Business Plan Idea
Write a short summary describing your business idea. Before implementing an idea, you should test for its feasibility. The goal of a feasibility study is to determine whether to pursue an idea, wait until the time is right, or to move onto something new. Feasibility studies include the extent to which an idea is viable, realistic and the extent to which you are aware of internal and external forces that could affect your business. Unit 2 DQ is designed to provide you a chance to conduct the feasibility study.
After discussing with the class your business idea(s) this week, you need to write up a summary to brief the instructor about your business idea which you choose to pursue. In the summary, the topics should include:
What is the problem that your business solves?
What is (your solution offered through) your product or service?
Who is your target market?
Who is your competition?
Sample Solution
The business plan admits the entrepreneur to the investment process. Without a plan furnished in advance, many investor groups won’t even grant an interview. And the plan must be outstanding if it is to win investment funds. Even though its subject is a moving target, the plan must detail the company’s or the project’s present status, current needs, and expected future. You must present and justify ongoing and changing resource requirements, marketing decisions, financial projections, production demands, and personnel needs in logical and convincing fashion. Because they struggle so hard to assemble, organize, describe, and document so much, it is not surprising that managers sometimes overlook the fundamentals. We have found that the most important one is the accurate reflection of the viewpoints of three constituencies. 1. The market, including both existing and prospective clients, customers, and users of the planned product or service. 2. The investors, whether of financial or other resources. 3. The producer, whether the entrepreneur or the inventor.
