Read the following:You shall read the following information about business plan development at this website: http://en.wikibooks.org/wiki/Getting_Started_as_an_EntrepreneurOnce there, you should click

Read the following:

You shall read the following information about business plan development at this website: http://en.wikibooks.org/wiki/Getting_Started_as_an_EntrepreneurOnce there, you should click on the following headings (located under the "Plan" subsection) and read each of them thoroughly:

• Business Plans
• Tips & Tricks
• Business Models
• Measuring Your Success
• Presenting Your Plan
• Licensing as Part of the Plan
• Profile: Innovation in the Bag
• Profile: Open to Learn

Next, read the following information on how to develop a mission statement:http://ctb.ku.edu/en/table-of-contents/structure/strategic-planning/vision-mission-statements/main

If you are truly serious about starting your own business and developing a business plan on your own, there is a free online book that outlines this process in much greater depth:  http://www.e-booksdirectory.com/details.php?ebook=10607

Part 1

Share your mission statement that you have created for this week’s Journal entry assignment on the discussion board. You will be assessed and assess others based on the principles of what a strong mission statement should include.

Part 2

Think about a business idea you may have or have thought of in the past. This may be for a for-profit venture, or a social business enterprise, or a non-profit organization. (Or, if you cannot think of one, then consider a business that already exists, and use that as your focus for this assignment.)

1) Create the beginning outline for a business plan by writing your own MISSION STATEMENT. Remember that the “four components of a good mission statement include”:

• The role or contribution that the business makes - is it a voluntary organization or a charity? Are you in business to supply goods and services and make a profit?
• A definition of the business - this should be given in terms of the benefits you provide or the needs that you satisfy. It should not define what you do or what you make. These should have been outlined as part of the first component.
• An outline of your distinctive competencies - the factors that differentiate your business from the competition. These will be the skills or capabilities you offer that are not, or cannot be, offered by your competitors.
• The indications for the future - what the business will do. What it might do in the future and what it will never do.

2) Next, create an outline for a business plan by answering the following “nine questions every business plan should answer”:

1. Who is the customer?
2. How does the customer make decisions about buying this product or service?
3. To what degree is the product or service a compelling purchase for the customer?
4. How will the product or service be priced?
5. How will the product reach all the identified customer segments?
6. How much does it cost (in time and resources) to acquire a customer?
7. How much does it cost to produce and deliver the product or service?
8. How much does it cost to support a customer?
9. How easy is it to retain a customer?

3) Finally, provide an “elevator pitch” that you can use to “sell the business idea” to others in 60 seconds or less (the time it takes to ride down a few floors in an elevator).

*** If you want to envision yourself starting up a non-profit organization, then consider where you might access sources of funding and ongoing support and discuss this as well.

If you are truly serious about starting your own business and developing a business plan on your own, there is a free online book that outlines this process in much greater depth.  This book, Small Business Management in the 21st Century, is available at  http://www.e-booksdirectory.com/details.php?ebook=10607

This Journal entry should be a minimum of 1,000 words in length.