Reference no: EM131243785

Discussions

Part 1

1. What would be your choice if posed with the decision between starting up a new venture or buying an ongoing venture if you have an opportunity to be an entrepreneur? What are the considerations that would help you make the decision?

2. Identify a product or service and assess the business opportunity for a new venture in that market. Is there a good opportunity for a new venture? Why? How would you create value for the product or service if you were the entrepreneur of the new venture?

Part 2

1. Assume that you consider a franchising opportunity for your new venture in the fast-food industry. Assess the strengths and the weaknesses of this franchising opportunity for your new venture. Describe your decision-making process on whether franchising is a good choice for your new venture. Respond to at least two of your classmates' postings.

2. There are different legal forms of a business: corporation, limited liability company (LLC), proprietorship and the partnership. Which legal form will you choose to establish your new venture to be proposed in your Final Paper business plan? Why did you choose that particular legal form to establish your new venture? What are the strengths and the weaknesses of the legal form that you have chosen for your venture?

Part 3

1. How do you conduct the marketing research for your new venture? Describe the steps that you will be using in your Final Paper research process and identify the limitations of your research.

2. How do you set the price for your product or service? Identify at least two pricing strategies that you may be using for your start-up business and explain why you think each identified pricing strategy is beneficial to your product or service.

Part 4

1. How do you obtain your start-up capital? Identify at least three sources of your start-up capital. There are four types of loans available from banks for new ventures. Which type of loans would you prefer to borrow from banks? Explain why you prefer to borrow that particular type of loan.

2. Define sales budget and cash budget. Explain the importance of sales budget and cash budget to the owner-manager. How do you use sales budget and cash budget to control the operation of your venture? Give a detailed example of how the process of a sales budget and a cash budget would work for your venture

Part 5

1. How do you apply the MBO (Management by Objectives) process in your venture? Provide examples on how better morale will enhance productivity.

2. Identify at least three challenges of global expansion and address how you would face those challenges.

Assignment 1

Business Research

Describe a product or service for a new business venture you would like to start. Provide research from at least three sources in a two- to three-page paper on your chosen product or service and industry. Describe at least two market conditions and illustrate at least two risks that affect the market. By providing specific examples from your research, explain the specific actions required of a new business owner when starting a new business.

• Must be two to three double-spaced pages in length (not including title and references pages) and formatted according to APA style

• Must use at least three scholarly, peer-reviewed, credible sources in addition to the course text

Assignment 2

Business Concept

Prepare a two- to three-page summary of your business concept for your Final Paper. The summary should address the following elements:

• Opportunity/Potential:
• Explain the validity of the opportunity.
• Explain the market trends over the past five years.
• Explain the size of the market.
• Product/Service:
• Describe the product or service for your new business. What is the range of coverage?
• Summarize the prices and the decision-making process for determining pricing.
• Target Market:
• Define whether it is a business market or a customer market.
• Explain how your product is designed to meet the needs of your target customer.

The Business Concept paperrequirements:

• Must be two to three double-spaced pages in length (not including title and references pages) and formatted according to APA style
• Must include a separate title page with the following:

o Title of paper
o Student's name
o Course name and number
o Instructor's name
o Date submitted

Assignment 3

Customer Survey

Design a questionnaire that you will use to survey at least five potential customers to determine the level of interest in your product or service. Your survey must include a description of your product or service, and you must provide a minimum of five questions in your survey.

Potential questions to consider include:

• What do you purchase now and how do you decide what to buy?
• Are you satisfied with the current product/service offered in the current market?
• Will you be interested in the new product/service that we are offering?
• How much will you be willing to pay for the new product/service?

Prepare a summary of your survey results that addresses possible decisions that could be made regarding your product or service. Be sure to include the questions used in your survey and the responses to the survey. Do not include any personal information.

The Customer Survey paper requirements:

• Must be one to two pages double-spaced pages in length (not including the survey, responses, and title and reference pages) and formatted according to APA style

• Must use at least two scholarly sources in addition to the course text.

Assignment 4

Funding Strategies

Prepare a two- to three-page paper on funding strategies for your start up business. In your paper:

• Describe origination of funding for your business venture and include a description of the two main sources of funding (equity and debt funding).
• Explain the type of funding you think is most appropriate for your business and why it is the most appropriate.

The Funding Strategies paper requirements:

• Must be two to three double-spaced pages in length (not including title and references pages) and formatted according to APA style
• Must use at least three scholarly sources in addition to the course text.

Assignment 5

The Final Paper will demonstrate your understanding of the reading as well as the implications of new knowledge. The eight- to ten-page business plan should integrate readings and class discussions, and it should include examples from previous experiences as well as implications for future applications.

Focus of the Final Paper

Construct a business plan for a small business venture of your choosing.

Your business plan must:

1. Include an executive summary.

a. Be sure to include a description of the venture with emphasis on the unique characteristics and important aspects. The overall summary of the project's viability must be included in the executive summary.

2. Explain the organization's mission and vision statements to address the direction of the business.

3. Describe the business.

a. The description must include a history of the company and industry as well as the value to consumers.

4. Include the creation of a marketing component.

a. At a minimum, address the research analysis and the marketing strategy.

b. Tip: The research analysis identifies the target market and trends, and the marketing plan discusses market strategy, pricing, advertising, and sales.

5. Outline the research, design, and development.

a. Be sure to include developmental and technical research leading to the design of the product.

6. Explain the operations segment.

a. Be sure to focus on the location, production facilities, and equipment.

7. Explain the management perspective.

a. Address the key employees, methods of compensation, and any outside advisors.

8. Give an example of two critical risks.

a. Be sure to identify potential problems and alternative courses of action.

9. Calculate financial forecasting or revenue projections.

a. All of the following financial statements must be included and clearly labeled with relevant headings: the income statement, balance sheet, and cash flow.

10. Describe the harvest strategy.

a. This segment projects a long-term plan for how the entrepreneur(s) will benefit from the success of the venture.

11. Determine the milestone schedule.

a. Include the objectives and their deadlines.

12. Include appendices.

a. Supporting materials such as charts, tables and figures should be provided in an appendix.

The Final Paper requirements:

• Must be eight to ten double-spaced pages in length (not including title and references pages) and formatted according to APA style
• Must begin with an introductory paragraph that has a succinct thesis statement.
• Must address the topic of the paper with critical thought.
• Must provide section headers to clearly label each of the above sections (1 through 12.)
• Must use at least six scholarly sources in addition to the course text.