NEW BUSINESS VENTURE ASSIGNMENT #2Choose a Business IdeaBusiness Model Canvas elements covered: Value Propositions, Customer Segments, Revenue StreamsYour Name: Your Business Idea:

1) Describe an idea for a new product or service that you think would do well. This can be one of the three ideas you discussed the first assignment, or something new. Write 3-5 sentences about your idea.

2) Why do you think this business is a good idea? Think: Why do you think enough people would want or need this to make it a business? Write 3-5 sentences why.

3) Value Proposition:The Value Proposition is the need that a product or service meets for the customer—in other words, how the customer benefits from using it. In 3-5 sentences, clearly and concisely tell us what the benefit of your product or service is to the customer.

4) Customer Segment:Who would be the typical customers? Customers are the people who pay you money for your product/service. Describe your ideal customer in detail (age range, where they live, gender, what they need in life, etc.). In 2-3 sentences, write a specific description.

5) Revenue Streams:Revenue streams concern how the customer will pay for the value you are giving them. For example, a real estate agent charges a 6% fee to sell your house. When you use Uber you pay someone one time for the ride based on distance. Microsoft Excel allows you to use their software for a one-time licensing fee. A food truck gives people food one time in return for money. A gym or an app sells monthly access to the gym or to the app. A landlord lets you live in their apartment temporarily in return for month rent. In 3-5 sentences, describe what price you will charge and what the customer will get for paying you that price. Note: Answer separately for each product/service that you offer (maximum of 3)