To prepare for this week’s discussion response, review the For-profit startup Company Guidelines provided below and select a business you want to focus on. Consider a startup company that will be the best fit for your academic, career, and personal goals. You will be living with your decision for the next 11 weeks, so choose well.
Discuss the name you have chosen for your company and explain why you think it is a good name for your business.
Describe the product or service you will sell.
If you sell services, clarify the service options you plan to offer.
If you sell a product, specify the options (flavors, versions of the product, et cetera) you will offer to consumers.
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.
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.”
COMPANY GUIDELINES
· 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.
Explanation
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 from your home and/ or online.
Intention to Raise Money
· You will develop the business plan with the intention to raise funds from investors and grow the business.
· You will raise funds from outside investors, either angel investors or venture capitalists and you will 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.
· You will have more employees and managers in the second year than in the first year as your sales are increasing.
Equipment
· You will need to purchase equipment, computers, furniture, vehicles (etc.), as applicable, to run your business.
Key Business Plan Parameters
*The instructor will approve your company in a reply to your Week 1 discussion post in which you will describe this business.
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