Project Purpose:
In this project, you will complete the business plan that can be used to solicit investors or financing for the new business. The purpose of this assignment is to develop the critical thinking and entrepreneurial mindset necessary to translate the idea into a money-making business. Along with critical thinking skills, you will develop research, communication and data evaluation skills.
Outcomes You Will Meet by Completing This Project:
apply the basic steps involved in developing a comprehensive business plan for both starting and operating a business by creating your own business plan
describe and explain the environments that businesses operate in—social, economic, political, technological, environmental and legal
develop your business vocabulary and knowledge of concepts, trends, and current issues by applying them in all course work
demonstrate the use of software and Internet sources by researching and planning the start-up and operation of your business
demonstrate the use of a marketing assessment process to develop a marketing plan and a marketing strategy
analyze and explain projected financial performance, using selected financial ratios
NOTE: All submitted work is to be your original work. You may not use any work from another student, the Internet or an online clearinghouse. You are expected to understand the Academic Dishonesty and Plagiarism Policy, and know that it is your responsibility to learn about instructor and general academic expectations with regard to proper citation of sources as specified in the APA Publication Manual, 7th Ed. (Students are held accountable for in-text citations and an associated reference list only).
Instructions:
Using the idea chosen in Project One and the sections written in Project Three, complete your business plan by completing the operating, financial, and executive summary sections of the plan.
Go back to Project 3 and using the feedback from your instructor, make improvements or updates to the first elements of the Business Plan. Then, integrate the first part of the Business Plan into this project to bring together all elements of your Business Plan.
Use the format in The Elements of a Business Plan: First Steps for New Entrepreneurs except you will create an introductory letter followed by the Executive Summary as the first elements in the Business Plan. Although the document that shows the format indicates that the Executive Summary is Step 7, it is important that the Executive Summary is at the beginning of the Business Plan so that a financial institution or investor can quickly read and understand your business idea.
Approach the plan as we did in class. Include the information retrieved from the research in the Action Plan as well as any other material you have gathered to complete the assignment. Be sure to compile the plan in the correct order and as directed in the class directed form. Course material and research should be used to support all conclusions.
Note: Feedback received from the part two should be reflected as corrections in the final draft and will receive 5 points in the rubric.
Review the Paper
Read the paper to ensure all required elements are present. Use the grading rubric to ensure that you gain the most points possible for this assignment.
Proofread the paper for spelling and grammatical issues, and third person writing.
Read the paper aloud as a first measure;
Use the spell and grammar check in Word as a second measure;
Have someone who has excellent English skills to proof the paper;
Consider submitting the paper to the Effective Writing Center (EWC). The EWC will provide 4-6 areas that may need improvement.
Below I will provide the feedback from the professor and I will attach the first 3 papers. Please use these to make the final paper come together.
Professor Feedback:
project 1: Good Paper, uses good amount of research but more can be added. See comments in he attached.
project 2: Paper lack rigor, analysis and use of research. Mostly high level based on generalities. Please see comments in the attached.
project 3: No Submission. A 5% penalty for late submission applied. The paper is not clear in many areas as commented in the attached. Please clarify and improve the Business Description and Market Analysis sections. The other two sections also need more work but are following the outline as such. Please make these improvements before using this in the Project 4
