Question

Career Planing

Research/Journal Assignment: Business Plan



To complete this assignment, you will need to create an imaginary business using an original idea for a new product or new process to enhance the production of a product.



1. First start by answering the four core questions as developed by the United States Small Business Administration’s guide to writing a business plan. The questions are:

What service or product does your business provide and what needs does it fill?

Who are the potential customers for your product or service and why will they purchase it from you?

How will you reach your potential customers?

Where will you get the financial resources to start your business?

2. Complete an Executive Summary for your business plan including all of the following:



The Concept/Product

Target Market Consumers

Management

Objectives

Mission

Keys to Success



Top Scores (A–B) - The top scoring students will do the following:

Submit full answers to the four core questions, and a complete Executive summary with well developed paragraphs for the:

The Concept/Product

Target Market Consumers

Management

Objectives

Mission

Keys to Success

Create a product/process with enough explanation for the idea to produce a useful business plan.

Provide enough detail for the plan to make sense.

Submit lists and papers by the deadline.

Consistently use good spelling, grammar, punctuation and other mechanics of writing.

Middle Scores (B–C) – Students’ reports will earn middle scores if they do the following:

Submit a paper that provides partial answers to the four core questions, and an Executive summary with loosely developed paragraphs for the:

The Concept/Product

Target Market Consumers

Management

Objectives

Mission

Keys to Success

Create a product/process with enough explanation for the idea to produce a business plan.

Provide details so that a plan can be developed, but needs more explanation to make complete sense.

Submit papers within 1 week after the deadline.

Sometimes use good spelling, grammar, punctuation and other mechanics of writing.

Low scores (D–F) - Students score poorly when they:

Submit a plan with little or no detail.

Do not submit a business plan or the answers to the four core questions.

Submit papers more than 1 week after the deadline or not at all.

Do not or rarely use good spelling, grammar, punctuation and other mechanics of writing.

Answer 1

To complete the assignment, answer four core questions about your business, including the product or service provided, the target market, marketing strategies, and financial resources. Then, complete an Executive Summary with details about the concept/product, target market consumers, management, objectives, mission, and keys to success.

In order to complete the assignment of creating a business plan, you will need to answer four core questions:

What service or product does your business provide and what needs does it fill? Think about what your product or service is, how it solves a problem or meets a need, and what makes it unique.

Who are the potential customers for your product or service and why will they purchase it from you? Consider your target market and what factors would make them choose your product over competitors.

How will you reach your potential customers? Think about the marketing strategies and channels you will use to connect with your target audience.

Where will you get the financial resources to start your business? Consider potential sources of funding, such as personal savings, loans, or investors.

Once you have answered these questions, you need to complete an Executive Summary for your business plan, which should include information about:

The Concept/Product - Describe your product or service in detail, including its features and benefits.

Target Market Consumers - Identify your target market and explain why they would be interested in your product or service.

Management - Provide an overview of the management team and their qualifications.

Objectives - Outline the goals and objectives of your business.

Mission - Explain the mission statement of your business.

Keys to Success - Identify the factors that will contribute to the success of your business.