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It is critical.

by | Sep 21, 2022 | Business and Management

 

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You have a great idea for your business! Now it’s time to set it down on paper.
A business idea needs to come out of your head and onto the paper. Investors, the bank, lawyers, accountants and even potential customers will need information. It is critical. So this assignment gets you in the right mindset to launch your own business idea (see slides for Week 1 – Foundations of Business and Week 5 – Forms of Business); to grow your family business or your own business (see slides for Week 3- Business in the Global Environment and Week 5- Forms of Business), to expand, to develop new product lines (see slides for Week 9- Operations Management); or simply to land a job where this terminology/business language and these business skills would be required.
Make it fun and interesting and use all the great words and phrases you have been learning. Like “startup”, “shareholder”, “investor”, “venture capital”, “partner”, “company”, “market”. Make it interesting, colorful and exciting.
A basic Business Plan should be no more than 5-6 pages using a size 11 font. With those 5-6 pages, you can attach other documents like your revenue and expenses plan, photos of your product, etc etc.
Section 1. Create a Business Description
Whatever your business idea, you need to be able to describe it.
Section 2. Define Your Business Mission and Vision
Some experts believe Mission and Vision statements are outdated. Maybe not! It is a good time to consider what your business will be doing (Mission) and how you see the business making an impact (Vision). The Week 3 slides – Business in a Global Environment will assist you. Week 4 – Ethics and Corporate Social Responsibility will also help.
Section 3. Define the Products and/or Services
Detail the product and/or service in this section. If it is a product- what is it? What sizes, shapes, colors does it come in? What does it do? How does it look, feel, smell? How does it make people feel? What problem does it try to solve? How safe is it? Has it been tried? Tested? Does it meet appropriate product or service standards? Is it legal?
Section 4. Present Your Strategic Marketing Strategy and Sales Plan
Section 5. Management and Organization
Give some information about the people and skills behind your business idea? Who owns the business? Who are the experts? Who are the advisors? Who are the shareholders? Provide this info and use a simple organization chart to show the organization structure. This is covered in Week 1 – Foundation of Business; Week 2 – Economics and Business; Week 3 – Business in a Global Environment; Week 8- Marketing; Week 9- Operations Management.
Section 6. Financial Management
Business requires start-up funding and funding for product development and sales. Add to that salaries and returns to your investors. So- how are you funding your operations? What startup capital is required? Where is it coming from? Are these investors your shareholders? Are they also going to be employees? How involved would they be in the business? Estimate your revenue and your expenses for the first year. How will you cover your expenses? This is covered in the Week 10 slides – Accounting and Finance.
Conclusion
A business idea needs to come out of your head and onto the paper. Investors, the bank, lawyers, accountants and even potential customers will need information. It is critical. So this assignment gets you in the right mindset to launch your own business idea, to grow your family or your business, to expand, to develop new product lines or simply to land a job where this language and these skills would be required.

 

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