MKT350 Project Document #1: Introduction

Scenario

Your group has been given the task of developing, from the ground up, a proposal for a new "dot com" business. Your task is to fully develop this business concept, and then write a business plan and proposal for funding that you would present to either a banker or a "angel" who could fund it.

This new business proposal must be for something that, to the best of your and my knowledge, has not been attempted in the format that you propose. Although you may develop an e-commerce business that sells tangible products, I suspect that you will more than likely develop your business around one or more services.

Your first task is to assemble your groups. Your next task is to brainstorm and come up with several possible ideas for your business proposal. It is important to have more than one idea, in case the first one does not pan out (for whatever reason).

Once you have assembled your list of ideas, you need to research them on the internet. Using a search engine, you should search on some of the key words that describe the individual idea. You should look to see if others are already doing this type of business. You should also try to determine if your business idea has any valence and marketabililty, and whether you can build a unique business.

Your next step is to rank-order your list of prospective businesses, and select the one that is the most viable.

With business idea determined, you need to start considering a name for your enterprise. You need to go to any of the numerous domain name registrars to check for availability of names. You are limited to either a .com or .biz domain name. A good place to start your search is at Network Solutions.

It is important that you select your name carefully. You must simultaneously select a name that has a certain degree of cachet (or coolness) that will make it memorable and identifiable for your firm, as well as a name that is available.

And therein lies the problem.

Most of the good names are taken. Over 98% of the words in the English dictionary are already registered. You will thus need to derive compound words or even new words that aptly fit your business.

Do not be surprised if it takes several hours of "name dropping" to find one that is available.

The next document to be posted will include more information about buying a domain name.

Good luck!