Tempalate Essay

2748 words - 11 pages

Part 1. Introduction

BUSINESS NAME
WHAT IS THE NAME OF YOUR BUSINESS?
HINT: WHEN DECIDING ON A NAME FOR YOUR BUSINESS, MAKE SURE IT CAPTURES THE SPIRIT OF THE BUSINESS YOU’RE CREATING. ALSO REFER TO THE BIZCHAT BOX IN CHAPTER 5 FOR TIPS ON NAMING YOUR BUSINESS.

Note to students: Once you have inserted your answers in this template, delete the questions and the hints provided and leave just the headings so that your business plan will look more professional.

Description of Business
WHAT WILL YOUR BUSINESS DO?
HINT: IMAGINE THAT YOU’RE EXPLAINING YOUR BUSINESS TO A FAMILY MEMBER OR A FRIEND. IT SHOULD BE EASY TO EXPLAIN AND USE 30 WORDS OR LESS.

Form of Business Ownership
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ONE WAY TO ADDRESS THESE ISSUES IS TO CREATE A CODE OF ETHICS. LIST THREE CORE (UNCHANGING) PRINCIPLES THAT YOUR BUSINESS WILL FOLLOW.
HINT: TO HELP YOU CONSIDER ETHICAL ISSUES YOUR BUSINESS MIGHT FACE, REFER TO CHAPTER 3.

SOCIAL RESPONSIBILITY
A BUSINESS SHOWS SOCIAL RESPONSIBILITY BY RESPECTING ALL OF ITS STAKEHOLDERS. WHAT STEPS WILL YOU TAKE TO CREATE A SOCIALLY-RESPONSIBLE BUSINESS?
HINT: TO HELP YOU CONSIDER ISSUES OF SOCIAL RESPONSIBILITY, REFER TO THE DISCUSSION IN CHAPTER 3. CONSIDER HOW YOU MAY NEED TO BE SOCIALLY RESPONSIBLE TOWARD YOUR CUSTOMERS AND, IF APPLICABLE, INVESTORS, EMPLOYEES, AND SUPPLIERS.

Industry Profile

INDUSTRY DESCRIPTION
DESCRIBE THE INDUSTRY AND SECTOR IN WHICH YOUR COMPANY OPERATES.
HINT: INDUSTRIES ARE BROAD CATEGORIES SUCH AS FINANCIAL, TECHNOLOGY, SERVICES, OR HEALTH CARE. SECTORS ARE MORE SPECIFIC CATEGORIES WITHIN AN INDUSTRY, SUCH AS ‘SPORTING GOODS STORE IN THE SERVICES INDUSTRY’ OR ‘COMPUTER PERIPHERALS IN THE TECHNOLOGY INDUSTRY.’ IN YOUR DESCRIPTION OF THE INDUSTRY AND SECTOR, DISCUSS ECONOMIC TRENDS AS WELL AS THE CURRENT OUTLOOK FOR THE INDUSTRY, INCLUDING GROWTH POTENTIAL.

Opportunities and Threats
DESCRIBE THE OPPORTUNITIES AND THREATS THAT FACE YOUR COMPANY.
HINT: FOR THIS SECTION, REFER TO THE DISCUSSION OF THE ECONOMY IN CHAPTER 2. CONSIDER EXTERNAL FACTORS (PEST) DISCUSSED IN CHAPTER 1, SUCH AS POLITICAL AND LEGAL CHANGES, MACROECONOMIC MATTERS, SOCIO-CULTURAL CHANGES, AND TECHNOLOGICAL CHANGE THAT MAY AFFECT THE INDUSTRY AS WELL AS YOUR COMPANY. THIS TYPICALLY IS DONE AS PART OF A SWOT ANALYSIS.

Company Profile and Strategy

BUSINESS GOALS
WHAT ARE THREE BUSINESS GOALS YOU WANT TO ACHIEVE IN THE FIRST YEAR? WHAT ARE TWO INTERMEDIATE TO LONG-TERM GOALS YOU WANT TO ACHIEVE IN THE NEXT 3 TO 5 YEARS?
HINT: REFER TO THE DISCUSSION OF GOAL SETTING IN CHAPTER 6. BE AS SPECIFIC AND REALISTIC AS POSSIBLE WITH THE GOALS YOU SET. REMEMBER THE SMARTER ACRONYM. GOALS SHOULD BE SPECIFIC, MEASURABLE, ACCEPTABLE, REALISTIC, TIMELY, EXTENDING, AND REWARDING. FOR EXAMPLE, IF YOU PLAN ON SELLING A SERVICE, HOW MANY CUSTOMERS DO YOU WANT BY THE END OF THE FIRST YEAR AND HOW MUCH DO YOU WANT EACH CUSTOMER TO SPEND? IF YOU PLAN ON SELLING A GOOD, HOW MANY DO YOU HOPE TO SELL?

Company Strengths
DESCRIBE THE STRENGTHS OF YOUR COMPANY.
Hint: In evaluating the company’s strengths, analyze internal resources, including finances, human resources, marketing, operations, and technological resources. A company’s strength might be its strong marketing department or a favorable location.

Raw Materials and Supplies
EXPLAIN WHAT RAW MATERIALS AND SUPPLIES YOU WILL NEED TO RUN YOUR BUSINESS. HOW WILL YOU PRODUCE YOUR GOOD? WHAT EQUIPMENT DO YOU NEED? WHAT HOURS WILL YOU OPERATE?
HINT: REFER TO CHAPTER 10 FOR INFORMATION TO GET YOU STARTED.

Anticipated Challenges and...

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