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 (Scarborough & Cornwall, Entrepreneurship and Effective Small Business Management, p. 106).
With this assignment, you have the opportunity to take your creative ideas to the next step and begin to develop a strategy that will form the foundation for a successful business.
Write a 3–4 page paper in which you:
- Develop an idea for a prospective small business and select a name for the company.
- Identify its key competitors and summarize the strengths and weaknesses of one of the competitors.
- Prepare a mission statement that encompasses the purpose of the business and considers its target market.
- Identify the ownership form for this business, taking into consideration tax implications, liability exposure, managerial ability, and cost of formation.
- Include at least two references outside the textbook.
The specific course learning outcome associated with this assignment is:
- Develop a strategic plan to create a new small business.