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Network for Teaching Entrepreneurship Diagnostic Assessment


Student Information

Class Information














Your old friend Cheng has come to you for help.  Cheng knows that you are starting a course in Entrepreneurship and wants your help in creating a business plan. The following assessment is designed for you to demonstrate what you may already know about entrepreneurship by answering the following questions. If you do not know the answer to a question, take your best educated guess!

 

Cheng’s Business Idea:   Granddaughter Friday

 

Together, you will determine the feasibility of her business idea. Cheng wants to launch a housekeeping business that caters to elderly clients who live in senior residential apartments. Cheng’s grandmother lives in one of senior apartments. Cheng visits her grandma frequently and is well-known in the senior community.












Competitive Matrix

 

Cheng identifies one direct competitor Maid on Demand, a well-established service that even her grandmother uses!  Cheng needs to figure out her competitive advantage. She used the competitive matrix to compare her business to her competitors. Use this chart to answer question #12.

 

Factors

Cheng’s Business

Maid on Demand

Price

$30 for a single room (studio) apartment

$40 for a single room (studio)

Quality of Service

Excellent

Excellent

Reputation

New business (un-established)

Good

Delivery Method

Directly to customer

 

Directly to customer

 

Customer Service

Excellent

Great

Unique Factors

Knowledge of the community, waters plants, can feed and take care of pets & perform other errands

Experienced, has several employees

 



Marketing Mix

 

Use the Marketing Mix chart to answer question #14.

 








Economics of One Unit

 

Cheng’s market research shows that the average selling price to clean a studio apartment is $30. Cheng figures it will take about 60 minutes to clean the apartment. Below is her Economics of One Unit. Use it to answer questions # 21 & 22.




Fixed Expenses

 

Cheng also needs to consider her monthly expenses and how she can stay in business! The Fixed Expenses chart is a list of what she assumes will be included in her average monthly fixed expenses. Use it to answer question #24.


Income Statement

 

Cheng projects to sell 360 units in her first year. Her next step is to build her income statement. Use the Income Statement chart to answer questions #25 & 26.




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