(LO8) Explain how to manage the growth and other challenges that arise from an entrepreneurial venture
(LO9) Demonstrate knowledge of the fundamentals of entrepreneurship
in week seven we want you to create a business plan for the venture you have been working on throughout the class. We ask that you research and provide analysis of the following areas for your propose business venture.
An opening statement where you provide the name of the business and the essence of your vision and mission statements. As well as your assessment as to why this business venture has a better than average chance to succeed.
Background of this venture
Briefly describe an your entrepreneurial venture (business) please include in this section: (a) a detailed description of the venture’s products and/or services this company would provide; (b) the target markets and customer demographics you would sell to;(c) what advantage this venture would offer that makes it competitive; (d) what skills, knowledge, experience, or talents do you (as the entrepreneur/owner) bring to the venture; (e) what benefits (tangible and intangible) does this venture have for your potential customers; and (f) how do you propose getting products or services marketed? You are not supplying a business plan, however, from the information you supply should be complete enough to eventually develop a business plan. Do not limit your narrative to the items above (a through e), be creative in your description of your possible venture. But make sure to back up what you say with research.
Industry and competitive analysis
Provide an overview as to why this business venture is or will be in demand based on the research you have performed please include; An industry overview in the U.S. and in the location, you will potentially start this business. Information regarding the competitive environment in that location. An analysis of the market that identifies risks, opportunities, trends in growth
in this section we ask that you address the risks that must be considered both to the start-up and to the long-term viability of this venture? In some detail, identify the market segments and the trends in those markets. Include expert assessment of the potential for your venture, and the risks and potential stumbling blocks to entry. Provide evidence that a new player is needed in your local market by doing some market research that identifies competitors already in your region. Please also perform a quick cost analysis on how much money this venture would need to start. Look for credible sources and research to support and explain what this business venture is and how it works in the economy.
Describe in detail your target market location is, and why you have selected it. What is the demographic your business will address? Investigate and describe your competitors in this specific market and what are their strengths, weaknesses, and vulnerabilities? Devise a strategy for entering this market and what are the specific barriers and risks to entry. What specific marketing (advertising) needs do you believe will garner attention as you enter this market with your new venture?
Please provide well-written summary of the ideas presented which easily walks us through why this venture will be successful or if your research and analysis determines that it would not be successful please state why.
Please use the attached APA formatted Essay Template for this assignment with the above titles for each section of the paper. Be sure to properly cite your resources throughout the entire paper using APA 7th citations rules. Also, use proper APA referencing guidelines in your “References” (bibliography) section at the end of your papers. Your written weekly assignment paper should be 5 to 7 pages not including the title page or the reference listing and should include a minimum of 7 cited credible reference sources.
This assignment is due on Day 7 of Week 7, by 11:59pm ET