BUS599 Week1 Introduction
BUS599 Week 1 Introduction. For for-profit startups, Company Guidelines are provided below. Select a business you want to focus on. Consider a startup company that best fits your academic, career, and personal goals. You will live with your decision for the next 11 weeks, so choose well.
1. Discuss the name you have chosen for your company and explain why you think it is a good name for your business.
2. Describe the product or service you will sell.
· If you sell services, clarify the options you plan to offer.
· If you sell a product, specify the options (flavours, versions of the product, et cetera) you will offer to consumers.
3. Include your company’s mission statement.
· Enclose your mission statement within quotation marks.
· The mission statement should be a clear and cohesive statement with 3 distinct components:
· What you do.
· What makes you unique?
· Your core values and/ or purpose. ex. of core values (what you believe in, how you plan to run your business)
· Example: “Our mission is to… insert what you do and how you stand out. We do this with a commitment to … insert your core values and/ or purpose.” The mission statement should be in quotation marks anywhere in your discussions or assignments.
4. Use subheadings to organize your response, as outlined in the discussion. A business plan is a very organized document.
Company Name, Company Description, Mission Statement.
5. Explain why the selected company name is good for the business.
6. Clarify the services you plan to offer for sale and charge money for (your service lines).
Keep in mind (per the guidelines) :
• Your business starts in January of the current year.
•You must reach sales of over 1 million by the end of the second year.
•Your business should operate in an area of 100 miles radius from your home address. You can operate online.
•You are writing the business plan to raise funds from the investors.
BUS599 Week1 Introduction
· You will create a business plan for a for–profit startup company of your choice, and you must adhere to the guidelines in this document.
· You will be the CEO of the new business.
|Business Size||· Your business is a for-profit startup starting operations in January of the current year.
· Your sales must be over $1 million by the end of the second year in business.
|Product or Service||· Be specific about the product or service you plan to sell and how you will differentiate yourself from similar products or services in the marketplace.
· You will list any variations of the product (product lines) or services you sell (service lines)
|Market Size||· You will start marketing and selling the product or service in your geographical area within a 100-mile radius of your home and/ or online.|
|Intention to Raise Money||· You will develop the business plan to raise funds from investors and grow the business.
· You will raise funds from outside investors, either angel investors or venture capitalists and give equity in your business in exchange for the money you raise from investors.
|Facility||· You will rent or purchase. You will need to identify the cost of rent or purchase price and the cost of utilities.
· You cannot operate from your home.
|Employees||· You will have employees, a management team, and you will develop your own organizational hierarchy.
· As your sales increase, You will have more employees and managers in the second year than in the first year.
|Equipment||· You must purchase equipment, computers, furniture, vehicles (etc.), as applicable, to run your business.|
Key Business Plan Parameters