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Venture Assessment

Definition: The process of determining whether the business opportunity demonstrates profit potential.

Objective: The objective of the venture assessment is to determine if the concept offers sufficient profit potential to pursue additional investment of time and money for additional research.

Product: The product of this step is a brief description of the business model.

Business Activities: The research activities common to this step are those necessary to demonstrate the concept will generate a profit and the organization is capable of taking the product to market.

During the conceptual phase at least the following business activities must be completed:

Business Information: Completion of the conceptual venture assessment usually will result in an estimate of the revenues and costs of product sales, identification of source and use of capital for the development phase.

Assessment:

Do you have experience in launching a business enterprise?

Does this venture appear to have profit potential?

Are you the right person to commercialize the product?

Is your enterprise the right one to commercialize the product?

Have you estimated the resources (capital and service providers) required to launch your venture?

Have you researched the intellectual property considerations?

 

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The Arkansas Small Business and Technology Development Center is funded in part through a cooperative agreement with the U.S. Small Business Administration through a partnership with the University of Arkansas at Little Rock College of Business and other institutions of higher education. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. It is the goal of UALR to eliminate discriminatory harassment and to promote equal opportunity regardless of race, gender, color, national origin, sexual orientation, age, religion, veteran's status, or disability.