Part 12-
• Develop a one paragraph overview of your product or service. Then, identify at least five questions to include in a customer survey.
• Identify two attractive (growth) and two unattractive (dying) industries to enter into as a new entrepreneur. Provide your reasons for the selections.
Part 2-
• There is a vast difference between thinking up a new product idea and actually designing and manufacturing the product. Explain the nature and importance of this difference. Why do you think this task is more difficult than anticipated?
• Why do you think an operations model can serve as the cornerstone of the success of a new venture? Identify one company that has developed a unique operating model (as an example, Dell developed a very unique operating model to sell customized computers online).
Part 3-
• Your friend is getting ready to write a business plan for a new business. Your friend told you the plans are to prepare the financial statements first to get that job out of the way before the rest of the plan is developed. Explain the flaw in this approach. What value does it provide the entrepreneur to write the financial section as the last part of the business plan?
• Respond to your friend's question: "How in the world do you project income and expenses for a business that doesn't exist?"
Part 4-
• In order to develop your business plan presentation you believe it will be important to develop a catchy slogan to describe your business. Guided Response: Share your slogan with your classmates and critique the slogans presented by two of your classmates.
Focus of the Business Plan
1. Executive Summary:
a. A page of plan highlights
2. Company Description:
a. What business will you be in? What will you do? Describe the following elements:
- Mission Statement
- Company Goals and Objectives
- Business Philosophy
- Legal form of ownership
3. Product or Service:
a. Describe your product or service and the benefits it will provide for customers
- Describe the industry and how you will position your company
4. Market Analysis:
- To whom will you market your products?
- Describe pricing, promotion, distribution and forecasts for your product/service
5. Strategy and Implementation:
- Describe your most important company competitive strengths and core competencies.
- Develop an operations flow diagram to show the key steps in the production of a product or the delivery of a service
6. Management Team:
- What background experience, skills, and strengths do you personally bring to this new venture?
- Who are the key members of the team? What strengths do they bring to the venture?
- What outside assistance will you have (board of directors, board of advisors, etc?) Be specific.
7. Financial Plan:
a. Include material on the following:
- Source and use of funds sheet (how much money a firm needs, how it will raise money, and what the money will be used for)
- Assumptions sheet (explanation of the most critical assumptions that your financial statements are based on)
- Pro Forma Income Statement
- Balance Sheet
- Cash Flow Statement
- Appendices (any supporting documentation)
Writing the Final Paper
The Final Paper:
1. Must be eight to ten double-spaced pages in length and formatted according to APA style as outlined in the approved APA style guide.
2. Must include a cover page that includes:
- Title of paper
- Student's name
- Course name and number
- Instructor's name
- Date submitted
3. Must include an introductory paragraph with a succinct thesis statement.
4. Must address the topic of the paper with critical thought.
5. Must conclude with a restatement of the thesis and a conclusion paragraph.
6. Must incorporate at least six resources,
7. Must use APA style as outlined in the approved APA style guide to document all sources.