Background

You need many things to succeed in owning your own business. Fortunately, you probably already have a bunch. It's also important to know what you're missing. Among the resources we need to inventory are:

The idea

Main Idea: What is it you will be doing and/or selling?

Pros?

Cons?

People - Who (including yourself) is going to be in the company to start and what skills and weaknesses do they have?

Pros?

Cons?

Cash - This is so important we'll address it in more detail throughout the course. For now, it's the money you have in hand for sure.

Pros?

Cons?

Other tangible assets - What other stuff--like computers, office furniture, and so on--do you have that you need and won't have to buy?

Pros?

Cons?

Location - Where is the business going to be located and is that a good thing?

Pros?

Cons?

There is more but we'll start with these.

Assignment

Create a document, of approximately 300 words, that addresses each of the inventory items listed above. Write pros and cons for each item you have in the inventory. This is in the nature of an exploration of what you're thinking--getting on paper the ideas you've already had as well as expanding on the basic dream--so don't worry a ton about having it super clean. Think of this as more of a brainstorming and discussion session with the instructor. You will be graded not on length but on thoroughness. Think this through. Here is an example of the minimum kind of depth we're looking for.

Example: The Idea Main Idea: Start a graphic design business online serving the needs of small business owners for online marketing materials.

Pros: I have the skills to do this. It doesn't require a lot of investment beyond tools I already have. I don't need a lot of employees. I won't have to maintain any kind of regular inventory.

Cons: There are a lot of business out there doing the same or similar things so getting a piece of the action--and keeping it--will be hard. I will be working from home so the temptation to babysit or clean house or goof off will be high.

Business Need in Area: Businesses need to have a strong online presence that is able to attract customer attention.

Other small business owners will appreciate working closely with someone who is as invested in what is happening as they are.

I feel I have a graphic design talent at creating eye-catching and effective online marketing pieces.

Example of Template being used:

Identifying Resources

The Idea

Main idea:

Pros:

Cons:

People

Person 1 name:

1. Talents, skills, availability, cost:

2. Problems:

Person 2 name:

1. Talents, skills, availability, cost:

2. Problems:

Cash

Savings:

Offered by family/friends

Other:

Other Tangible Assets

General office things:

Special equipment:

Items borrowed:

Location

Where is business to be located?

Do I need to rent?

If in a home:

Is it allowed in my area?

Do I have the needed quiet space?