Proposal.
The focus here is to apply what you’ve learned about the needs of this cohort – third stagers – and develop a product or service designed to meet their needs – which you can operate profitably. If other businesses are already offering the service, they are established and well-funded, so you are unlikely to succeed unless yours has a clearly identifiable Competitive Advantage. This means you have to do some research on competitors. The business has to be uniquely designed to meet their needs; in other words, offering a general purpose service that anyone can use, including older adults, doesn’t qualify (e.g., Task Rabbit and Equinox may serve seniors; but their model is to serve anyone.) We will discuss the guidelines in class, so don’t worry if you have no business background!
You will present it to the class, which acts as the Shark-tank Judges. Submit a paper (up to five (5) pages) and then deliver a 5 minute PowerPoint presentation. Do not focus on things we already know e.g., how many people are aged 60-100+. Focus on what’s unique in your study: What psychological needs you’re meeting? What theories explain why the service is likely to be effective? Who are your competitors and why are you going to beat them? And using the simply financial model we’ll discuss in class, what kind of profit can you earn? Your final grade is determined by the grades on the paper and the presentation.
The focus here is to apply what you’ve learned about the needs of this cohort – third stagers – and develop a product or service designed to meet their needs – which you can operate profitably. If other businesses are already offering the service, they are established and well-funded, so you are unlikely to succeed unless yours has a clearly identifiable Competitive Advantage. This means you have to do some research on competitors. The business has to be uniquely designed to meet their needs; in other words, offering a general purpose service that anyone can use, including older adults, doesn’t qualify (e.g., Task Rabbit and Equinox may serve seniors; but their model is to serve anyone.) We will discuss the guidelines in class, so don’t worry if you have no business background!
You will present it to the class, which acts as the Shark-tank Judges. Submit a paper (up to five (5) pages) and then deliver a 5 minute PowerPoint presentation. Do not focus on things we already know e.g., how many people are aged 60-100+. Focus on what’s unique in your study: What psychological needs you’re meeting? What theories explain why the service is likely to be effective? Who are your competitors and why are you going to beat them? And using the simply financial model we’ll discuss in class, what kind of profit can you earn? Your final grade is determined by the grades on the paper and the presentation.
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