Assignment
As an entrepreneur, you want to start a business. You know that the first step is to consider drafting a business plan to organize all of your ideas. For this assignment, you will be submitting a business plan for your imaginary business. For research purposes, you can choose any state for the location of your business. Your business plan should include the following:
• Introduction of the proposed business/executive summary:
• The executive summary is often considered the most important section of a business plan. This section briefly tells your reader where your company is, where you want to take it, and why your business idea will be successful. If you are seeking financing, the executive summary is also your first opportunity to attract a potential investor's interest.
• The executive summary should highlight the strengths of your overall plan and therefore be the last section you write. However, it appears first in your business plan.
• Identify and describe the type of business entity that is best for your business:
• Examples may include: Partnership, Limited Liability Company, and Corporation, for example. (For purposes of this assignment, you should not choose a Sole Proprietorship for your business entity.)
• Defend your choice of business entity. (This may include advantages/disadvantages of the selected type of business entity based on your business concept.)
• Describe the specific legal steps to be followed to successfully start the business:
• Note: Steps will vary depending on the type of business you choose and the state your business is located in.
• Good sources of research for this area include the following:
• Textbooks.
• State statutes (for example, Chapters 47 and 48 of the South Dakota Codified Laws include information on the business formation process).
• The Small Business Administration website will be helpful; it includes information on how to start a small business.
• Recommend and describe an appropriate written agreement for the particular type of entity chosen:
• Examples: Articles of incorporation, articles of organization, partnership agreement.
• A draft of a valid contract with a vendor, supplier, or customer, for example, that illustrates all elements of a contract and takes into consideration some of the topics discussed in Modules 6 and 7.
• Explain potential ethical considerations for your business, including any social responsibility plans or attitudes that your business will embrace.
• Describe a possible disagreement that could be encountered among the partners or investors and shareholders. Recommend potential resolutions (such as referring back to the formal documents like the articles of incorporation or the partnership agreement):
• Examples could include the introduction of a new product line, borrowing money for expansion, or an advertising campaign.
• Determine how the business would be terminated if a disagreement between the board of directors, shareholders, or partners could not be resolved.
Your well-written proposal should be 8-10 pages in length, not including the title or references pages. Headings and sub-headings may help you organize your work. Include at least four academic or other legitimate sources to support your findings, not including your textbook.
Portfolio Outline
I choosing the portfolio project for the domestic business. I am someone who has always been involved in business of some sort or another. I have the resistance in my head though that I am not going to be successful. I am not sure why I can't get past the thoughts of failure. Maybe it's the risk. I would like to talk about the business that I will start up in this project. I have already registered and hold an LLC for the business.
I will discuss key points such as,
• Why I wanted to start the business.
• The main mission of the business
• The standard operating procedure
• The executive summary
• The current and future goals of the company
• My business is internet based and the conflicts with society
• The ethics behind the business
• How I can help society
• How and why the consumer will want my product
• Contracts with vendors and customers alike
I have had the thoughts about this business for a very long time. I have ventured very close a few times and even had a very successful side thing going. Nothing legit, but still successful. I am not sure what has caused me to lose confidence in myself. But we are going to explore the plan that I have had hidden for a long time!