Step 2 Once you have the Business Plan Student Template file, you can begin to answer the following questions in Part 1: The Contemporary Business World.

1. What is the name of your business?

Hint When you think of the name of your business, make sure that it captures the spirit of the business you're creating.

2. What will your business do?

Hint: Imagine that you aru explaining your idea to a family member or a friend. Keep your description to 30 words or fewer.

3 . What form of business ownership (sole proprietorship, partnership, or corporation) will your business take? Why did you choose this form?

Hint: For more Information on types of business ownership, rufer to the discussion In Chapter 4.

4 . Briefly describe your Ideal customer. What are they like in terms of age, Income level, and so on?

Hint: You don't have to give too much detail in this part of the plan; you'll provide moru detaUs about customers and marl

5. Why will customers choose to buy from your business instead of your competition? Hint: In this section, describe what will be unique about your business. For example, is the product spec/a/, or will you offer the product at a lower price?

6. All businesses have to deal with ethical issues. One w~ to address these issues is to create a code of ethics. Ust three core principles your business win follo.v.

Hint: To help you consider the ethical issues that your business might face, refer to the discussion in Chapter 3.

7. A business shows social responsibility by respecting all of its stakeholders. What steps will you take to create a socially responsible business?

Hint: Refer to the discussion of social responsibility in Chapter 3. What steps can you take to be a Hgood ci tizen• in the community? Consider also how you may need to be soc/aly responsible toward your customers and, if applcable, investors, employees, and suppHers .

8. Will you sell your product In another country? If so, what countries and why? What challenges will you face?

Hint: To help you consider issues of global business, refer to Chapter 5. Consider how you win expand lntematlonal/y (e.g. , Independent agent, licensing). Do you expect global competition for your product? What advantages will foreign competitors have? In Chapter 4, we discussed how the starting point for virtually every new business is a business plan.

Business plans describe the business strategy for any new business and demonstrate how that strategy will be implemented. One benefit of a business plan is that In preparing It, would-be entrepreneurs must develop their idea on paper and firm up their thinking about how to launch their business before Investing time and money in it. In this exercise, you'll get started on creating your own business plan.

Exercise Background:

Part 1 of the Business Plan The starting point for any business plan is coming up with a ~great Idea." This might be a business that you've already considered setting up. If you don't have ideas for a business already, look around. What are some businesses that you come into contact with on a regular basis? Restaurants, childcare services, and specialty stores are a few examples you might consider. You may also wish to create a business that is connected with a talent or interest you have, such as crafts, cooking, or car repair. It's important that you create a company from scratch rather than use a company that already exists. You'll learn more if you use your own ideas.