While most of your friends in college have dreams of going into corporate positions, you have always wanted to start your own business and be your own boss. After some preliminary study at the US Small Business Administration site, you see one of the first steps in starting a business is to develop a comprehensive business plan. This step is vital in laying out a strategy for success and in acquiring funding for the business. Your personal dream has been to market a new product with one of your friends.
You’ll need to borrow money to start the business and so you decide to write a business plans. Review the basics of the business plans at the US Small Business Administration site.
While a real business plan would be quite massive in detail, for the purposes of this exercise you’ll be addressing only a very small portion of a total business plan. To see how other businesses have written their plans, please feel free to go to the sample business plans site at B Plans Inc.
Your assignment is to develop a PowerPoint presentation presenting your idea to LA DUNN VENTURE CAPITALISTS in order to obtain funding for your business. This business can be any type of company, real or fictional, existing or brand new. If you have ever wanted to be an entrepreneur, NOW is your chance! Have a dream of owning a business? Consider this my “gift” to you to give you the time and direction to create your business plan!
Starting with a named, well- defined business:
1. State the company mission
2. Will there be a physical store or will you sell your items through the Internet (or both?)
3. What needs does your business fill and why is it different than other similar products? Why would the customer want to choose your business over competitors? Who are the potential customers for your product and why will they purchase it from you rather than your competitors?
4. How will you reach your potential customers? How will you let your potential customers know you are in business?
5. What form of business organization will you use and why? What steps will you take to obtain that form of organization?
6. What laws must you comply with regain the sale of this particular product or service?
You will be expected to have a professional presentation, suitable for meeting with a venture capital firm to seek funding. You will be graded on development of required elements including needed research as well as your overall Powerpoint presentation .
PLEASE NOTE THIS IS NOT A COMPLETE BUSINESS PLAN AND REQUIRES NO FINANCIALS. HOWEVER YOU WILL NEED TO HAVE APPROPRIATE RESEARCH TO SUPPORT YOUR CONCLUSIONS.