing from your description of the opportunity, estimate potential revenues, variable costs, and necessary fixed costs that you would have to incur to pursue this opportunity. Do the numbers make it worthwhile? If not, can you revisit some assumptions to make it a profitable opportunity? Can you replicate this product or service in different geographic areas or with a second, different group of constituents?


 * Here are some graded examples from my Foundations of Entrepreneurship course, with grades and comments: **
 * Blackout Button for TV **
 * College Girl Clothing Exchange **
 * Just in Time for Christmas **
 * Moving Days Furniture Exchange **
 * Night Life Photography **

** You make the call **

 * (inspired by IBM's You Make the Call commercials from the 1980s) Read this opportunity register, then enter your assessment of the author's description on the score sheet to its right. 0 is no points, 1 is so-so, and 2 is full points. **

Opportunity Type : New Product Opportunity Description : My opportunity is for a spoon that will catch itself on bowls. This spoon is to have a variety of sizes for cooking sauces at home or just for eating bowls of soup. The model for this spoon will look similar to most other spoons except for a niche on the handle. This niche will keep the spoon from sliding down into your food. I can personally relate to the frustration of searching through sauce/soup to find my spoon in restaurants (such as Newk’s).This opportunity is targeted at customers who cook often and for those that eat out of large bowls, it would be easy to target restaurants with our spoons to be used as a utensil for customers to eat with and for the cooks to prepare the meals. The current solution to this problem is to just keep a close eye on your spoon or (like Martha Stewart suggests) place a clothespin on your stirring spoons. Although the alternative is relatively cheap, it isn’t very well known to customers and isn’t quite as attractive as my spoons will be. Problem Alternate solution Opportunity Assessment : The process of making spoons I assume will be relatively easy to accomplish. We will want to have a factory that will mass produce our product, assembly seems to be straight forward. We want these spoons to be of good quality so that restaurants and people at home will recommend our product to friends, family, and other businesses. We will produce three different types of spoons: one for chefs at home, restaurant chefs, and customers in restaurants. These three sets have different key elements. The at-home cooking spoons will need to be for standard home cookware and will be purchased not based only the quality but on style as well. We will want to sell those spoons in places such as Target, Sears, and Bed Bath and Beyond. I intend to sell these spoons in a set of 5 for $30. For our spoons targeted at restaurants the length of the spoon will vary as well as the depth of the scoop. We will sell these spoons at a similar prize and offer discounts for restaurants that buy in bulk. Lastly, our customer serving spoons will be sold mostly in bulk. For individual serving spoons I will sell specifically to restaurants in bulk. My spoons will come in packs of 70, assuming the cost to produce each spoon is around $1.50, then we will sell the packs of spoons at $210 apiece. I expect to sell to about 25,000 customers in my first year for cooking spoons which will equal $750,000 and I expect to sell about 450 units of standard sized serving spoons to restaurants which will come to $31,500. With proper advertising and cuts on costs, this opportunity could prove to be very successful. || media type="custom" key="21786770" ||
 * NeverSink Serving Spoon


 * More examples for your Consideration. Do not use these as exemplars; they are examples . Decide for yourself how well these examples fulfill the criteria above for a complete opportunity register. **
 * [|Touch-Screen Ordering]
 * [|Electronic Home Key]
 * More examples from [|Entrepreneurship Italy]