For this class you will be developing different components of a business plan step by step. As a first step to coming up with your own idea for a business and writing up a business plan, write a 2- to 3-page paper addressing the following issues:
1. Discuss your own personal characteristics and how they relate to the key traits and characteristics of an entrepreneur that you read about in the Background readings. Overall, do you think your own characteristics match the “textbook” definition of an entrepreneur?
2. Come up with at least two initial ideas for a business you would be interested in starting. These ideas should be based both on your own interests and skills, and also on what kind of business you think would be successful in today’s economy. Explain why these businesses would be a good match for you, and why you think they might be successful.
NOTE: The two ideas: Online website the sells Tee-shirts and “Cross Fit” exercise gym.
For this assignment, you will be continuing to develop a business plan. For Module 1 you came up with two or three ideas, but for this assignment narrow yourself down to one idea. You have now read up more on how to identify a good business opportunity, so use what you learned from the readings to help narrow down your ideas and assess which of your ideas from your Module 1 SLP has the most promise.
Once you have decided on what kind of business you want to start, write a 3-page paper addressing the following issues:
• A detailed description of the environment your business will face, including the precise market you will be targeting.
• A list of your main competitors with their strengths and weaknesses.
• A SWOT analysis of your business idea.
NOTE: Online website the sells Tee-shirts.
Reading: Bangs, D. (2002). Financing proposal for Finestkind Seafoods, Inc., Business Planning Guide: Creating a Winning Plan for Success. Dearborn Trade, Chicago, pp. 149-155 [Ebrary]
Bangs, D. (2002). World Beat Tours business plan, Business Planning Guide: Creating a Winning Plan for Success. Dearborn Trade, Chicago, pp. 175-180 [Ebrary]
- Answer the assignment questions directly.
-Stay focused on the precise assignment questions; don't go off on tangents or devote a lot of space to general background materials.
-List supporting references and cite sources in proper format.