• Prompt: Start your own business.
1) Use at least 3 credible sources from the library databases (Business Source Premiere, IBIS World, and Mergent Online will be useful databases) to support your main claims . PR Newswires, Blogs, and wikis are inappropriate. Keep track of your sources: Cite them in the text (APA formatting) and list them in your References. Incorrect attribution causes a substantial reduction in your report grade.
2) Use basic APA 7 format.
3) The text of the report should be single-spaced, TNR font 11 or 12, 1-inch margins
4) Use correct report format. Additional information can be found at the Owl at Purdue.
5) Use left-flushed headings for each section.
6) A reference page should be added to the document. Include a References page with at least three citations in standard APA style. The References page does not count as text of the report. All sources must be cited correctly in the body of the report.
Parts of the Report:
In your report, you will include following elements:
1) Executive Summary (half page)
The purpose of an executive summary is to present an overview of a longer report to people who may not have time to read the entire document. Your goal is to summarize the important points. Do not copy and paste information from your report in the Executive Summary; use different wording (paraphrasing) in which you will cast the highlighted information in a different light, but still capture the essence of the Business Plan. The Executive Summary is written after all of the other parts are complete.
2) Purpose and audience (1 page):
i. What is the main purpose of your new business? Is there an issue within an industry or company division that you think your idea will solve? Identify the main problem here like you would in any case analysis exam.
ii. Who are you trying to convince? For example, if you are starting your own company, who are your potential investors?
iii. Will you persuade potential investors or lenders to finance a new business (obtain funding)? If you are trying to obtain funding, you will need to demonstrate credibility by documenting a solid history of financial success.
3) (Updated) Team charter (company description and strategy) (1 page).
a). Business Description: A concise (but complete) competitive description of the organization type, its products (and/or services), as well as company’s place/position (if known) in the market.
b). Define percentage and growth opportunities of each product or service.
c). Define your customer base (what is your target market?)
4) Market analysis and strategy (1 page):
Define and analyze the market, competitive climate, and potential customer; describe the new venture or the new product or service by proposing your strategy for launching the venture and managing it over time to contribute to overall profits
Here are some questions to consider:
a). Provide an analysis of the overall market and competitive climate (i.e., industry).
-What is the size of the market in the United States?
-What is the expected growth rate within the industry?
-Who are the leading competitors? What makes them a leading competitor or a threat? How will you address the competition to ensure that your company’s products/services will make a strong entry into the marketplace?
b). Provide an analysis of your potential customer
i. List a minimum of three common characteristics of your customer.
ii. Use this site here to help you initiate some general ideas, but also search the IBIS World database to obtain an in-depth view of common characteristics of your potential customer within your industry.
c). Describe the new venture or product/service. Propose a strategy for launching and managing the new product/service or venture over time (at least three years) to contribute to overall profits (segue into next section).
5) Short financial analysis: Present the company’s financial plan (1 page)—use references to support your points.
• Address the company’s financial strengths, weaknesses, opportunities, and threats (SWOT)—identify the company’s opportunity for growth. Use a graph or chart to accentuate your points.
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