Business Plan You have been reading and learning about entrepreneurship and small business management throughout the semester.
Question:
Business Plan You have been reading and learning about entrepreneurship and small business management throughout the semester. These topics relate well to a simple business plan that you will create in this assignment. You must come up with a real or fictitious business idea and write a simple business plan as if you were trying to sell the idea to investors, loan officers, or potential business partners. Some of you may use this business plan as a road map to start your own business. This assignment offers you an opportunity to exercise your creativity. You will be doing some preliminary market research to gather the necessary information to support your conclusions. This does not mean that your analysis should be based on conjecture alone. It should be based on sound quantitative and qualitative reasoning – the insight you are gaining from the class. Your conclusions should be supported with as much real-world information as possible. For example, the price of your product or service should consider the cost to produce it, and the price people would be willing to pay for it, which is greatly influenced by the price of substitute products or services. The business plan should be four pages. It should address the following: A description of the product or service. It would be best to describe the unique attributes of your product or service that distinguish it from possible substitutes and/or competition. A justification for why there is a need for the product or service. The industry in which this business would operate. A discussion of who the potential consumers are and an estimate of the size of the market. A list of possible substitutes for the product or service and both current and potential competitors. A recommendation for the price of the product or service. An explanation of the proposed business model. It would be best to think about how the product or service will be produced and marketed. In other words, explain how you expect to make a profit. If you select a product, will you manufacture the product yourself or outsource the manufacturing to another company? Where would you produce the product? In discussing your product or service marketing, you should decide whether you will sell the product directly to consumers or have retail firms (i.e., department stores) sell it for you. You might decide to sell it over the Internet. You should explain why your chosen production and marketing methods are the best for your product or service. Here is a suggested simple business plan outline. You may choose to use your own or the software business plan package with your book. For grading purposes, it does not matter which format you use. Executive Summary Objectives Mission Keys to Success Company Summary or Business Concept Company Ownership Start-up Plan Company Locations and Facilities Market Analysis Market Size Market Growth Market Segmentation Target Customer Profile Competitors in Target Market Product and Service Description Substitutions Pricing Management Plan Organizational Structure / Ownership Management Team Management Team Gaps Operations How the business producers its products and/or services Market Plan Distribution Channels Positioning statement Pricing strategy Promotional Strategy Sales Strategy Strategic Alliances, if any Web Plan Summary (if using the Internet) Website Marketing Strategy Development Requirements Growth Plan Financial Plan Growth and Profit Cash Funds Needed Financial Assumptions
Investment Analysis and Portfolio Management
ISBN: 978-0538482387
10th Edition
Authors: Frank K. Reilly, Keith C. Brown