Reference no: EM133007895

Consider this: A huge number of successful businesses-such as Apple, The Cheesecake Factory, and eBay-were built around the personal passions of their founders. Consider your own personal passions. What do you love to do? What are you great at doing? Can you shape any of your interests into a business opportunity? Why or why not? Think big. For instance, if you love hanging out with friends and listening to music, a club promotion business might make sense for you. Think about it....what would be your dream business?

Specific Requirements

1. Start by briefly describing the idea for a new business that you will base your responses on when answering the questions listed below.

2. Answer the following questions as best you can, to help you begin to create a Business Plan:

a) How would you explain your business to a friend?

b) What purpose (or need) would your business serve?

c) Who would be your biggest competitor(s)?

d) How does your idea differ from those of existing businesses?

e) What is the state of the industry you are proposing to enter?

f) Who would be your targeted clients or customers?

g) How would you market your goods or services?

h) How much would you charge? How would you decide?

i) How would you finance your business?

j) How would you measure your firm's success at various points in time?

k) What characteristics qualify you to run this business? Or what would you need to learn/do before you begin your business venture?

l) What would you name your business?

3. Write a mission statement and/or slogan for your company.

4. After you have answered the questions in number 2, ask yourself whether or not you think your new business idea is viable (now or possibly in the future). Explain why or why not.