See instructions below for a contextualized assignment or other "wild card" project. Read Appendix D on page 550 of our text. Write the executive summary portion of the business plan for our potential business. You may use the answers to the questions in figure D.1 (pg. 552) as a springboard. If you do not have a business of your own in mind, you may choose one of the following: 1. Bakery 2. Photo studio 3. Bed and Breakfast 4. Event Planner 5. Bike Shop 6. Pet Groomer 7. Tea shop 8. Daycare 9. Personal Trainer 10. Landscape Company Appendix D types, including local competitions, university and college competitions, and corporate and which varies in dollar amounts. For the last 30 years, at one of the largest and best known Developing a Business Plan Business Plan Competitions: More Than Just Prizes you have ever considered entering a business plan competition, there are many different social entrepreneurship contests, and each has unique benefits Aside from the honor of winning the competition, the obvious benefit is the cash prize, MIT Entrepreneurship Competition, the contest winner comes away with a generous prize of $100,000, which can easily be used as seed money to fund a business. The competition includes a series of distinct, increasing intensive contests Pitch Accelerate, and Launch Entering a competition focused on a particular industry provides targeted feedback from investors and seasoned professionals in your specific field. This may help prepare you for the igors of talking to venture capitalists and angel investors and generally becoming comfortable with pitching your business idea to others. Regardless of whether you make the short list or not, entering a business plan competition can offer entrants invaluable advice, mentoring, exposure, and support. In addition, entrants learn to articulate ideas and strategies,hone financial projections, and talk to potentiales tors. And there's no limit to the number of competitions a group can enter Many schools grant prize money that typically ranges from $5,000 to $10,000 A few of the big-money contests require winners to agree to sign over a percentage of equity in the new business, which might be a difficult decision for a would be entrepreneur. Even the entrants who do not walk away with the prize money agree that the competition provides a sounding board and unparalleled networking-all well worth the pressure and competitive environment of such a competition. With or without a win, introductions are made to a network of judges, some of whom may be willing to finance a business start-up or introduce you to other industry experts. While there can only be one winner of the competition, the networking possibilities and connections can be a winning combination. Overview Many entrepreneurs and small-business owners have written business plans to help them orga them wp and running and raise money for expansion. In this appen an why thy're important, uit decision for a would be entreprene board and unparalleled networking-all well worth the pressure and competitive environment walk away with the prize money sure that the competition provides a sounding of such a competition. With or without a win, introductions are made to a network of judges, experts. While there can only be one winner of the competition, the networking possibilities some of whom may be willing to finance a business start-up or introduce you to other industry and connections can be a winning combination. Overview Many entrepreneurs and small-business owners have written business plans to help them orga nize their businesses, get them up and running, and raise money for expansion. In this appen dix, we cover the basics of business planning: what business plans are, why they're important, and who needs them. We also explain the steps involved in writing a good plan and the major elements it should contain. Finally, we cover additional resources to get you started with your own business plan to help you bring your unique ideas to reality with a business of your own. What Is a Business Plan? You may wonder how the millions of different businesses operating in the United States and throughout the world today got their start. Often it involves a formal business plan. A business plan is a written document that defines what a company's objectives are, how those objectives will be achieved, how the business will be financed, and how much money the company expects to bring in. In short, it describes where a company is where it wants to go, and how it intends to get there