Big Business Idea

Being successful in business involves planning. This starts with a business plan (see video on slide 41 of the chapter 5 lecture for clarity).

For this paper, you will develop a new product/service or improve on an existing one that fulfills a need or a want.

Keep in mind that this document is intended for a potential investor (me) who will require enough information and support to decide whether to fund your business idea. Remember, to complete this assignment, you will need to do some research, so make sure ALL citations are included.

Your detailed memo will have five parts. Each section should be titled and ALL the elements within each part should be addressed to ensure full credit.

Part 1: Create an executive summary or quick paragraph on your business idea.

• This should include elements from the other parts explained below and end with reasoning for why someone should invest.
• Although this appears first in a business plan, it is usually written last. Keep this in mind when creating.

Part 2: Product/service basics: This section will provide the basics of the business idea in detail.

• What is the name of your product/service and why was the name selected?
• Where will it be located? Why was this location selected?
• What type of business ownership will you use? Explain why you chose this type of ownership.
• Is this brand-new or are you improving on something existing? Explain

Part 3: Product/service specifics. Looking at the creation of the vision, goals, and audience.

• What is the vision for your product/service?
• What need or want does the product/service fulfill? Explain.
• What are the goals? Make sure to include at least one short and one long-term goals.
• Who is going to buy your product/service? Why does it make sense for this consumer?
• Is it a consumer good or a business good?

Part 4: Product/service competitors:

• Identify three potential competitors for your product. Explain why. 
• Do you think you would be able to sell your product in another country? Why or why not?

Part 5: Company behavior

• What three characteristics of an entrepreneur would you need to use in the operation of your business. Explain why you chose these three characteristics. See page 177 of the textbook for characteristics of successful entrepreneurs.
• What challenges or problem(s) might you encounter while developing your product/service?
• How is your business going to be Corporately Socially Responsible?

The submitted memo should address all the elements listed. Again, assume you are sending the document to a potential investor. This means the writing should be concise and professional. However, one-word responses to the elements or short sentences is not enough. Responses should be detailed enough for me to understand what you are proposing and why.

As this is a new assignment, I do not have any samples to provide. However, this means you are open to being creative. Just remember, I grade directly from the rubric, so review the required elements to ensure you earn all possible points.