1. BP Proposal: Your Start- Up Business

For this class, you will be ‘starting’ a business of your choosing, so you must decide what business you are interested in and submit a proposal with a brief description for approval.
The constraints in selecting your business include:

• Your business must NOT be a seasonal business.
• You cannot use a franchise.
• Your business cannot be an ‘Online’ business.
• Your business must be a for-profit business.
• You must have face to face interaction with your customer.
• You cannot change your business choice after it is approved.

Be sure to select a business that you are interested in, as you will be doing research all semester on this particular industry.

Submit your proposal as a short memo (business format) describing what your business will be, where you will be located and any additional details such as; will it be a home based business or storefront?

Your business MUST be approved by me.

BE SURE TO COMPLETE THIS ASSIGNMENT AS WELL!

2. Complete Key Concept Questions in back of text chapter:

• 2-6: Explain why a prospective business founder might want to create a feasibility study or Business Model Canvas before developing a complete business plan.
• 2-7: How can spending time researching and writing a business plan save an entrepreneur time and money in the short and long term?
• 2-9: Explain why the executive summary is the most important section of any business plan.

Answer preview

Part two

2-6: Explain why a prospective business founder might want to create a feasibility study or Business Model Canvas before developing a complete business plan.

A feasibility study or Business Model Canvas is preferable before the development of a business plan since it allows the business starters to first analyze the viability of the business idea (McGrath, 2010). This means that it helps the entrepreneur to identify whether the business idea will work out or not thus saving on cost, time and heartache. During the study, the entrepreneur evaluates alternative approaches to consider so that the business idea becomes successful.

2-7: How can spending time researching and writing a business plan save an entrepreneur time and money in the short and long term?…

 

(300 words)