Introduction to Business                    Assignment #1

This assignment is designed to help you define, plan, and create your hypothetical business for your final business plan project.  The first step in creating a business is to decide what kind of business you want to have, how to structure it, determine who is going to manage it, and where it will be located.

For this assignment, write a 4-5 page paper in complete sentences, double spaced, Times New Roman font, size 12.  Use the questions below as sub-headings.  Each question must be answered fully to receive full credit.

Company Summary

Describe the nature of your business.
What is the product or service?  Describe in detail.
What do you expect your start up costs to be?

Company Locations and Facilities

Where will the company be located?
What kind of facilities do you need to operate your business?

Start Up Costs

How you do plan to raise the money needed to start the business?
What expenses will you have in the first year of business?

Company Ownership

Who will be the owner of this company?
Will your business be a sole proprietorship, partnership, franchise, or corporation? Why?

Management Summary

What does your management team look like?
Who will be responsible for the various aspects of running the business?
What type of organizational structure will your business use?
What are the job descriptions and requirements for each key position?

Products and Services

What is the definition of a product?
What is the definition of a service?
Will your company have a product or provide a service?

Product and Service Description

What is your product or service?
Why was this product or service chosen?
What do you know about this product or service?
Provide a detailed description of your product or service.

Competitive Comparison
Complete a SWOT Analysis.

What are the competitive strengths of your business?
What are your potential weaknesses?
What competition do you have?
List a minimum of three competitors in your geographic area.
What are the strengths of your competitors?
What are the weaknesses of your competitors?
What needs are your competitors not fulfilling?
What threats do your competitors pose to your potential business?
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