PREPARING A BUSINESS PLAN

ASSIGNMENT ONE

Note: The suggested marking scheme for assignments will be that for each assignment,

you start out with full marks and points are deducted in three categories:

$1.$ Thoroughness $$ one point is deducted for each missing item. $($see below$).$

$2.$Feasibility $$ one point is deducted for any item that is incorrect or illogical.

$3.$ Writing $$ one point is deducted for each grammar, spelling, or style error to a

maximum of one third of the total.

BUSINESS PLAN

The goal of this course is to give you a basic understanding of the considerations involved

in deciding to enter independent business and the steps involved in starting a new

venture. Emphasis is placed on the benefits of entrepreneurship and the practical benefits

of basic business knowledge.

While you may not be currently considering starting your own business, many of you will,

at some point, adopt some form of entrepreneurial lifestyle: short$-$term contract work,

small business ownership, home$-$based self$-$employment...

Preparing a Business Plan involves far more material and activities than could ever be

covered in a single course; therefore, we will pick and choose those things that will best

bridge your needs with the learning expectations of the course.

Writing a full business plan is a huge undertaking, requiring a great investment of time and

support. If we are not prepared to do this, the assignment of this chore can serve to

discourage interest in entrepreneurship and result in submissions of such poor quality that

they may not be considered feasible. Therefore, we will focus on some key components of a

business plan working either independently or in small groups.

While group assignment plans may cut the individual workload and expose you to the

reality of working with partners, the lack of shared vision in the plan and disproportionate

contributions cause their own set of problems.

For Assignment #$1,$ you will work on the tasks outlined in Chapter One, The Business Plan,

Section $1$: The Concept and Summary as outlined in your text pages $1720.$

You may work independently or with a partner $($no more than two students per group$).$

Your completed assignment is due on Day $3$ of this module.

The suggested marking scheme for Part $1$ of the Business Plan marks the plan out of $25$

points $($since roughly $25$ separate pieces of information are required$).$ Each plan starts out

with full marks and points are deducted in three categories $($see note above$)$:

For details of the Business Plan Part $1,$ see pages $1720$ of the text. Points covered:

$1.$ nature of business; location; features $(3)$

$2.$ products or services; how specialized $(2)$

$3.$ customer groups; how specialized $(3)$

$4.$ circumstances or change; why now a good time $(2)$

$5.$ owner name$($s$)$; background; why relevant; resume$($s$)(4)$

$6.$ entrepreneurial abilities; complementary nature; personal motivation $(3)$

$7.$ minimum draw; no income period $(2)$

$8.$ legal form; ownership $\%$; rationale$(3)$

$9.$ owner role$($s$)$; partnership provisions; agreement $(3)$