“Too often, entrepreneurs brimming with optimism and enthusiasm

launch businesses destined for failure because their founders never stop

to define a workable strategy that sets them apart from their

competition.” (Scarborough & Cornwall, 2015, p. 106).

With

this assignment, you have the opportunity to take your creative ideas to

the next step and begin to develop a strategy that will form the

foundation for a successful business.

Write a three to four (3-4) page paper in which you:

  1. Develop an idea for a prospective small business, and select a name for the company.
  2. Identify its key competitors and summarize the strengths and weaknesses of one of the competitors.
  3. Prepare a mission statement that encompasses the purpose of the business and considers its target market.
  4. Identify the ownership form for this business, taking into consideration tax implications, liability exposure, managerial ability, and cost of formation.
  5. Include at least two (2) references outside the textbook.

 

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