You are to assume the role of an entrepreneur looking to develop a new project. A friend has an idea for a new business but needs help developing it into a feasible venture.
Your friend rarely travels so does not own proper luggage but has an unexpected trip coming up. When the friend went to the store to purchase luggage, the prices were quite expensive for good quality. Even luggage found at discount retailers seemed pricey given the poor quality of the merchandise offered.
The friend wished that instead of purchasing luggage there was an option to rent it. The friend feels that luggage rental is a fantastic idea for a new business. Not only would it help those that cannot afford to purchase quality luggage outright, but it would also help those that do not have storage for a full set of luggage or those that need varying sizes.
The friend wants your help in developing the idea into a feasible venture. You must:
- Assess start-up requirements
- Identify capital resources needed (including operating/overhead)
- Outline basic operating procedures for the start-up
- Determine sales channels/channel strategy
