A term paper is due at the end of the term on a potential business idea. Start off by assuming that a rich relative has left you $250,000 in their will but only on the condition that this money can only be used for a business venture. Here are the broad parameters for the paper and we can discuss more next week:
Length – max 5-7 pages, typed not handwritten
Format – I am more concerned about content versus a specific format (MLA, APA, etc.) but I will focus on spelling, grammar, etc. Please keep in mind that this should be treated like a formal business proposal. Please do cite your sources
Please include the following in your write up:
What exactly is the business?
How are you planning to use the global scenario in your business?
What is the cost of setting it up and what will be your annual operating costs once the business is set up?
Where will it be located?
Who is your target audience and how will you attract them?
How will you make money and how long before the business is profitable?
What are the main risks and how can you deal with them?
Please feel free to include charts, graphs, tables, etc. that you think may be relevant.
As a follow up to a couple of questions from some of you yesterday regarding content, format, etc. of this paper, here are some guidelines:
Format: I am more concerned about the content than the format BUT it needs to be typed and arranged in some logical manner. You can include graphs, pictures (PG rated only please), diagrams, etc.
Length: 1 page is too short and more than 10 pages is too long.
Furthermore, some of you may be uncertain as to how to write a business plan. Here are some things to keep in mind as to what your paper needs to address:
What – What is the business?
Why – Why do you want to do this eg is there a specific opportunity, you have a particular skill set, etc.?
How – How will you execute on this idea?
Where – Where will the business be located and why?
Who – Asides from you, who else will be involved with the business and why eg will you need workers, people with special skill sets, etc.?
When – What is realistic time frame for launch and how long approximately will it take to make a profit. What are the assumptions for this?
Walk away – What will make you walk away from the business ie worst case scenario?
