Reference no: EM132452575

Creating an Idea

Project Stage 1: Creating an Idea - 50 points - This is where you start creating your idea for a business you would start. Read and answer each of the items listed here (1 through 6)

Question 1. Think about what goods or services would improve your life or those of other(s). List examples:

Question 2. Decide whether you'd like to provide a product or a service.

Question 3. Identify an opportunity with an existing industry.

Question 4. State your business idea or build upon an existing business or idea.

Question 5. Conduct preliminary consumer research. Who would buy this product or service? Explain.

Developing a Swot Analysis
1. Strengths
2. Opportunities

Business Plan

Vision/Mission Statement and Goals

A. Vision Statement

• The vision/mission statements are clear summaries of where the business is headed. It describes what the business produces, who products are produced for, and unique business characteristics. It will reflect the values of the management team and the type of business culture you are trying to create.

B. Goals and Objectives

Question 1: What do you want your business to achieve? Be specific in terms of financial performance, resource commitments (time and money) and risk.

Question 2: When will various milestones be achieved?

C. Keys to Success

Question 1: What do you need, or must happen, for you to succeed?

Company Summary

• The material in this section is an introduction to the firm.

A. Company Background

Question 1: What does your business do?

Question 2: Who were the founders of the business?

Question 3: What were the important milestones in the development of the business?

B. Resources, Facilities and Equipment

Question 1: With what do you produce your products or services?

Question 2: What are the land, equipment, human and financial resources?

Question 3: Who provides them?

Question 4: How are resource providers rewarded?

C. Marketing Methods

Question 1: What is your annual sales volume in dollars and units?

Question 2: Explain how you work with others to improve returns. This may include a strategic alliance with suppliers or customers that you can leverage.

Question 3: Do you use forward contracting, options, or futures? If so, how?

Question 4: How much does it cost to produce and deliver your products and services?

Question 5: How is contracting used?

D. Management and Organization

Question 1: Who is currently on the management team?

Question 2: How have management responsibilities been divided among the management team?

Question 3: What are the lines of authority?

Question 4: Who acts as the president/CEO? spokesperson? Chief Financial Officer?

Question 5: Who determines employees' salaries and conducts performance reviews?

Question 6: What is the educational background of the management team members?

Question 7: What is the management team's reputation in the community?

Question 8: What special skills and abilities does the management team have?

Question 9: What additional skills does the management team need?

Question 10: Who are the key people and personnel that make your business run?

Question 11: Who do you go to for advice and support?

Question 12: Do management and employees have avenues for personal development?

Question 13: Sketch a diagram of lines of authority for your operation.

E. Ownership Structure

Question 1: Who are the primary stakeholders in your business?

Question 2: Describe the legal form of your company, such as partnership, proprietorship, or corporation.

Question 3: Do you need special permits to operate, or a record for inspections? If you do, please describe them.

Attachment:- finicial plan.rar