Unit 1 assignment
Overview of Course Project
This course is based on a business life cycle approach. Entrepreneurs face financial decisions every day from start up financing to ongoing operation expenses to paying taxes. Other decisions also impact finances such as hiring employees and determining how much insurance you need. Pretend that you are an entrepreneur who is planning to start a new business. This means that you will need to do the research and make a plan just as any entrepreneur would do. Thus, you will project budgets based on your research.
For this course, you will be working on one section of your final project each week. For this class, you will be starting a business. You have three choices for how you will do this: you can buy an existing business, you can purchase or license a franchise, or you can start up a business from scratch. Each choice will lead you in a different direction but you will need to make similar decisions in each case.
For this course, the textbook will guide us through the process but we will rely heavily on resources provided free to entrepreneurs from the U.S. Small Business Administration and SCORE.org. These are the tools that many entrepreneurs use to start their businesses and thus, this class will simulate a real life experience. So – let’s start at www.sba.gov and then click on Starting and Managing a business. You will also take advantage of any resources that your state offers to small businesses. Note that Units 5 & 6 will have financial statements for you to create, so you may want to look at those early.
Unit 1 Assignment:
For the first week, you will identify your plan to start a business. You will need to identify your idea for the business. If you decide to buy or license a franchise, you may find additional information from www.entrepreneur.com very helpful.
This week, you will access one of the two business plans that are provided as templates and start to complete it. You will start with a general description of the company. Use the statistics provided for your industry at https://www.sba.gov/starting-business/how-start-business/business-data-statistics to support your thought process for why this will be a successful business. Yes, even as you are preparing to start this business, you still need to know your ultimate plans for exit. Do you plan to sell for millions? Will you pass it on to your children? Will you open ownership up to the public through an Initial Public Offering (IPO)? So for this unit, you also need to identify what will happen to the business when you are no longer running it as well as how you think it will be valued at that point (we understand that this is a guesstimate but you need a plan).
Therefore, complete Section III: General Company Description of the Business Plan. Also provide a very brief overview of your marketing plan. This is not a marketing class but we need to have a general idea about the marketing so that we can include it in the financing costs and operating expenses.
Submit the business plan to your instructor.
Choose one the following templates: