Expert answer:Business Plan, management homework help (at least
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research_component___the_business_plan.docx
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RESEARCH COMPONENT—THE BUSINESS PLAN
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Use correct, formal English; avoid copying from outside
sources.
Minimum length = 1,500 words (yes, this is short for a
business plan).
Follow the textbook guidance, but you are quite free to be
creative.
Consider who (in real life) might actually read this.
Write it as a planning guide, to keep yourself on track.
Write it in a way to convince someone to loan you money.
The goal of a Business Plan Part is to write a specified segment of the business
plan in paragraph form and then get feedback from your fellow classmates about
how to improve it.
You may then use that feedback in your final draft, as part of your actual
Business Plan. Note that your Business Plan will include more information than
these three parts, taken together. Nevertheless, the three parts will add important
material and will help you complete the full plan in good form.
Business Plan Part 1(Due on January 23) : Business Mission.
• Define your business, state its mission, and explain its general strategy.
• For strategy, consider the elements of the focused firm (cf. the posted Strategy
Slides).
(Define your business, state its mission, and explain its general strategy. See the
posted outline of this part under Course Materials. For strategy, the handout provides
simple guidance, but refer to the Strategy Slides under Course Materials for deeper
insights into the nature of the focused firm and the other generic strategies. The
minimum length for this assignment is quite short (250 words), but write as much
as seems to be necessary to convey your idea accurately. There is no penalty for
writing a lot. You are the entrepreneur in this scenario, after all. You need to be
free with your ideas. You are also free to change your mind about your idea
along the way.)
Business Plan Part 2 ( Due on
): Financial Strategy.
• Refer to the textbook for different ways to acquire capital to run the business.
• Consider how your financing plan is likely to change as your business grows.
Business Plan Part 3 (Due on
): Marketing Strategy.
• Determine how you will inform your target market about your product or service.
• Consider marketing channels, legitimacy, and how your price fits your strategy.
Use formal language. Consider that this will become a part of an actual Business
Plan, which potential investors may read. If you have personal experience in a
relevant area (e.g., finance), be sure to mention it. Demonstrate your talent. Then
reply to two other students’ commentaries.
Standards
1.There is no need to cite or quote sources in this kind of commentary.
2. Above all, ensure that your writing is unique—avoid borrowing verbiage from
outside sources.
3. Minimum length = 250 words. No minimum for replies, but always add
informative value.
ENTREPRENEURSHIP Business Plan Part I:
Business Mission
The first facet of a business that requires definition is the business itself.
For the entrepreneur, this should be a straightforward solution to some
kind of problem. The solution itself may sometimes entail a degree of
complexity, but it should be easy to communicate the solution to others.
Define the business broadly enough to be resilient to changes in the
industry landscape. Buggy whip manufacturers, as the famous example
goes, have all gone out of business, but suppliers of accessories for
transportation remain a steady feature of the industrial landscape.
Define the business broadly. This will form part of your mission statement.
Be ready to define the core product or service more narrowly, as this may
have to mutate over time. Your core product or service must appeal to your
core market, which you will likewise define narrowly. Thus, a broad
business definition and a narrow product or service definition make for a
good entrepreneurial idea.
Define the core product or service narrowly. This will inform how to define your
market.
Mission Statement
Use your mission statement to achieve focus, while making it clear and
actionable to enable partners and employees to support it with their own
actions. Write your mission statement as one sentence (in fact, as one
sentence fragment, starting with the particle to). Include three parts:
• What is your product or service? This is the business, not the actual core
product or service. To provide, support, supply, make available,
offer, equip… (reserve generic strategy for #2)
• For whom will you provide the product or service? What is your
customer’s motivation? [Category:] …for professionals, families,
young people, workers, busy people, achievers… [Motivation:] …who
need, want, expect, deserve, desire, prefer, require, could benefit
from… Generic strategies (select focused firm, plus cost leader or
differentiator—but not both): [Focused firm:] …friendliness, a personal
touch, atmosphere, proximity (use your imagination!) [Cost leader:]
…value, one-stop shopping, savings, selection, economy,
competitive prices… [Differentiator:] …quality, reliability, durability,
best materials, authenticity, refinement…
• How do you provide the product or service? What channels or
configuration will you use? …by locating near the customer, through
third-party vendors, through online sales…
Strategy
Working from the strategy reference in your mission statement, explain
why you chose it and how you think it will fit #3. Remember never to mix
cost leadership and differentiation elements together. You are a focused
firm if you are small, but the choice of the cost leadership or differentiation
element is up to you.
SOME USEFUL WEBSITES FOR THIS COURSE
US Small Business Administration
…………………………………………………………………………. sba.gov Service Corps of
Retired Executives (SCORE) ………………………………………………………….
score.org National Federation of Independent Business (NFIB)
…………………………………………………. nfib.com
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