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Application for NewVenture
RequiredRequired Question(s)

Hello,

Thank you for your interest in the NewVenture program. To confirm your eligibility please complete this brief confidential program application.

The program price is $700, with a scholarship of $560, your out of pocket expense will be $140.

If you have questions beyond the application, please contact us.

Brian King
bking18@emich.edu
(313) 967-9295


 
Required 1.

Please enter the information indicated below.


First Name:
Last Name:
Job Title:
Company Name:
Work Phone:
Home Phone:
Email Address:
emailaddress@xyz.com
Address 1:
Address 2:
Address 3:
City:
State/Province
(US/Canada):
Postal Code:

Required 2.

Why do you want to start your own business?

Be my own boss.
Improve my standard of living.
Freedom from working 8 am-5 pm.
I want to make an investment and collect income, without day to day involvement.
I have a product or service which solves a market need.
Required 3.

DESCRIPTION of Your Business: (e.g. Shoe Store, catering to women)

 

350 characters left.
Required 4.

Management Experience: Do you have previous management/business ownership experience? 

I have no management experience.
I have basic management knowledge but little to no experience.
I have some management experience.
I am mostly competent and skilled with solid management experience.
I am fully competent and skilled with direct management/leadership experience.
Required 5.

Readiness: Are you personally ready to start a business? 

I have not considered how this start-up will affect my life.
I know I want to start a business and I realize it will impact my life, but I don't know how.
I have talked to a few family members and am not real sure how this will affect my life.
I have talked to family and friends and am working on aligning personal and business goals.
My personal and business goals are aligned and I have total support from family and friends.
Required 6.

Technical Experience: Do you have previous experience working in this type of business? 

I have no experience in this type of business
I am in the early stages of acquiring the basic skills for providing the products/services.
I have actual experience and have the basic skills/licensure/cert-
ification for providing the products/services.
I am mostly competent, skilled, and experienced including the appropriate training/licensure/ce-
rtification to provide all products/services.
I am fully competent and skilled with significant experience including the appropriate training/licensure/ce-
rtification to produce all products/services.
Other  
Required 7.

WHAT is the critical problem(s) you are solving for your clients?

 

350 characters left.
Required 8.

WHAT products-services are you offering? (List them)

 

 

350 characters left.
Required 9.

WHO are the ideal customers that will buy your products-services? (Consumers? Businesses? List them)

 

350 characters left.
Required 10.

Start-up Cost: Do you know how much it will cost to start this business? 

I have no idea what it will cost to start the business.
It will cost $0 to $50,000.
] It will cost $50,000 to $250,000
It will cost $250,000 to $1 million.
It will cost more than $1 million.
Required 11.

Competitive Advantage: Why will people buy from you versus the competition?

I have not determined why customers will purchase our products/services over the competitors' products/services.
I have some knowledge as to why customers purchase the products/services from the competitors.
I have a basic understanding of why my products/services can compete with the products/services of the competitors.
I have a good understanding of what my products'/services' features are which allow me to compete in the market place.
I have a comprehensive understanding of my products'/services' features are (may include, capability, capacity, quality, price, longevity, technology, and customer service) which will provide a competitive advantage in the market place.
Required 12.

WHERE/ HOW will they be sold?  How will you distribute your products-services (Retail location; Wholesale; Deliver/ mail; On-line, etc.)

 

350 characters left.
Required 13.

How will you promote-advertise your products-services? (List the activiites)

 

350 characters left.
14.

Profitability

I know what a company like mine pays out in salaries, payroll, inventory and monthly expenses
I need to learn the difference between gross margin and net profit.
I need to learn the difference between variable cost and fixed cost.
I can explain what is mean by a breakeven point.
I know the typical gross margins and net profits in my industry.
Fierce competition is driving down prices and therefore net profit.
15.

Funding Sources: How do you plan to fund your new business?

I have no funds and/or no other financial resources to invest in my start-up.
I have limited funding available through banks, personal resources, or other means.
I have moderate funding available through banks, personal resources, or other means.
I have substantial funding available through banks, personal resources, or other means.
] I have personal or other readily available financial resources to invest at least 20% or more for start- up costs
I am prepared to lower my standard of living until my business is established.
16.

Credit Score: What is your personal credit rating?  

My credit rating is poor. I have little to no credit history with bankruptcies/liens/or judgments within the last ten years and/or have very high credit card balances.
My credit rating is fair. I have a good credit history with existing credit cards, auto loans, or mortgages. I consistently pay bills late (more than sixty-days). I have several high balances on credit cards.
My credit rating is good. I have a good credit history with existing credit cards, auto loans, or mortgages. I usually pay bills on time but have missed a few payments (more than sixty-days). I have some balances on credit cards.
My credit rating is very good. I have a good credit history with existing or past credit cards, auto loans, or mortgages. Many of my bills are paid on time-every time but I may have missed one to two payments within the last seven years. I have no to littl
My credit rating is excellent. I have substantial credit history with existing or past credit cards, auto loans, or mortgages. I almost always pay bills on time-every time. I have no to little balances on credit cards.
Required 17.

Estimate date you will officially start your business?

Already in business
Within three to six months
Within one year
Within two years
Required 18.

Do you have a business plan?

I have no business plan.
I have some idea of what the business needs to focus on but discussion is needed.
I have a good idea of what needs to be done to manage the business.
A written business plan exists for determining if I am on track for meeting my expected business needs.
A well-defined business plan exists to reflect all my future business needs.
Required 19.

Where will you locate your business? (City or region)

 

50 characters left.
Required 20.

If not based out of a office, select the answer that best reflects the location/type of your business.

I will be a home-based business.
I will do business on-line
I plan to purchase a building.
I plan to find an office/building to rent in the future
Required 21.

Staffing: Are you planning to hire employees for your business over the next three years? 

I am not planning to hire any employees.
I am planning to hire 1-4 employees.
I am planning to hire 5 to 25 employees.
I am planning to hire 25 to 75 employees.
I am planning to hire more than 100 employees.
Other  
Required 22.

Technology/Commercialization: At what stage of development are your products / services? 

My business will operate in a mature industry, no ongoing research and development of products or services will be needed.
I will use technology within my business that is readily available from numerous suppliers.
I plan to combine "off the shell" technologies in unique ways to serve my customers.
I plan to have full-time staff dedicated to the development of new products and services.
Required 23.

Vendor / Supplier Relationships

I do not know what suppliers I will need from which to purchase materials, products, and services.
I have a list of future suppliers.
Some of my purchase needs are available from only one to two suppliers.
I know the costs per unit, and volume pricing, and my suppliers' credit terms.
I have established relationships with my key suppliers which will give me 30 day terms.
Required 24.

Pricing: How will you price your products/services?

I do not know what price I will charge.
I have heard about some competitors' prices and am in the early stages of determining the price for my products/services.
I will charge less for my products / services than my competitors.
I know what competitors' prices are and have a good sense of what it will cost me to produce my products/services.
I have some formal research on the cost to produce the products/services and know what the competitors' prices are.
I have fully researched the total cost of the products/services and know how to set prices based on the total cost and what the market will pay.
Required 25.

Customers: Do you know who your customers are? 

I have no defined customer, customer groups and/or my customer needs to be identified.
I have a vague idea of who will be the customer but I have not determined the needs of the customer.
I understand the products/services and believe they will satisfy the needs for my potential customers.
I have some formal research of the market and, in general terms, have defined the customers and their needs that I am trying to satisfy.
I have fully researched the market and have clearly defined the customers and their needs that I am trying to satisfy.
Required 26.

Competitors: Do you know who your competitors are? 

I do not have any information on the industry or potential competitors.
I have some information about the industry/competition.
I have some information and personal knowledge about the industry/competition and a good sense of how well I can expect to compete for the same customers.
I have collected some formal information about the industry/competition and what might attract customers to my products/services.
I have fully researched the industry/competition and how well I can expect to compete for the same customers.