Too often, entrepreneurs brimming with optimism and enthusiasm launch businesses destined for failure because their founders never stop to define a workable strategy that sets them apart from their competition (Scarborough & Cornwall, Entrepreneurship and Effective Small Business Management, p. 106).
Overview
With this assignment, you have the opportunity to take your creative ideas to the next step and begin to develop a strategy that will form the foundation for a successful business.

Instructions
Write a 3–4 page paper in which you:

1. Develop an idea for a prospective small business and select a name for the company.
2. Identify its key competitors and summarize the strengths and weaknesses of one of the competitors.
3. Prepare a mission statement that encompasses the purpose of the business and considers its target market.
4. Identify the ownership form for this business, taking into consideration tax implications, liability exposure, managerial ability, and cost of formation.
5. Include at least two references outside the textbook.
   The specific course learning outcome associated with this assignment is:

• Develop a strategic plan to create a new small business.