Business Plan

Complete all items 4-29 through 4-36

4- 4 4 4- Exercise Background: Part 1 of the Business Plan The starting point for any business plan is coming up with a "great idea." This might be a business that you've already considered setting up. If you don't have ideas for a business already, look around. What are some businesses with which you come into contact on a regular basis? Restaurants, childcare services, and specialty stores are a few examples you might con- sider. You may also wish to create a business that is connected with a talent or interest you have, such as crafts, cooking, or car repair. It's important that you create a company from "scratch" rather than use a company that already exists. You'll learn more if you use your own ideas. Once you have your business idea, your next step is to cre- ate an "identity" for your business. This includes determining a name for your business and an idea of what your business will do. It also includes identifying the type of ownership your business will take, topics we discussed in Chapter 3. The first part of the plan also briefly looks at who your ideal customers are as well as how your business will stand out from the crowd. Part 1 of the plan also looks at how the business will interact with the community and demonstrate social responsibility, top- ics we discussed in Chapter 2. Finally, almost all business plans today include a perspective on the impact of global business. Your Assignment STEP 1 To complete this assignment, you first need to download the Business Plan Student Template file from the book's Companion website at www.pearsonhighered.com/ebert. This is a Microsoft Word file you can use to complete your business plan. For this assignment, you will fill in "Part 1" of the plan. STEP 1 Once you have the Business Plan Student Template file, you can begin to answer the following questions in "Part 1: The Contemporary Business Environment." 4-29. What is the name of your business? Hint: When you think of the name of your business, make sure that it captures the spirit of the business you're creating 4-30. What will your business do? Hint: Imagine that you are explaining your idea to family member or a friend. Keep your description to 30 words or fewer. 4- global competition for your product? What advantages ESS you choose this form? owner in terms of age, income level, and so on? partnership, or corporation) will your business take? 4-32. Briefly describe your ideal customer. What are they like Hint: You don't have to give too much detail in this part of the plan; you'll provide more details about customers what countries and why? What challenges will you face? Hint: To help you consider issues of global business, refer to Chapter 4. Consider how you will expand internation ally (i.e., independent agent, licensing, etc.). Do you expect Note: Once you have answered the questions, save your Word document. You'll be answering additional que Hint: For more information on types of business own ship, refer to the discussion in Chapter 3. and marketing in later parts of the plan. 4-33. Why will customers choose to buy from your business instead of your competition? Hint: In this section, describe what will be unique about your business. For example, is the product special or will you offer the product at a lower price? 4-34. All businesses have to deal with ethical issues. One way to address these issues is to create a code of ethics. List three core principles your business will follow. Hint: To help you consider the ethical issues that your business might face, refer to the discussion in Chapter 2 4-35. A business shows social responsibility by respecting all of its stakeholders. What steps will you take to create a socially responsible business? Hint: Refer to the discussion of social responsibility in Chapter 2. What steps can you take to be a "good citi- zen" in the community? Consider also how you may need to be socially responsible toward your customers and, if applicable, investors, employees, and suppliers 4-36. Will you sell your product in another country? If se will foreign competitors have? tions in later chapters