Opportunity Journal 2 - Converting Your Ideas into a Business Instructions: 1. Spend around four hours to work on this journal 2. Work individually because the idea of this exercise is for self-reflection 3. Submit the softcopy of your completed journal through LMS by the deadline date suggested in the turnitin link NOTE: COPYING ANSWERS FROM OTHER RESOURCES WITHOUT PROPER REFERENCING WILL BE TREATED AS A PLAGIARISM CASE. Reflection Point Your Thoughts What ideas do you have for a new business? You can use your idea from opportunity journal 1. NOTE: write one to two paragraphs to explain about this business idea. You at least need to identify the product/service that can be generated from the idea. What is the purpose of this product/service? How can you check whether this business idea is an opportunity or not? NOTE: You need to identify what sort of research you need to do? Who you are talking to? You might need to act on your answer above to answer the next question. On a separate page, provide the opportunity checklist for your business. If you transform the opportunity into a business, describe your business model: What are your primary sources of revenue? What are your main costs components? NOTE: write one to two paragraphs to justify your answer above In term of entry strategy, identify a small and feasible market test before you launch your business. NOTE: write one to two paragraphs to answer and explain your rationale. Opportunity Checklist NOTE: Please see the Opportunity Checklist on LMS that can help you completing this checklist. In the bottom of the table, you might need to put points to justify your answers. CUSTOMER YOUR OPPORTUNITY PTA Demographics …. PTA Psychographics …. Market Size (Number) …. Market growth (Rate) …. Gross Margin (Percentage – approximate) …. Frequency of Purchase (approximate) …. Operating Expenses (components only) …. Volume of Sales (annually or monthly or daily) …. COMPETITORS YOUR OPPORTUNITY Number of direct competitors (approximate), including their names if possible. …. Number of indirect competitors (approximate), including their names if possible. …. Strength of main competitors …. VENDORS YOUR OPPORTUNITY The main vendors (type of business or business name if possible) …. Relative strength of the vendors (can be in terms of Gross Margin or description) …. GOVERNMENT YOUR OPPORTUNITY Regulation for your industry …. Taxes for your industry …. NOTE: Some Justifications might be needed for the points above.