Project 3: Business Plan Review
Due in Week 6
Project Purpose
In this project, you will write the beginning sections of a business plan that can be used to solicit investors or financing for the new business.
The purpose of this assignment is to develop the critical thinking and entrepreneurial mindset necessary to translate the idea into a money-making business. Along with critical thinking skills, you will develop research, communication, and data evaluation skills.
Outcomes You Will Meet by Completing This Project:
apply the basic steps involved in developing a comprehensive business plan for both starting and operating a business by creating your own business plan.
describe and explain the environments that businesses operate in—social, economic, political, technological, environmental, and legal.
develop your business vocabulary and knowledge of concepts, trends, and current issues by applying them in all coursework.
demonstrate the use of software and Internet sources by researching and planning the start-up and operation of your business.
demonstrate the use of a marketing assessment process to develop a marketing plan and a marketing strategy.
NOTE: All submitted work is to be your original work.
Instructions
Begin to Write the Business Plan
Use the business idea chosen in Project One and the plan format used starting Week 4, (Writing a Business Plan for a New Venture), and complete the following Business Plan Sections:
Business Description
Market Analysis
Competitor Assessment
Marketing Plan
Research:
Online research is needed to successfully complete this project. The research will be graded as a separate element so make sure you select credible data sources. The information retrieved from the research in the Action Plan is a good place to start but more depth is required to complete this assignment. Course material and research should be used to support all conclusions. Include in-text citations and reference list are required.
Instructor Feedback:
You will receive feedback from your instruction on this project. You will then use that feedback to make revisions and submit the revisions as part of Project 4. Points will be awarded in Project Four based on the revisions made.
Review the Paper
Read the paper to ensure all required elements are present. Use the grading rubric to ensure that you gain the most points possible for this assignment.
Proofread the paper for spelling and grammatical issues, and third-person writing.
Read the paper aloud as a first measure;
Use the spell and grammar check in Word as a second measure;
Have someone who has excellent English skills to proof the paper;
Consider submitting the paper to the Effective Writing Center (EWC). The EWC will provide 4-6 areas that may need improvement.
Submit the paper in the Assignment Folder
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How to Set Up the Plan
Create a Word or Rich Text Format (RTF) document that is double-spaced, 12-point font. The final product does not have a page length but you are required to provide a title page and reference page.
Write clearly and concisely. The business plan must be typewritten and neatly packaged in a form presentable to a financial institution or investor.
As some businesses are more complex, no specified number of pages is required. The key is to ensure that all critical portions of the plan are covered in sufficient detail to portray in-depth thought and effort. Some areas may not apply to all businesses.
Financial statements are important, and you are expected to provide pro forma balance sheets, income statements, break-even analyses, and cash flow projections.
The body of the paper should consist of a heading for each required element.
Use the grading rubric and instructions as guides. Be sure to cover all that is asked of you in the assignment and do so in a way that will guide the professor into giving a high grade. Finally, all work that you submit for this project should be your own. Remember your pledge to uphold academic integrity in all work that you prepare and submit.
Requirements for the Assignment
Before you begin writing the plan, you will read the following requirements that will help you meet the writing requirements.
Read the grading rubric for the assignment. Use the grading rubric while writing the paper to ensure all requirements are met that will lead to the highest possible grade.
Third-person writing is required. Third person means that there are no words such as “I, me, my, we, or us” (first person writing), nor is there use of “you or your” (second person writing). If uncertain how to write in the third person, view this link: First, Second, and Third Person.
Contractions are not used in business writing, so you are expected NOT to use contractions in writing this assignment.
You are expected to paraphrase. You are expected to paraphrase, which can be learned by reviewing this link: Quoting and Paraphrasing.
You are responsible for in-text citations and a reference list.
The expectation is that you provide a robust use of the course readings and relevant sources from the UMGC Library to support ideas, reasoning, and conclusions.
When using a source document, the expectation is that the information is cited. Note that a reference within a reference list cannot exist without an associated in-text citation and vice versa.