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The deliverable for this homework assignment is a Word Document Mini Business Pl
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The deliverable for this homework assignment is a Word Document Mini Business Plan that you will create for a new business concept.
THE SITUATION: You are a recent summa cum laude Business Major graduate from TopTenBusiness University. You have come up with a KILLER business concept and are eager to get it going. Despite the skeptical market for starting new businesses, you are confident if you have a good business plan, you will be able to secure the funding that you need to get your idea off the ground!!! Your business concept has a social component “baked-in” to your business model. You want to “make a profit” and “make a difference!”
THE CONCEPT -You may choose one of the following brainsparks to guide your business idea for the Final Project, or you may use your own concept. If you use your own, please make sure to get your concept approved and that you describe the concept fully in the business plan. If you use one of the following, please reference the appropriate concept:
CONCEPT 1: Clothe the world …
Develop a business concept selling a line of clothing or cosmetics/grooming good or service — e.g. shirt, shoes, pants, dress, lipstick, shampoo, …
CONCEPT 2: Watch Out Kara’s CupCakes, Here We Come!
Develop a food or beverage item for sale — cupcakes, tacos, boba, anything edible …
CONCEPT 3: No Pain, No Gain!
Develop a health relate business selling a good or service — e.g. vitamins, fitness coaching, ayurvedic therapies, …
THE MINI-BUSINESS PLAN OUTLINE (100 Points): For this project, you will be asked to write seven components of a business plan as indicated below. For each section, use the questions and actions listed to help write the sections. Also, for each section make sure to review the assignments and debriefs from the Entrepreneurship Building Blocks and associated assignments. Apply the learnings from each building blocks and follow any formats that were presented:
Develop a VIDEO ELEVATOR PITCH, in the style of Entrepreneurship Exercise 1, that targets venture capital firms in an effort to convince them to support your idea. Remember to answer the 5 key questions for an Elevator Pitch.
Write your MISSION STATEMENT. Write one standard and one socially focused mission statement for your company
Complete a BUSINESS MODEL CANVAS. Make sure that all 9 segments of the canvas are completed and decisions made across the canvas reinforce each other.
Perform a brief COMPETITIVE ANALYSIS. For this analysis, identify 3 competitors who are selling the same or similar products/services, conduct a brief competitive analysis which includes:
Who are your competitors, direct and indirect
Where do you compete, what product(s), service(s), segment(s), include market share data where possible
What are competitor strengths/weaknesses relative to you
What opportunities/threats relative to your competitor(s) do you see. What action, should you take?
Develop a Perceptual Map for your industry using two important dimensions that define your competitive space (e.g. Price & Quality) that includes your identified competitors as well as your company’s position in the defined space
Describe two TARGET MARKET SEGMENTS for your business, including rough estimate of size and revenue potential. Describe the primary characteristics (demographic, psychographic, behavioral) of customers in this market, making sure that the characteristics you identify are relevant to the business. Clearly state the reasons that make them the ideal target for your product/service. Follow the structure of the Customer Segmentation Entrepreneurship Exercise, including the following:
For each segment, identify 3 demographic characteristics
For each segment, identify 3 psychographic characteristics
For each segment, identify 3 behavioral characteristics
For each segment, a brief description of how your product satisfies the needs of the segment
Conduct a SWOT ANALYSIS, identify 2 strengths, 2 weaknesses, 2 opportunities and 2 weaknesses. Based on your SWOT analysis, identify two statements, as you did in the SWOT entrepreneurship exercise, and formulate a course of action that you will take based on the two statements. Do this for two pairs of statements. Acceptable pairs are listed below, along with a general course of action based on the selected pair
a strength and an opportunity, describe how you will use the strength to take advantage of the opportunity
a strength and a threat, describe how you will use the strength to defend against the strength
a weakness and an opportunity, describe how you will shore up the weakness so that you can take advantage of the opportunity
a weakness and a threat, describe how you will address the weakness so that you can minimize, or remove, the impact of the threat.
Conduct a simple BREAKEVEN ANALYSIS to tell me when you expect to break even. Make sure that you clearly identify your fixed costs, variable costs and unit variable costs. List any assumptions or constraints that you made to complete the calculation. Check your breakeven point to determine its viability and feasibility
MINI BUSINESS PLAN FORMAT
The document must be no more than 5-8 pages in length, double-spaced, not including the Title, Table Of Contents Pages. or any images/graphics
You must follow the outline as indicated above, i.e. the sections in your Report must match the sections above exactly and use the guidance above to write your paper.
Please include citations as appropriate.
Submit the business report by the due date indicated in the Class Calendar as a MS Word document
Upload an electronic copy of your project in CANVAS
Label your file “[LAST NAME]_Final.docx”
First and foremost, absolutely no copying and pasting of anyone else’s work from anywhere, including from the assigned reading. Responses must be written in “your own words. You will earn a failing grade on the assignment and possibly the course if a significant portion (10%+) of your assignment is plagiarized.
Review the associated Rubric for guidance on how points will be allocated.
If you have any questions about the graded components, please ask me for clarification.
I HAVE ATTACHED THE WORK THAT I HAD ALREADY DONE ,FOR THIS I HAD BEEN WORKING ON “WEEFIT” ( PLEASE SEE THE PRESENTATION ) AND ID LIKE YOU TO WORK ON THIS ONLY.
I AM ONLY SUPPOSED TO WORK ON “WEEFIT”.
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