Creating a Business Plan

For college writing, originality is a critical component. When you carry out a piece of academic work, you will be expected to research your subject thoroughly. It will be necessary for you to show an understanding of the contributions of other researchers and practitioners to your field of study. Keep in mind that plagiarism isn’t simply inadequate use of citations, it represents inadequate thinking. This project requires you to develop your own business idea instead of copying and pasting sentences and paragraphs from various websites.  Once you submit your paper using the Turnitin link below, you will be able to view the similarity report. For this particular project, a returned percentage of below 20% would probably indicate that plagiarism has not occurred. You can submit draft assignments using the Turnitin link and view the similarity score before final submission to assess and improve your writing.  If a student has copied someone else’s work, be it another student’s paper or taken material directly from some other source and made it appear to be their own; this is plagiarism.  A submission with a similarity score above 40% and a Turnitin report indicating evidence of plagiarism will result in a 0 grade for the project and potentially an F grade for the course.  Final Project: Create a Business Plan  Study Appendix D (pp. 550-557), Developing a Business Plan. Brainstorm ideas for a new business you (or your team if you work with other students–you may work in a team of maximum three people) want to start in the future–it can be a physical good or a service, but make sure your business is legit and ethical. Summarize your business plan in a Word/PDF or PPT document (choose one format–either Word or PPT, not both). Choose a business idea that is appropriate for college learning. It could be fictional or real. Maybe you’ve already participated in a family business (e.g., a family restaurant) and want to expand it or improve the sales–that is great. If fictional, state clearly that it is for a future business and all numbers are estimated. Your estimates (e,g., sales and costs) should be realistic. For example, very few people will be able to borrow or make millions of dollars when starting a business. The best way to get good estimates is to observe a similar business nearby, count the number of customers per hour, and estimate the amount each customer spends. Then you can estimate daily/weekly/monthly/annual sales. Make sure that you stay safe and follow social distancing rules if you choose to observe a business.  Make sure that your plan contains the following major sections of a formal business plan (based on Figure D.2, Outline of a Business Plan)–I have also posted a couple of examples in “Modules: Final Project”: I. Executive Summary: Who, what, when, where, why, and how? A summary of the overall business plan. For this project, 1-2 paragraphs is fine.  II. Table of Contents III. Introduction The concept and the company The management team The product IV. Marketing Strategy Demographics Trends Market penetration Potential sales revenue V. Financing the Business A simple cash flow analysis/income statement for the next 2-3 years that include expected sales, revenue, profit, expenses (salary, insurance, rent, utilities, etc.). Consider creating a simple Excel sheet to show your calculations. (See the example in Modules: Final Project–the last item in “Modules”.) VI. Resumes of Principals (this section is optional for the final project): You are welcome to include copies of your resume and any of other important managers. However, this section is not required. Submit you file using the Turnitin link below for the assignment. If working as a team (maximum 3 members per team), please upload only ONE copy with all members’ names on the first page. Word/PDF Document: 500 words minimum, or PowerPoint Slides: 10 informative slides minimum.

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