Week 4 assignment – creating a small business

Too often, entrepreneurs brimming with optimism and enthusiasm  launch businesses destined for failure because their founders never stop  to define a workable strategy that sets them apart from their  competition (1).
Overview
With this assignment, you have the opportunity to take your  creative ideas to the next level and begin to develop a strategy that  will form the foundation for a successful business.
Instructions
Write a 3 page paper in which you:
 

  1. Develop an idea for a prospective small business and select a name for the company.
  2. Identify its key competitors and summarize the strengths and weaknesses of one of the competitors.
  3. Prepare a mission statement that encompasses the purpose of the business and considers its target market.
  4. Identify the ownership form for this business, taking into  consideration tax implications, liability exposure, managerial ability,  and cost of formation.
  5. Include at least two references outside the textbook. For help with research, writing, and citation, access the Strayer Library or review the Bachelor of Business Administration Library Guide
  6. This course requires the use of Strayer Writing Standards. For  assistance and information, please refer to the Strayer Writing  Standards link in the left-hand menu of your course. Check with your  professor for any additional instructions.
    The specific course learning outcome associated with this assignment is:
     
  • Develop a strategic plan to create a new small business.
     
  • Sources
     
  1. Norman M. Scarborough. 2015. Entrepreneurship and Effective Small Business Management. p. 106.