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Please read carefully, only the sections in bold and underline are the sections that need to be completed. Or the bullets with Asterix before and after. This is a team project in only one fourth of the project is what Iâm asking to be completed. However, this is not only a paper but I must have the sections in a PowerPoint presentation as well.
****** also please read the attached document for the needed information two part assignment **********
Each section that is and underline should only be about 150 words per section only per bulet and as for the power points slides please make sure that the speaker notes are detailed and follow APA writing recommendations. There should only be one slide per section..
Please ask questions if you do not understand
the information in your concept statement (Week Three) to create a business plan for the teamâs entrepreneurial business.
Write a 1,050- to 1,250-word executive summary of your business plan.
the following items in your executive summary:
- Describe the entrepreneurial opportunity.
- Describe the business, product, or program planned.
- Describe the management team; each team member must play a role in the team.
***Explain how you would conduct a feasibility analysis.***
- Describe the target market.
- Explain what resources the business needs to move forward in the entrepreneurial process.
***Write a brief summary of financial projections.
Base the summary on benchmarking, research of similar types of publicly traded companies****
- Identify the forces that determine profitability in the industry.
Determine the challenges faced by the business as it grows.
- Identify how you evaluate the progress and challenges with growth.
- Determine the two best possible strategies for the growth of your business.
****Conclusion too all! ***
Create a 9- to 12-slide presentation
of your executive summary. Design the presentation as though you were pitching your business plan to investors for funding. Include detailed speakerâs notes between 45- to 90-words on each slide.
the Assignment Files tab to submit your assignment.
Entrepreneurial Business Plan: Part 2
Running head: ENTREPRENEURIAL BUSINESS PLAN: PART 1 0 Entrepreneurial Business Plan: Part 1 Entrepreneurial Business Plan: Part 1 Diabetes mellitus is a significant problem in the United States. This paper introduces a solution to the problem of sore fingers related to finger-stick blood glucose checks multiple times daily and to the opposite problem of patients who forget or choose not to check glucose levels regularly, leading to inadequate glycemic control and the resulting complications. The D-Watch is an entrepreneurial opportunity which will be introduced in this paper, and the viability of this solution will be explained. The concept statement, which includes a description of the product, approaches to assess the market of the target consumers, product profitability, and benefits, and the positioning of the D-Watch in the market will be discussed. Finally, this paper will examine the evidence supporting the needs for the D-Watch. Entrepreneurial Opportunity Diabetes mellitus impacts 29.1 million Americans and is the 7th leading cause of death in the United States of America; 86 million Americans are at risk of developing this disease (Dexcom, 2017). The D-Watch was created to provide patients and providers the opportunity to track and monitor patients’ glucose levels. Clinical studies demonstrate that the D-Watch will enable patients to reduce their hemoglobin A1C and episodes of hypoglycemia. Therefore, the D-Watch improve consumers’ glycemic control, while being more user-friendly than other methods. Opportunity Viability According to the Centers for Disease Control and Prevention (CDC) (2015), 29.1 million Americans live with diabetes mellitus, so the D-Watch has enormous potential; the D-watch could serve most of these individuals. The D-Watch will provide the instant gratification to this population by giving them their blood glucose readings every five minutes, with the ability to adjust how often the individual would like to read or review these levels. Concept Statement Product – The D-Watch The D-Watch was created with the diabetic population in mind as it helps patients to track their blood glucose levels, eating habits, and workout behaviors while also monitoring their sleep patterns. This information is valuable, as it keeps patients aware of their health, therefore empowering them to live healthier lifestyles. The risk of complications, such as peripheral neuropathy, renal failure, and retinopathy, decrease when patients have better control of their hemoglobin A1Cs. The D-Watch is a wireless device linked to a sensor that is placed on the patient’s abdomen. The sensor has a needle that will penetrate through the patient’s skin and transmit data to the smartwatch, giving real-time updates throughout the day. For consumers who already have an insulin pump, the D-Watch will have an attachment to allow for a transfer of information from the needle already in use by the pump, so there is no need for a second needle penetration in those patients. Furthermore, the D–Watch is approved by the Food and Drug Administration (FDA) and can share information with up to five individuals. The D–Watch provides many additional features, such as accessing social media, emails, and corresponding with other parties via text messaging or voice calls. Approaches to Assessing Target Market Compatibility with D-Watch The target market of the D-Watch is both health care providers, including primary care providers, certified diabetic educators, and endocrinologists, and patients with diabetes mellitus. Observing trends within multiple areas of the market is important. Social factors of trends in health, fitness, and nutrition are important in matching the opportunity for the idea. There are 21 million people in the United States who have been diagnosed with diabetes mellitus and an estimated 8.1 million who have yet to be diagnosed based on numbers from 2012 (CDC, 2015), so there are many potential consumers or users of the D-Watch. Assessing the economic trends will help determine feasibility, as this is a product that will decrease pain and will be easy to use, but not every person with diabetes will be able to afford it. The firm needs to determine if third-party payers would cover the cost of the D-Watch and if the D-Watch will be at a price point that consumers are likely to spend. As for technological trends, wearable technology is the latest thing, with watches that monitor steps and calories burned, answer phone calls, send and receive text messages, and pay for things, this would be another great use of wearable technology. It is useful while being pain-free and noninvasive. 9.3% of the United States population has diabetes mellitus (CDC, 2015), so this has quite a market base. Political action trends, as well as regulatory trends, are important to observe for the continuously changing health care climate in the United States. The firm will need to determine if the D-Watch will need approval from the Food and Drug Administration (FDA). The firm will need to conduct research in several areas, the first being a needs assessment. The company could review the literature to determine if there is anything like the D-Watch on the market. Next, focus groups of health care providers who are involved in the treatment of patients with diabetes mellitus are important as well as ones for patients living with the disease. Once the firm distributes the concept statement, there will be a short survey included after the concept statement to obtain feedback. The company also needs to determine if the product is feasible, which in part includes if the cost to develop and produce the D-Watch is low enough to sell it at a reasonable price point for consumers. Product Profitability The D-Watch will be very popular since diabetes mellitus is a difficult illness to control and everyone’s body reacts differently. By purchasing the D-Watch, it will help people with diabetes mellitus understand their glucose levels throughout the day as they eat, and these readings will be conveniently accessible through the watch. With almost 30 million (CDC, 2015) people potentially living with diabetes mellitus in the United States, this watch has the possibility of servicing at least one-third of these patients. Furthermore, the profitability will also come from the external sensor that will need to be purchased and replaced bi-weekly. Product Benefits Traditionally, patients with diabetes would have to use a lancet to prick their fingers to obtain a small drop of blood for a sample to monitor their blood glucose levels. However, it did not provide patients with the data of increases or decreases in real time; the D-Watch provides this data so that patients can make well-informed decisions about their health. For instance, patients will be able to determine their glucose levels and if it is increasing or decreasing. The D-Watch provides over 280 readings each day, without needing to do many painful finger-sticks or use another handheld device; the D-Watch with accompanying sensor does everything. It also keeps electronic records of trends that health care providers can access through an automatic transmission to patients’ electronic health records, keeping not only patients informed, but their providers as well, allowing them to collaborate to create effective and efficient health treatment plans. Positioning of the Product The D-Watch will be available through a prescription from a health care practitioner and will be extremely popular throughout the community of those living with DM. Consumers will want this watch to help prevent the painful and time-consuming blood glucose finger sticks many times throughout the day, sometimes as many as six to eight times. D-Watch will make finger stick glucose testing a thing of the past. Evidence – Societal Need Many people with diabetes mellitus have to draw blood and check their blood glucose levels up to 12 times a day or more to make sure that their glucose levels are where they should be. Finger pricking can be very painful, bothersome and upsetting, which is often why people do not check their levels as often as they should. The D-Watch is a societal need because it is not painful, and it saves money. It is also an excellent tool for healthcare providers as it could provide a simpler and cheaper alternative to both finger pricking and invasive continuous monitors. With finger pricking, you have to use disposable sample strips that can cost about twenty dollars for a pack of one hundred strips. With invasive monitors, implanted sensors are used that needs replacements on a regular basis. The D-Watch is pain free and can save you a lot of money over time; it can also allow the user to check emails and send updates from the sensor directly to providers (FDA 2016). Diversity of the Industry Diabetes mellitus is a growing issue in every population, creating an essential need for non-invasive glucose monitoring. The D-Watch could help inspire millions of people to manage their diabetes better and minimize interventions with healthcare providers. The ultimate development of this distinct product, as opposed to a finger prick, could give people the opportunity to want to monitor their glucose. Stand Out What makes the D-Watch stand out from other possibilities that may be the same as other ideas are that smart watches are similar to this tool, but smart watches have yet to come out with a glucose monitor. Other watches on the market can record steps and calories burned, but are not as sophisticated as the D-Watch with a sensor that keeps electronic records of trends that healthcare providers can access to benefit patients, improving the quality of care as well as patient compliance. Conclusion In conclusion, this paper discussed the D-Watch as a viable entrepreneurial opportunity within the health care sector for people living with diabetes mellitus. A concept statement was explained, including a description of the product, approaches to assessing the market, and profitability, benefits, and positioning of the product. It also discussed the evidence supporting the need for the D-Watch. References Center for Disease Control and Prevention. (2015). 2014 national diabetes statistics report. Retrieved from https://www.cdc.gov/diabetes/data/statistics/2014statisticsreport.html Dexcom. (2015). Dexcom introduces apps that enable the first ever continuous glucose monitoring (CGM) on the Apple Watch. Retrieved from https://www.dexcom.com/news/dexcom-continuous-glucose-monitoring-cgm-apple-watch U.S. Food and Drug Administration. (2016). Blood glucose monitoring devices. Retrieved from https://www.fda.gov/medicaldevices/productsandmedicalprocedures/invitrodiagnostics/glucosetestingdevices/
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