Homework: Creating a Small Business
Too often, entrepreneurs brimming with optimism and enthusiasm launch businesses destined for failure because their founders never stop to define a workable strategy that sets them apart from their competition.
Overview
With this homework, you have the opportunity to take your creative ideas to the next level and begin to develop a strategy that will form the foundation for a successful business.
Instructions
Write a 3 page paper in which you:
a. Develop an idea for a prospective small business and select a name for the company.
b. Identify its key competitors and summarize the strengths and weaknesses of one of the competitors.
c. Prepare a mission statement that encompasses the purpose of the business and considers its target market.
d. Identify the ownership form for this business, taking into consideration tax implications, liability exposure, managerial ability, and cost of formation.
Format your homework according to the give formatting requirements:
a. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
b. The response also includes a cover page containing the title of the homework, the course title, the student's name, and the date. The cover page is not included in the required page length.
c. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.
The specific course learning outcome associated with this homework is:
a. Develop a strategic plan to create a new small business.
Reference
• Norman M. Scarborough. 2015. Entrepreneurship and Effective Small Business Management. p. 106.