Be an Entrepreneur!


Don’t fail to plan, or else you will have planned to fail!

 

 

Introduction:

You are about to become an entrepreneur! You have chosen your line of business and it is time to develop your Business Plan.  You have just won the lottery worth 1.5 million dollars and want to invest in a business that will be successful and will profit in the long run.  You need to develop a plan for your business because it is your roadmap for the future and if you fail to plan you will plan to fail

Your Journey for this class:

You will be going on a long and adventurous road that will lead you to a roadmap for making your business successful.  You will go through all the market research to determine if your idea is worth seeking out and if it is sustainable in the market we are in here in the Molalla area.  To make this a success you must look at this as a hobby and not a dreadful job so you must choose an area on the business realm that fits your interests. You will develop your company’s Business Plan and determine whether this endeavor will be one you wish to pursue. Your Business Plan will provide an assessment of financial calculations and show whether it will be a profitable business.

Resources you will need:

http://www.sba.gov/ (U.S. Small Business Administration)—This site will give you useful information on starting up a business from scratch.  The USBA often fund startup operations for small starting business ventures. 

http://www.sbaonline.sba.gov/SBDC/ (Small Business Development Centers)

http://www.sbaonline.sba.gov/starting/businessplan.html (Business Plan Outline)--This site will give you a generic outline for starting up a business.  It will give you all the components necessary to startup and will give you assistance in writing yours.  This is a good site to give you guidance and structure for the write-up portion of this assignment.

http://www.businessplans.org/ (Center for Business Planning)—This is another non-profit organization that has lots of interesting useful information on writing up a successful business plan.  It also gives some great tips on things to stay away from and things to keep in mind as you are writing your plan. 

http://www.nolo.com/encyclopedia (The Essentials of a Business Plan)--

http://www.bizproweb.com/ (Resources for Small Business Owners)

http://www.findyourdream.com/ (Small Business Strategies)

http://www.businessbureau-uk.co.uk/law/law.htm (Business Procedures
                 

Search engines to use—

www.yahoo.com

www.google.com

www.dogpile.com

www.webcrawler.com

***Remember when using search engines to use Boolean logic and not just a straight up search (it will help you narrow your search down).

 

The Process:

There are some introductory activities that I would like you to do regarding the type of business you are going to propose.  Answer the following questions regarding starting your own business before deciding which business you want to start.

  1. What are the advantages and disadvantages of being an entrepreneur?
       
  2. What are the advantages and disadvantages of being and employee of someone else?
       
  3. Do you want to buy an established business or a franchise or start one up from scratch?
       
  4. What are the advantages and disadvatages of starting an existing business?
      

a.      a franchise?

b.      A new business?

c.      A family business?

5.                  Think about what form of ownership you want?

a.      Sole proprietorship

b.      Partnership

c.      Corporation

d.      S Corporation

6.                  What type of business do you want?

a.      Manufacturer

b.      Wholesaling

c.      Retailing

d.     Service

There are nine components to the business plan. Outline the information needed for your business, utilizing the resources available to you. 

For an example of what should be in the competition analysis click on the object below.

 

   

Click here for an example of competition analysis spreadsheet.  

      Click here to see an example of a startup expense spreadsheet.

 

http://www.businessplans.org/  

This is a good website to help you develop your financial plan

Examples of the Three Spreadsheets you should develop: 

Cash Flow Projections

Start-Up Balance Sheet 

Income Statement—Profit Loss Statement  

  Startup Expenses

o       Loan amount and repayment schedule

o       List of capital needs (equipment, and any other materials needed to get started) and cost associated with them  

Conclusion:

Developing a comprehensive BUSINESS PLAN utilizes every business application you have studied in school. You must have a complete understanding of your product, customer, and finances to have a successful business. Writing your BUSINESS PLAN allows you, and others (perhaps investors), to determine your ability for success.

A BUSINESS PLAN in not set in stone. It is a working document that you can utilize throughout the life of your business. CAUTION: Do not manipulate financial data to fit your expectations. All data must be as accurate as possible and estimations should be noted.

 

Best of luck in your endeavors.