1294.doc - For this assignment you will need to create a...

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For this assignment, you will need to create a business plan for a hypothetical product of your choosing. The product you imagine should be similar to an existing product (or several) with one or more variations which make it unique. This/these variations(s) should likely be in the product’s capabilities/features, but you can attempt to make a case that your approach is fundamentally different from competitors due to pricing, staffing, organization, etc. as long as you make a strong case that is supported by credible and verifiable information. You will follow the “Key Parts of the Business Plan” template laid out in the appendix to our text book exactly, including all sections and subsections as laid out below. There is also an example Business Plan on the hypothetical “Fraudian Slip” directly after the “Key Parts of the Business Plan” section which will be extremely helpful to you as you work through your plan. While the product you imagine and a few aspects of the business plan are hypothetical, the vast majority of your business plan should be firmly bolstered by scholarly sources. If you make an assertion, it needs to be supported by the academic literature. For example, if you choose to make your store hours from 9:00 AM to 9:00 PM, you need to provide the justification for this decision by means of a scholarly/credible source. This is an academic research paper and it will require a great deal of researching, reading, thinking, and synthesizing information. Your Business Plan should contain all the following sections (taken verbatim from the appendix in our course text): Executive Summary • Brief Description of the Company • Mission Statement/Value Proposition • The Product and/or Services Being Offered • Competitive Advantages • Brief Financial Forecast • Management Team • Current Advisors • Financing Requirements and Return Expected You can conceive of this particularly critical section of the plan as the “hook” that encourages the reader to examine the entire plan. The executive summary is very useful in ensuring that you, the entrepreneur, remain focused in your analysis. If you cannot briefly explain your ¬complete ¬business concept in one to two pages, then you have not thoughtfully and thoroughly analyzed the potential business. You should be clear about how you will provide value to the customers, what the value proposition is for the business, what your competitive advantage is, and how your background has prepared you for this business. History and Position of the Business to Date • The Company’s Mission • Company History from Business Conception to This Point • Management Team and Key Personnel • Business Structure This is the section of a business plan, which many entrepreneurs choose not to include. If you have created other businesses and your new business is somehow dependent on those businesses for success, then such information is important. However, for most entrepreneurial businesses, the issues highlighted here simply provide context to potential investors, clients, and/or suppliers. Market

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