Assignment Objectives:
This unit focuses upon the following CLO:
Develop plan for entrepreneurial opportunity to build, buy or franchise a new venture that is viable, commercial, and marketable.
Using the above learning outcomes:
1. Distinguish quantitative criteria to assess a new venture's feasibility and potential financing.
2. Articulate the business idea and provide general guideline for the project life including development, start-up, survival, rapid-growth and early maturity phases.
3. Describe how a business will be valued to potential buyers or investors and forecast an eventual exit strategy for the business.
Assignment Task:
For the first week, you will identify your plan to start a business. You will need to identify your idea for the business.
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 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.
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