Task

You are about to begin an adventure that will determine your destiny. You are to plan your new business from scratch. You must begin by describing your business in aBUSINESS PLAN. You will determine what type of business you will run. To begin, you must describe your business operations: What will you provide for the customer? Who is your target customer? How will you communicate with your customer? What product and/or service will you provide? Where will your business be located? What hours will you operate? Who is your competition?

You will develop your company'sBUSINESS PLANand determine whether this endeavor will be one you wish to pursue. YourBUSINESS PLANwill provide an assessment of financial calculations and show whether it will be a profitable business.

Process

You are about to become an entrepreneur! You have chosen your line of business and it is time to develop yourBUSINESS PLAN. There areninecomponents to the plan. FOR THIS ASSIGNMENT: Outline the NINE COMPONENTS needed for your business, utilizing the resources available to you. Then, evaluate your plan and yourselfusing the Evaluation checklist.

1. Summary -- Concept
2. Vision Statement & Milestones
3. Market Analysis, Target Market and Customers
4. Competitive Analysis and Primary Competitors
5. Strategy, Strengths and Weaknesses
6. Products/Services -- Positioning
7. Marketing and Sales as well as Promotions and Publicity
8. Operations -- Management
9. Financial Statement, Balance Sheet and Cash Flow

There is no limit to the amount information you can provide for yourBUSINESS PLAN. Drafting the document will help you determine whether your business concept is feasible.

Evaluation

Evaluating yourBUSINESS PLANis the last andmost importantstep in determining whether to proceed with your business venture. Here are some questions you should consider before investing in your business.

	Is there a demand for my product/service?
	Do the financial statements predict a profit after three years?
	Am I a risk-taker?
	Am I willing to take a profit loss for 1-3 years?
	Do I need financial assistance (venture capital)?
	Am I comfortable in a leadership role?
	Can I handle personnel problems?
	Is there opportunity for growth or diversification?
	How do I manage stress?
	PREDICTION: Will I be a successful entrepreneur?

Conclusion

Developing a comprehensiveBUSINESS PLANutilizes every business application you have studied in school. Youmusthave a complete understanding of your product, customer, and finances to have a successful business. Writing yourBUSINESS PLANallows you, and others (perhaps investors), to determine your potential for success.

Resources

The following resources are Internet sites, print, and other resources that will assist you in writing yourBUSINESS PLAN. These items will provide information that will enable you to develop a document that describes the business you want to start and how it will become profitable.

http://www.sba.gov/(U.S. Small Business Administration)

http://www.sbaonline.sba.gov/SBDC/(Small Business Development Centers)

http://www.paloalto.com/common/products/(Software Resources)

http://www.sbaonline.sba.gov/starting/businessplan.html(Business Plan Outline)

http://www.businessplans.org/(Center for Business Planning)

http://www.nolo.com/encyclopedia(The Essentials of a Business Plan)

http://www.findyourdream.com/(Small Business Strategies)

http://www.businessbureau-uk.co.uk/law/law.htm(Business Procedures)

Periodicals:American Demographics Magazine

Entrepreneur Magazine

Success Magazine Online

Government: Better Business Bureau

American Statistics Index (ASI)

Federal Trade Commission

Entrepreneurship(Advanced Business Applications Textbook)

Legal Guide for Starting & Running a Small Business(Vol. 1 & 2)