Project 3: Business Plan Review
Due in Week 6
Project Purpose
In this project, you will write the beginning sections of a business plan that can be used to solicit investors or financing for the new business.
The purpose of this assignment is to develop the critical thinking and entrepreneurial mindset necessary to translate the idea into a money-making business. Along with critical thinking skills, you will develop research, communication and data evaluation skills.
Outcomes You Will Meet by Completing This Project:
apply the basic steps involved in developing a comprehensive business plan for both starting and operating a business by creating your own business plan
describe and explain the environments that businesses operate in—social, economic, political, technological, environmental and legal
develop your business vocabulary and knowledge of concepts, trends, and current issues by applying them in all course work
demonstrate the use of software and Internet sources by researching and planning the start-up and operation of your business
demonstrate the use of a marketing assessment process to develop a marketing plan and a marketing strategy
NOTE: All submitted work is to be your original work. You may not use any work from another student, the Internet or an online clearinghouse. You are expected to understand the Academic Dishonesty and Plagiarism Policy, and know that it is your responsibility to learn about instructor and general academic expectations with regard to proper citation of sources as specified in the APA Publication Manual, 7th Ed. (Students are held accountable for in-text citations and an associated reference list only).
Instructions
Begin to Write the Business Plan
Use the business idea chosen in Project One and the plan format used starting Week 4, (Writing a Business Plan for a New Venture), complete the following Business Plan Sections:
Business Description
Market Analysis
Competitor Assessment
Marketing Plan
Research:
Online research is needed to successfully complete this project. The research will be graded as a separate element so make sure you select credible data sources. The information retrieved from the research in the Action Plan is a good place to start but more depth is required to complete this assignment. Course material and research should be used to support all conclusions. APA in-text citations and reference list are required.
Instructor Feedback:
You will receive feedback from your instruction on this project. You will then use that feedback to make revisions and submit the revisions as part of Project 4. Points will be awarded in Project Four based on the revisions made.
Review the Paper
Read the paper to ensure all required elements are present. Use the grading rubric to ensure that you gain the most points possible for this assignment.
Proofread the paper for spelling and grammatical issues, and third person writing.
Read the paper aloud as a first measure;
Use the spell and grammar check in Word as a second measure;
Have someone who has excellent English skills to proof the paper;
Consider submitting the paper to the Effective Writing Center (EWC). The EWC will provide 4-6 areas that may need improvement.
Submit the paper in the Assignment Folder (The assignment submitted to the Assignment Folder will be considered a student’s final product and therefore ready for grading by the instructor. It is incumbent upon the student to verify the assignment is the correct submission. No exceptions will be considered by the instructor).
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How to Set Up the Plan
Create a Word or Rich Text Format (RTF) document that is double-spaced, 12-point font. The final product does not have a page length but you are required to provide a title page and reference page.
Write clearly and concisely. The business plan must be typewritten and neatly packages in a form presentable to a financial institution or investor.
As some businesses are more complex, no specified number of pages is required. The key is to ensure that all critical portions of the plan are covered in sufficient detail to portray in-depth thought and effort. Some areas may not apply to all businesses.
Financial statements are important, and you are expected to provide pro forma balance sheets, income statements, break-even analyses, and cash flow projections.
The body of the paper should consist of a heading for each required element.
APA and writing is a main focus of this paper and should be executed with the utmost attention to detail. Even in this business plan, you will need to cite source information as you would need to be ready to explain from where information derived. Should you need help in any these areas of APA or writing, please refer to the APA module located in the content area of the course or ask the professor for guidance.
Use the grading rubric and instructions as guides. Be sure to cover all that is asked of you in the assignment and do so in a way that will guide the professor into giving a high grade. Finally, all work that you submit for this project should be your own. Remember your pledge to uphold academic integrity in all work that you prepare and submit.
Requirements for the Assignment
Before you begin writing the plan, you will read the following requirements that will help you meet the writing and APA requirements.
Read the grading rubric for the assignment. Use the grading rubric while writing the paper to ensure all requirements are met that will lead to the highest possible grade.
Third person writing is required. Third person means that there are no words such as “I, me, my, we, or us” (first person writing), nor is there use of “you or your” (second person writing). If uncertain how to write in the third person, view this link: http://www.quickanddirtytips.com/education/grammar/first-second-and-third-person.
Contractions are not used in business writing, so you are expected NOT to use contractions in writing this assignment.
You are expected to paraphrase and NOT use direct quotes. You are expected to paraphrase, which can be learned by reviewing this link: https://writing.wisc.edu/Handbook/QPA_paraphrase2.html.
You are responsible for APA only for in-text citations and a reference list.
The expectation is that you provide a robust use of the course readings to support ideas, reasoning and conclusions.
You may not use books as source material.
When using a source document, the expectation is that the information is cited and referenced with a page or paragraph number. Note that a reference within a reference list cannot exist without an associated in-text citation and vice versa.
Business Opportunity Assessment Action Plan
BMGT 330
UMCG
Peter Hurlock
15 June, 2021
Business Opportunity Assessment Action Plan
Instructions:
Complete the following assessment form by answering questions and or completing tasks set forth in the four assessment areas. Use the answers and data collected to summarize and evaluate the potential for success of the new business idea.
1. Why do I want to start this business?
I want to start a business because I love providing Information to those who are not able to acquire such Information. Additionally, I want to start the business because of the little capital required and have gained experience from my publishing of eBooks
2. Do I have the ability and personal commitment to run this business?
I have the capability to run the publication due to my experience in publishing eBooks from the initial stage to accomplishment. My personal commitment comes from the love of providing Information to those who do not
3. Why is this idea likely to be successful?
This publication idea is likely to be successful because of the lack of a supplier on the neighboring college
· Who is the Customer?
University Professors
Students
Public
· What do they look like (demographics)? RESEARCH
Customers range between the age of 15 and 70 making the major population of the working class (Zippia, 2021).
They consist of a one to one ratio of male and female making the eBooks equal in gender distinction and having an equal market opportunity.
The professors are employed making them able to afford the services rendered easily and as of the students, may acquire the services on a loan or higher purchase model to allow for service delivery.
The students depend on these materials for their studies and the professors for their teaching purposes.
· Do they have the money to buy the product (likely price of the item vs. demographic income)?
The estimated customer base is able to purchase the materials as the professors can afford a 10 dollar book from a 2000 dollar salary and additional allowances.
The students having invested over 1000 dollars in their academics also have a source to get the funds to purchase the product.
· Does the product or service solve a problem or fulfill a need that would justify a customer buying the product?
The eBooks provide concrete Information relevant to different studies
· Are the customers likely to be repeat customers?
The quality of the eBooks remain relevant to the users hence marketing the business allowing for repeat purchases
· Why will a customer come to you rather than your competitor?
The business will provide proximity to the professors and students unlike the competitor who faced distant costs for the consumers.
· Collect data on your competition by searching the internet for existing and potential competition for your new idea. Research by reviewing competitor’s ecommerce websites and local newspapers, journals or newsletters to get an idea of who your customers would be, what they do with the idea of why your product would stand out from the others.
One such competition is Bookboon, this company markets free eBooks and is selected for online purchases (bookboon, nd). To beat such a competition, we offer guidelines for the books and their comprehensive review to help consumers get books that suit their preference.
4. Do you have the money to start this business?
To start this business, I have analyzed that it is not costly to start the publication allowing for easy start and affordability of the investment.
· How much will it cost to start the company?
It will cost about 1000 dollars
· How much money will you be able to contribute personally?
From my saving and planned capital I would be able to invest 85 percent of the total cost
· Where will additional funds come from if needed?
Additional funds will come from a loan or share holding of private or public investors
· Access the Market
· Create a focus group using friends, family or classmates asking their ideas via survey or interview as to the validity of the customer need and desire for the product or service. And/or
· Create groups on social media and ask their general impressions. In both suggestions, be sure to ask if they would buy the product AND how much they would pay for the service or give the price you want to charge and ask if they would pay that price. Research may be needed to develop the best questions but not required.
5. SUMMARY AND EVALUATION OF THE MATERIAL COLLECTED
· What major points did you learn about the strength of your startup idea?
Proximity of the business location and the ability to offer remote access to the materials allows the consumers access both customer service, easy solution to problems, and fast delivery of publications.
The competition is easily defeated as the consumers and publications can be validated and published with onsite payments.
· What did the data from the market analysis and competitor review tell you about the likelihood of success in the marketplace?
From the analysis the likelihood of success is extremely high due to the defeated competition and access to the targeted clients; professors and students.
The low cost of establishing the publication business allows room for making additional investment towards advertising and gaining consumer reviews. Such approaches will increase guaranteed success of the business.
· Is the business likely to be successful? If so why, if not why not?
Yes the business is likely to succeed.
This success is the case due to proximity to the client base. The business will have three types of clients hence increasing its chances of success.
· If not or if the evaluation suggests modifications of the idea what would you do? (Do not continue in the course with an idea that will not make money. Contact the instructor for directions.)
If the evaluation proves this idea is not concise, I would do research on the solutions and implement further modification of the business idea to ensure success. So as to attain a particular objective there should not be an option to give up. I would seek further advice and research from already succeeding business to ensure the success of the publication business near the college
References
Bookboon, (nd). Empowering you to succeed, academically and professionally. b. Retrieved from https://bookboon.com/
Zippia, (2021). PROFESSOR Demographics in the US. Retrieved from https://www.zippia.com/professor-jobs/demographics/
The business idea on eBook
Peter Hurlock
UMGC
BMGT 330-6381
The business idea I have in mind is the publishing of eBooks. This business idea interests me because first it requires small capital to start it, and I have been in the publishing sectors and I have great experience in the publication of these eBooks from the initial stage up to the accomplishment stage. Also, I like this idea because of the love I have in providing the information to those who are unable to get this information. My aim will not only be making profits but also making the information available to people, especially the professors of the university and their students. The business idea is new, in my location, but in other parts of the country, the business idea does exist also. I borrowed this business idea from one company I was working for during a part-time period. This business idea exists in various areas but I saw this opportunity because my neighboring college doesn’t have a supplier of these eBooks.
Yes, this business idea serves to fill a need sufficient enough to appeal to a wide group of my customers because I will bring the services close to them. The professors and the students of my neighboring college have been in a difficult situation dealing with their supplier who is far away from them. Opening this business close to the college facility will not only make the communication efficient but it will also cut on the expenses that are used in transporting these books to school. The target market for this business idea is the professors of my neighboring university and their students. The two will be my target market for my business because the professor will use these books in teaching programs. The professors are my target market because they will be the ones ordering these books so that they will be able to use them in teaching their students through the course program. Also, the students are the target market for this business because they are the ions that will utilize these books for studying purposes throughout their coursework program. The two will be my primary target market because they will be directly involved in the business operations such as the number of books to be published and the standard level.
The secondary target market will be the people in the community where the business will be located. They will be my secondary target market because they will use our products in small quantities, not like my primary target market that consists of the professors and the students who will be using my products in large quantities. (Zhang, 2021) On this business idea of publishing eBooks for use in college, I have the core competencies to run a business of this nature because I had previously worked in a company that was offering the same services during my free time. I was able to learn the production phases of the publication of the eBooks from the planning stage where the orders are taken and the right equipment are assembled and finally the schedule of time is created
On the production stage, in this stage, the permission is obtained, the content is converted and the books are published together with proofreading and in the final phase of the management phase, there is the tracking of the progress of the eBooks writing, checking of the books and solving of the problems that will arise from this exercise. The idea is financially viable to me because it will be able to generate sufficient income that will meet the operation payments, debt comments and it will allow for the expansion of the business while maintaining the service because the orders for the books will be placed in each semester. Also, eBooks are only used once in the semester.
Reference:
Wen-Qia, F., Zhang, M., & Ling-Yanc, Y. (2018). Academic ebook publishing in China: An investigation of current status and publishers’ attitudes. The Journal of Academic Librarianship, 44, 15-24.
Zhang, C. (2021). DIFFUSION OF H IN THE PRINCIPAL PHASES OF TiAl ALLOY: A FIRST-PRINCIPLES STUDY. High-Temperature Material Processes: An International Quarterly of High-Technology Plasma Processes, 25(1).
Song, W., Xie, Y., Hu, J., Wu, X., & Li, X. (2021). Parametric optimization of cyanobacterial coagulation at exponential and decline phases by combining poly aluminum chloride and cationic polyacrylamide. AQUA—Water Infrastructure, Ecosystems and Society, 70(3), 317-327.
