submit a practice business plan based on all that you have learned this term related to the various elements of developing, organizing and running a business

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submit a practice business plan based on all that you have learned this term related to the various elements of developing, organizing and running a business. The assignment will be to create a potential business plan that could be used for a new start-up business that could be used in securing financial assistance from external sources.

Requirements for the Business Plan Assignment

1. Cover Page

Include the company name, name of owner, city, state, zip code, and the company logo.

2. Executive Summary

An executive summary is an introduction to your business. This section should be clear, concise and to the point. We recommend that you revisit this section to review your work after completing the other sections of the business plan to assure consistency and maintain accuracy. The key elements of an executive summary include descriptions of:

• Your company
• Products or services you sell
• Your audience and ideal customer
• Future of your business and your industry

3. Company Description

Provide a high-level review of your business that will help readers and potential investors understand your business model. Elements include:

• Key employees of your business, such as the CEO, President and Vice President
• Mission statement
• Details about the products or services your business will provide
• Qualities that will make your business a success

4. Market Research

Provide detailed information to show that you have a solid understanding of the industry within which your business will operate. If you have any further questions, it may be useful talking to a mentor who could offer you specific guidance.

We recommend including a description of the target customer for your business, a competitive analysis, and any legal requirements impacting your company and industry.

5. Product/Service Line

Describe in detail what your product or service is and how it will meet the needs of your customers. Explain the benefits of your product or service, the advantages it has over the competition, and its current development stage (e.g., idea, prototype).

These are the 5 elements I want to see you write up. There may be other elements related to marketing and financing but for this assignment I would like to see you focus on the organization and the products when it comes to the business plan. You can probably do this in 2-5 pages. Be creative but make sure you are realistic and grounded in the information we covered this term. Have fun with it but demonstrate you are thinking about the issues we considered this term.