03 Oct To prepare for this week’s discussion response, review the For-profit startup Company Guidelines provided below and select a business you want to focus o
To prepare for this week's discussion response, review the For-profit startup Company Guidelines provided below and select a business you want to focus on. Consider a startup company that will be the best fit for your academic, career, and personal goals. You will be living with your decision for the next 11 weeks, so choose well.
- Discuss the name you have chosen for your company and explain why you think it is a good name for your business.
- Describe the product or service you will sell.
- If you sell services, clarify the service options you plan to offer.
- If you sell a product, specify the options (flavors, versions of the product, et cetera) you will offer to consumers.
- Include your company's mission statement.
- Enclose your mission statement within quotation marks.
- The mission statement should be a clear and cohesive statement with 3 distinct components:
- What you do.
- What makes you unique.
- Your core values and/ or purpose.
- Example: "Our mission is to… insert what you do and how you stand out. We do this with a commitment to … insert your core values and/ or purpose."
- The mission statement should be a clear and cohesive statement with 3 distinct components:
- Enclose your mission statement within quotation marks.
COMPANY GUIDELINES
· You will create a business plan for a for–profit startup company of your choice and you must adhere to the guidelines in this document.
· You will be the CEO of the new business.
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Explanation |
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Business Size |
· Your business is a for profit startup starting operations in January of the current year. · Your sales must be over $1 million by the end of the second year in business. |
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Product or Service |
· Be specific about the product or service you plan to sell and how you will differentiate yourself from similar products or services in the marketplace. · You will list any variations of the product (product lines) or services you sell (service lines) |
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Market Size |
· You will start marketing and selling the product or service in your geographical area within a 100-mile radius from your home and/ or online. |
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Intention to Raise Money |
· You will develop the business plan with the intention to raise funds from investors and grow the business. · You will raise funds from outside investors, either angel investors or venture capitalists and you will give equity in your business in exchange for the money you raise from investors. |
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Facility |
· You will rent or purchase. You will need to identify the cost of rent or purchase price and the cost of utilities. · You cannot operate from your home. |
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Employees |
· You will have employees, a management team, and you will develop your own organizational hierarchy. · You will have more employees and managers in the second year than in the first year as your sales are increasing. |
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Equipment |
· You will need to purchase equipment, computers, furniture, vehicles (etc.), as applicable, to run your business. |
Key Business Plan Parameters
*The instructor will approve your company in a reply to your Week 1 discussion post in which you will describe this business.
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