Project Purpose:In this project, you will complete the business plan that can be used to solicit investors or financing for the new business. The purpose of this assignment is to develop the critical thinking and entrepreneurial mindset necessary to translate the idea into a money-making business. Along with critical thinking skills, you will develop research, communication and data evaluation skills.Outcomes You Will Meet by Completing This Project:
- apply the basic steps involved in developing a comprehensive business plan for both starting and operating a business by creating your own business plan
- describe and explain the environments that businesses operate in—social, economic, political, technological, environmental and legal
- develop your business vocabulary and knowledge of concepts, trends, and current issues by applying them in all course work
- demonstrate the use of software and Internet sources by researching and planning the start-up and operation of your business
- demonstrate the use of a marketing assessment process to develop a marketing plan and a marketing strategy
- analyze and explain projected financial performance, using selected financial ratios
NOTE: All submitted work is to be your original work. You may not use any work from another student, the Internet or an online clearinghouse. You are expected to understand the Academic Dishonesty and Plagiarism Policy, and know that it is your responsibility to learn about instructor and general academic expectations with regard to proper citation of sources as specified in the APA Publication Manual, 7th Ed. (Students are held accountable for in-text citations and an associated reference list only). Instructions:Using the idea chosen in Project One and the sections written in Project Three, complete your business plan by completing the operating, financial, and executive summary sections of the plan.Go back to Project 3 and using the feedback from your instructor, make improvements or updates to the first elements of the Business Plan. Then, integrate the first part of the Business Plan into this project to bring together all elements of your Business Plan.Use the format in The Elements of a Business Plan: First Steps for New Entrepreneurs except you will create an introductory letter followed by the Executive Summary as the first elements in the Business Plan. Although the document that shows the format indicates that the Executive Summary is Step 7, it is important that the Executive Summary is at the beginning of the Business Plan so that a financial institution or investor can quickly read and understand your business idea.Approach the plan as we did in class. Include the information retrieved from the research in the Action Plan as well as any other material you have gathered to complete the assignment. Be sure to compile the plan in the correct order and as directed in the class directed form. Course material and research should be used to support all conclusions.Note: Feedback received from the part two should be reflected as corrections in the final draft and will receive 5 points in the rubric.Review the PaperRead the paper to ensure all required elements are present. Use the grading rubric to ensure that you gain the most points possible for this assignment.Proofread the paper for spelling and grammatical issues, and third person writing.
- Read the paper aloud as a first measure;
- Use the spell and grammar check in Word as a second measure;
- Have someone who has excellent English skills to proof the paper;
- Consider submitting the paper to the Effective Writing Center (EWC). The EWC will provide 4-6 areas that may need improvement.
Below I will provide the feedback from the professor and I will attach the first 3 papers. Please use these to make the final paper come together.
Professor Feedback:project 1: Good Paper, uses good amount of research but more can be added. See comments in he attached. *Although you have provided ample justification for the idea you have chosen, what is missing is the reference to class reading or research which shows how would an entrepreneur go about selecting the idea. * Criterion Feedback Good justification for the existence of a market for your product, but it is not clear if this is large enough to make you decent enough profit over time and if it has an ability to grow over time. One would also be concerned about the competition. As electronic anything can be done remotely and what could keep a competitor away from your vicinity from taking away your customers? *
project 2: Paper lack rigor, analysis and use of research. Mostly high level based on generalities. Please see comments in the attached. *This paper is written in a general way with high level statements, non-specific claims with any support. It does not come across as any serious attempt to start this business, or if it is started if this can be operated, or if it would generate any income. Needs lot of work as commented throughout the attached paper. * The claim to the uniqueness ( i.e proximity to a campus) does not agree with business model for an ebook which is online business, This needs to be explained much more specifically in the context of some campus where this business will operate.
project 3: No Submission. A 5% penalty for late submission applied. The paper is not clear in many areas as commented in the attached. Please clarify and improve the Business Description and Market Analysis sections. The other two sections also need more work but are following the outline as such. Please make these improvements before using this in the Project 4 *Pricing is unclear and it is also not clear if all the costs have been accounted for such that this business would generate income. If unable to generate positive cash flow, the business is likely to not succeed. * Market Analysis is much more than just the PESTLE type of analysis. It should include sizing of this market, demographics, market characteristics, such as who all are competitors, growth rate. Ultimately, this should help determine the share of market that your business will capture, and the market in which this business swill compete. Please add. * Business description should follow the outline which includes a mission statement, description of products and services, name and legal formation of business, owners, etc. This is largely covering products and services. Add the rest of the information.
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