Noted psychologist David McClelland characterized entrepreneurs as possessing the following traits: (1) Desire for responsibility, (2) Preference for moderate risk, (3) Confidence in their abilities, (4) Determination, (5) Desire for immediate feedback, (6) High level of energy, (7) Future orientation, (8) Skill in organizing, and (9) Value of achievement over money.
Using the assessment attachedhere,rate yourself on each trait based on a scale of 5 (this trait is most like me) to 1 (this trait is not at all like me). Note an example about yourself that demonstrates and supports your rating on each trait. Remember that no one possesses all of the criteria.
Describe, in detail, the specific type of business venture you plan to evaluate in this class.You may choose any type of business that you find interesting. Basedon what you've read and learned so far, provide a comprehensive description of the business and any elements which you believe are creative and/or innovative.
Hint:Please think hard about the type of business you wish to investigate because for the remainder of the term you will be concentrating your efforts on this type of business. I sincerely hope that each of you believe that you have the framework for a successful business in the back of your mind and that this course will provide you with the tools to analyze the viability of your business idea.
This assignment is more difficult than it appears because you are now asked to put a great deal of “meat" on the “bones” of your business idea. Take your time with this assignment.
Assignment 1:Following Scarborough's (2014) nine-step process, complete and submit a thorough strategic analysis of your proposed business venture. Additionally, include in this assignment a feasibility analysis of your proposed business modeled upon the material found in
Chapter 4. As with the assignment from the previous module, you will need to refine this assignment as your research provides additional information.
Assignment 2:Conduct a detailed due diligence study of a business similar to your proposed business venture. Please follow the steps found on pages 240-248.
Assignment 3:Explain, in detail, how you would determine the “fair value” for the business you selected in Assignment 2. Please see pages 249-258 in your textbook for guidance in valuing this business.
Select the most appropriate form of ownership for your proposed business. Explain in detail the reasons why this form of ownership is appropriate for you and your firm. Describe the advantages and disadvantages of this form of ownership which you considered in your decision.
Assignment 1:Submit a complete and detailed marketing plan for the product(s) or service(s) of your proposed business. Follow the guerrilla marketing strategies outlined in Chapter 8 to complete this assignment.
Assignment 2:Based on the new business venture that you are proposing, determine and explain, in detail, any e-commerce opportunities that your firm could effectively and profitably pursue.
Assignment 3:Describe in detail the pricing strategies and tactics that you plan to implement in your proposed business. Also, explain the logic behind the pricing strategies and tactics that you have selected.
Assignment 1:Construct a detailed cash budget for your proposed business venture.
Assignment 2:Prepare all relevant pro forma financial statements for your proposed new
business venture. Explain what these financial statements tell you about the financial
viability of your proposed business venture.
Assignment 1:Discuss both the amount and the sources of financial capital that your business venture will require. Detail the specific terms and conditions associated with each type of funding.
Assignment 2:Review the information on Small Business Investment Companies (SBICs) and Small Business Lending Companies (SBLCs) provided on pages 499-500 of the textbook (it may also help to conduct additional research). Comment on how you might utilize one or both of these institutions to finance your proposed business.
Everything you have been doing for the past seven weeks has been building up to one thing; creating your own business plan. The success or failure of your venture can depend on it. For this module, your task is to take EVERYTHING you have learned in the previous modules and construct a business plan to complete the idea you have been developing. This is not an easy task, therefore it is the only thing you are required to do this week. It will take many hours, great will, and determination to construct a well-designed plan. Be sure to build on and include everything you have learned.