Recent Question/Assignment

Business Name
What is the name of your business?
Hint: When you think of the name of your business, make sure that it captures the spirit of the business you're creating.
Note to students: Once you have inserted your answer, delete the question and the tip provided here and leave just the heads so that your business plan will look more professional.
Description of Business What will your business do?
Hint:Imagine that you are explaining your business to a family member or a friend. The business should be easy to explain. Keep your description here to about 30 words or less.
Form of Business Ownership
What form of business ownership (sole proprietorship, partnership, or corporation) will your
business take? Why did you choose this form?
Hint: For more information on the types of business ownership, refer to the discussion of the di erent forms of business ownership in Chapter 4.
Ideal Customer
Briefly describe your ideal customer. What are they like in terms of age, income level, and so
Hint: You don't have to give too much detail in this part of the plan; you'll provide more details about customers and marketing in later parts of the plan.
Our Advantages
Why will customers choose to buy from your business, instead of your competition?
Hint: In this section, describe what will be unique about your business. For example, is the product special, will customer service be exceptional, or will you offer the product at a lower rice?
Ethical Issues
All businesses have to deal with ethical issues. One way to address these issues is to create a
code of ethics. List three core (unchanging) principles that your business will follow.
Hint To help you consider the ethical issues that your business might face, refer to the discussion in Chapter 3.
Social Responsibility
A business shows social responsibility by respecting all of its stakeholders. What steps will
you take to create a socially responsible business?
Hint: To help you consider issues of social responsibility, refer to the discussion of social responsibility in Chapter 3. What steps can you take to be a good citizen in the community? Consider also how you may need to be socially responsible toward your customers and, if applicable,investors, employees, and suppliers.
Global Issues
Who will manage the business?
Hint: Refer to the discussion of managers in Chapter 6. Think about how many levels of management as well as what kinds of managers your business needs.
Start-Up Costs
How much money will you need to get your business started?
How will you finance your business? For example, will you seek out a bank loan? Borrow
from friends? Sell stocks or bonds at the outset, or as your business grows?
Hint:Refer to Chapters 14 and 15 for information on securities such as stocks and bonds.
Risk Management
Identify risks and potential losses. How often can your business expect the loss to occur? What is the likely size of the loss in dollars? Describe how your business will best handle losses.
Hint:Refer to Chapter 15 for information on risk management.
Executive Summary (250 words)
Now, create an executive summary for your business plan. The executive summary should be
brief—no more than two pages long—and should cover the following points:
• The name of your business
• Where your business will be located
• The mission of your business
• Who the owners of the business are and what experience they have
• An overview of the future prospects for your business and industry
Hint: At this point, you've already answered all of these questions, so what you need to do here is put the ideas together into a -snapshot- format. The executive summary is really a sales pitch—it's the investor's first impression ofyour idea. Therefore, as with all parts of the plan, write in a clear and professional way. Once you have written the executive summary, copy and paste it so that it comes at the beginning ofyour business plan, as the very first element.