25 May HOW YOUR TEAM WILL OVERCOME THESE WEAKNESSES?
You are going to have to choose one business idea and prepare a Business Plan Proposal for approval by your instructor. Keep in mind that you may not be able to justify the viability of your idea as a business venture until you have completed the entire business plan. Your grade will not reflect whether or not the business is forecast to make a substantial profit. Rather, it will evaluate the analysis presented on the feasibility of your idea once your plan is completed and assess whether the forecasts prepared were realistic.
2. Complete the following Business Planning exercises that are provided at the end of this assignment. Make sure to include these completed exercises (need to be TYPED) with your Business Plan Proposal as you are graded on them.
• Exercise #1: Opportunity Selection
• Exercise #2: Focusing on Your Business Idea
• Exercise #3: Description of Your Business
• Exercise #4: Identifying Information Needs
3. You are now ready to prepare your Business Plan Proposal and Research Fact Sheet. The proposal should be a 4-6 page summary of your business idea. It should be typed, double-spaced and have a cover page identifying the team members who will be working on the project. This document should address the following points:
1. Description of your business idea (Refer to Business Planning Exercise 2 & 3)
2. Discussion of why your business will be successful and the strengths of your business idea (for example, does it satisfy a market gap, does it fulfill a new market trend, is it an innovation on a previous successful idea, are you confident it will have enough sustainability through its position in the product life cycle, what is its competitive advantage)?
3. Identification of some of the challenges and risks of your proposed business idea and How your team will overcome these weaknesses?
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