Business and Entrepreneurship

Now its your turn to take on the role of a start-up entrepreneur. Choose a business idea from the research source below. The source provides over 900 small business ideas. Choose an idea and, incorporating what has been covered in the coursework, create an Executive Business Plan Summary. The summary should describe the opportunity, the market and potential competition, the proposed corporate structure, composition of the management team, and the funding approach to launch the new venture (NOTE: Choose only one idea) Research Source: https://www.entrepreneur.com/businessideas For this assignment write a 5 – 7 page summary paper and address the following: 1. Describe the Opportunity. a. Description of the product or service and location (online, brick and mortar). b. The value proposition – why would someone buy your product/service. 2. Describe the Market and Competition a. Describe the market and the end consumer. How will you reach them? b. Who are your competitors? How will you differentiate (consider Porter’s 5 Forces as part of the summary)? 3. Define the Corporate Structure a. Describe the proposed legal structure. b. Define the business location. c. Describe potential regulatory issues (licenses, permits). 4. Define the Management and Start up Team a. Describe the core management team positions (names are not required). What outside professional services are required? b. Describe any additional start-up personnel. 5. Define the Approach to Funding a. Describe the start-up finding requirement (a range is acceptable). c. Describe the source of funds (Loans, private investors, grants, angel investors). How will the funder be approached?The following are specific course learning outcomes associated with this assignment: • Understand the new venture creation process. • Describe the formation of a management team and culture • Analyze corporate structure and funding applications