This week, you will write the reason(s) you want to start this company. You begin with a situation analysis - a description of our current state of affairs and possinle changes to that status quo. Here are some items to consider:

• What is the primary problem this organization/business is attempting to solve?(Why is your business needed) Secondary problems?
• What are the ramifications of these problems in the long run? Short run?
• Include quantitative and qualitative analysis in your response.

Based on the problem identified, outline and explain the basic elements of your business. Include each of the below:

1. Clear vision, mission statement and core values

2. Specify your long- and short-term goals and any benchmarks you will use to measure your progress.

3. SMART objectives to solve the problem

4. Corresponding strategies for the objectives identified

5. Legal structure

Also, use SWOT Analysis to identify your company's weaknesses and potential threats, as well as its strengths and the potential opportunities you plan to exploit.

SWOT Analysis:

• Strengths
  • Identify strengths of the organization and answer the following questions:
    • How does this strength affect the operations of the organization?
    • How does this strength assist the company in meeting the needs of its target market(s)?
• Weaknesses
  • Identify weaknesses of the organization and answer the following questions:
    • How does this weakness affect the operations of the organization?
    • How does knowledge of this weakness assist the organization in meeting the needs of its target market(s)?
• Opportunities
  • Identify opportunities in the industry (and/or external environment) and answer the following questions:
    • How is this opportunity related to serving the needs of our target market?
    • What actions must the organization take to capitalize on this opportunity?
• Threats
  • Identify threats in the industry (and/or external environment) and answer the following questions:
    • How is this threat related to serving the needs of our target market?
    • What actions must the organization take to prevent this threat from limiting the capabilities of the organization?