This morning you received an email from a new potential investor, requesting a preliminary meeting for later this week. This is your chance! You decide the best course of action is to begin compiling all of your previous research in writing. For this assignment, you will develop an action plan for your business idea.
Reflect on your Week 1 Apply assignment, Business Plan Outline. This is your “big” idea that could make you the next Bill Gates. Your idea sounds good and looks great on paper. Now it’s time to determine if this idea is feasible. Remember, it’s better to identify challenges early than to put time and effort into a business that is destined to fail. Regardless of the outcome, you will now have the knowledge and skills to begin a business plan and determine if the idea will work.
Review Sections 4.2, 4.3, 4.4, 4.6, and 4.7 of Ch. 4.
Develop a 1,050- to 1,400-word business action plan.
Identify your business idea and your product or service. Include details about your product or service and the customer experience that you want to provide for your customers.
Choose your industry. Briefly, identify market size and trends, strengths and weaknesses of competitors, and your customers and their needs.
Identify your perceived competitive advantages, including any unique benefits, and any limitations of your product or service.
Identify funding needs. Determine why funding is needed and which sources of funding to consider. Consider self-funding, borrowing, equity, venture capital, etc.
Determine the feasibility of your business idea. Identify if you need more information to determine feasibility and what additional resources and support you need, such as help from attorneys, accountants, and other business advisers.
Develop a timeline for your business and business planning. Include major tasks or milestones that must be accomplished. Assume that you determined your business idea is feasible for the purposes of this step in the assignment.
Cite any sources using APA format.
Submit your assignment.
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