Using the same business as for the other parts you did for me. Miller Way Management Part 1-Building your Business Plan Complete the following business plan aspects required to help you prepare for your final Business Plan Project due at the end of the term. Be sure to save a copy of your responses to all BizBuilder Plan Activities each week, so you can easily access them when you are ready to compile your final project. Please note the BizBuilder Plan Activities are to be used as a research tool. The following parts are a continuation from previous weekly activities and should be incorporated into the appropriate sections of the final Business Plan. Executive Summary Note the full legal name of your organization. Describe your business idea and the nature of your target market. Mission, Vision, & Culture After reviewing several mission statements for actual companies in your industry, write a mission statement for your organization in 21 to 40 words that clearly states your competitive advantage, strategy, and tactics. Create a vision statement for your company. Describe the core beliefs you will use to run your organization and how they will be reflected in its culture. Identify the ways you plan to run a socially responsible organization. Company Desсrіption What is the company′s legal structure (sole-proprietor, partnership, LLC, C-corp, S-corp, etc.)? What are the advantages/disadvantages of this structure over the others? Where will you physically operate the company? What is the geographic reach of the company? Who will be owner(s), partners, or stockholders? Describe percentages owned by each. For the first part, you will use research from the internet. You will answer the questions based on your research and/or experiences with the company. Approximate minimum page length requirements by section in an APA formatted business plan: Section 2.0 -‐ 1 to 2 pages Part 2-Building your Business Plan Complete the following business plan aspects required to help you prepare for your final Business Plan Project due at the end of the term. Be sure to save a copy of your responses to all BizBuilder Plan Activities each week, so you can easily access them when you are ready to compile your final project. Please note the BizBuilder Plan Activities are to be used as a research tool. The following parts are a continuation from previous weekly activities and should be incorporated into the appropriate sections of the final Business Plan. Opportunity Analysis and Research Describe your target customers along as many dimensions as you have defined (demographic, geographic, needs, trends, and decision-making processes). Describe the research methods you used to develop this section (surveys, focus groups, general research, & statistical research). Industry Analysis (Remember to cite your sources and give references in APA format.) What is the industry/industries within which your organization operates? (include NAICS codes, if applicable) What factors influence the demand for your product/services? What factors influence the supply of your product/services? How large is your total industry (historic, current & projected size)? What are the current and anticipated trends in the industry? What are the major customer groups for the industry (consumers, government, businesses)? Describe these in detail. How large is your target market? (Number of customers, size of purchases, frequency of purchases, trends — quantify!) Describe the entire potential market and the portion you will target. Environmental Analysis Perform a SWOT analysis of your potential organization. Remember that strengths and weaknesses are internal to your organization — hence you can control these — and opportunities and threats are external to your organization, and hence you cannot control these; you must react to these. What external/environmental factors are likely to impact your business and how likely are these? Are your customers in other countries? If so, how will you reach them? Competitive Analysis How do you define/describe your competitors- both direct and indirect? Describe your organization′s competitive advantage along the lines of quality, price, location, service, and speed of turn-around as they apply. Find three competitors and describe them (cite your sources). Use the comparative analysis tables in Chapter 3 of your text to perform a qualitative assessment and/or quantitative analysis. Describe any international competitors. How do you intend to compete with them for your customers? Describe your strategy for outperforming the competition you identified above. What, if any, do you see as barriers to entry that you can create to block out competition. How will you do so? For the first part, you will use research from the internet. You will answer the questions based on your research and/or experiences with the company. For questions without clear answers, as the ″expert,″ you may answer the question(s) based on your readings and what you would recommend to the business owner. The sections should be submitted in paragraph form. Graphs, tables, and images may be necessary to convey business recommendations and the financials. Approximate minimum page length requirements by section in an APA formatted business plan: Section 2.0 -‐ 2 to 3 pages
