Objective: Start the business planning process for a business venture you yourself will start. Each student will peer review the weekly observation of two class mates.
Read Chapters 4 & 5 to familiarize yourself with the information you will need for the weekly observation. Next follow the weekly observation document Download weekly observation documentto prepare an essay demonstrating your understanding of the connections between chapters 4 & 5. Attach the document to this assignment. HINT 1 : Everything you write here will be useful as you complete the Live Plan Business Tool for your business later this semester/session.
Writing
In the introduction describe your business opportunity by identifying the form of ownership and industry. Specify whether the business is a franchise, merger, acquisition or innovative startup. Next, describe the products or services your business will introduce to the marketplace. Finally specify what specific skills or benefits you yourself bring to the venture.
Develop the main points of the essay by discussing the business plan.
Main point 1: Describe the specific information – as described in the textbook- needed to quantify the profit potential for your business. Define each component of the profit equation – as described in your textbook. Insert or design the graphic from the textbook that demonstrates components of the profit equation. Search the internet for average profit made by businesses like yours.
Main point 2: Who do you need on your startup team? Describe each role and why the role is needed. Search the internet for businesses like yours to validate that you have the right people in mind. What evidence can you provide that you are on the right track about human resources?
Main point 3. Describe the financing plan for the business. Define the financing options explained in your textbook. How are businesses like yours typically financed and why? Find a source on the internet that validates your statement/assumption.
The conclusion will consist of a call to action to potential investors by discussing the growth potential of the business, the exit strategy and reiterating the financial need. Provide the success rate for businesses like yours and finally suggest to investors why your business will be different.
