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visit and carefully review the following blog/articles: https://www.shopify.ca/blog/low-investment-business-ideas https://www.entrepreneur.com/article/292277 https://www.entrepreneur.com/article/201588•
Group Project: Report body 3500 words
• An Introduction and Overview of your business selection • A Body that logically and holistically addresses all the questions for each section of the project. • A Conclusion that, based on what you have learned in the course, speculates on the viability of the idea as an actual business. • Reference page that lists any external research you may have done to support some of the decisions you have made. You must properly cite any resource that you accessed or used in your report, and your references should follow APA format.
Project should include:
• What is the relevance of the business name?
• What is the relevance of the mission statement to you and the public?
•What form of business you will decide for your idea? Sole proprietorship? Partnership? Limited Liability Partnership? Corporation? Non-Profit
•What resources are required for this business idea? Money? Human Resources? Infrastructure etc.? Think Factors of production
Operational and Marketing Plan
• What is your assessment of the Internal (Micro) and External (Macro) environment this business exists in? Are there any critical factors you must considerbefore you continue with this idea?
• For the operational plan, please outline the organization structure. Also, will the organization be utilizing specialization or departmentalization? Will the decision making be centralized or decentralized? How exactly will the company work/operate from the moment a customer walks in to when they are leaving (Post purchase)?
• How will your team create customer awareness and ensure customer retention and loyalty? What type of Information System will the company implement to prevent customers from churning? [HINT: CRM platforms]
Competition and Financing
• What type of competition will your company engage in? Look at the other similar businesses and try to get an idea of the current market condition in this industry. •
What sources of funding you have currently available? What other venues you might explore to get funding?
• What are your sales and profit projections?