A1

Identification

· You must clearly identify the name of your business, as well as the specific location (city, state) of your business. You are not required to have an exact address or street name.

· Example: XYZ Computer Repair, located in Detroit, Michigan.

A2

Mission

· Clearly explain the mission you have outlined for your company.

Mission Statement Example :

The mission of Sweet Treats Bakery is to provide the highest quality cupcakes with the best possible service to our customers and community.

A3

Business Goals

· Clearly identify and discuss TWO business goals that support the mission you described in aspect A2. We provide you with one example below.

A4

Three Keys to Success

· Be sure to list three keys to success for your new company and discuss each key in enough detail to prove your competence in this area. Keys to success can be more generic in nature.

Example of Keys to Success:

· Hire the highest quality candidates at competitive wages.

· Explanation: Hiring and retaining qualified employees will be critical to ensuring that the company meets their mission of providing the highest quality service.

· Seek out the highest quality ingredients at competitive prices.

· Explanation: High quality ingredients are a key component of ensuring the company meets their mission of providing the highest quality product to our consumer.

· Treat every customer the way we would want to be treated.

· Explanation: Ensure that each customer has their questions/concerns addressed personally by the manager or staff to continue to provide excellent customer service.

B1

Industry History

· Describe the actual industry in which the business will operate. You may need to broaden the industry such as using the “history of baking” or “history of a bakery” rather than the “history of a cupcake shop”. In addition, you may have multiple industries, such as human resource consulting. In this case, you can use the main industry, such as human resources, or you could discuss both the human resources and the consulting industry.

· Be sure to give an overview of the history of your industry and not a history of your hypothetical company. This section could include, but is not limited to, a discussion of key events, dates, technological advancements, people that have contributed to the growth of the industry, government regulation, etc. Timelines work very well for this section.

· This section will require outside sources (including corresponding citations within this section), as you will want to base this information on the actual history of the industry (e.g. facts, dates, figures, etc.).

SAMPLE SEARCH TERMS: “industry history of baking”, “history of bakeries”

B2

Legal Form

· Identify the ownership and legal establishment of the company, (e.g. specifying whether your company is a corporation, partnership, sole proprietorship, limited liability partnership, limited liability company (LLC), etc.). Corporations can be difficult for the project and are discouraged. However, if you choose to use a corporation then you must be consistent throughout the paper. As an example, a board of directors would be required for the structure of the organization (B4).

· Explanation of the legal form of ownership or justification for the selected form of ownership is NOT required.

For additional information on legal forms, please see the following: https://go.openathens.net/redirector/wgu.edu?url=http://fed.ibisworld.com/sso/oathens

· Please note that LLC stands for Limited Liability Company , not Limited Liability Corporation.

B3

Location and Facilities

· Provide a description of the location and type of facilities needed for your company. Identify the geographic location of your business, including where the products/services will be produced or distributed. The location does not require a set address. A city and state for each location associated with the business will suffice.

· The location of the business and the facilities needed to operate the business must be described. This section should include a discussion of the location and the general facilities that will be utilized by the company, such as warehouse, home office, store, etc. Detailed explanations of the space may be included but are not required.

B4 Management Structure

· You must describe the management structure, including key personnel and positions.

· This section also needs to include a description of the assigned responsibilities of each management position.

· An organization chart is appropriate format for content; however, it is not required. You do not need to identify a specific functional structure for the organization. Responsibilities of the key personnel could include, but are not limited to, legal, accounting, operations, management, human resources, marketing, etc. It is not necessary to include all these areas.

· If you are the only employee in your new business, be sure to list all the duties and responsibilities that you will perform.

· Outsourced positions or functions are acceptable for this section.

B5

Products and Services

· This section should discuss in detail the actual products and services that the hypothetical company will be providing. This explanation should serve as an introduction to the product and/or service and what specifically it will be providing customers. How will the product/service meet customer needs?

· This same information can be included in D1 for the product/service component.

C1

Target Market

· Ensure you have included a very specific description of the target market for your company’s products and services and clearly identify your intended customers.

· If your business targets consumers and businesses, then you need to include both in your discussion.

· The target market can best be identified in terms of the marketing budget. Your sales will not be restructured to one group or demographic (especially if you are an online business). However, with your limited marketing budget, who will you target first with your marketing efforts. Who is most likely to buy from you in the beginning?

· Target market components for business to consumers could entail the following items:

· Geographic: Location

· Demographic: Age, Gender, Income level, Education level, Marital or family status, Occupation, and Ethnic background

· Target market components for business to business could entail the following items:

· Geographic: Location

· Demographic: Number of Employees, Years in Operation, Annual Revenue, Friendly to Outsourcing, Types of Companies (e.g. healthcare, education, manufacturing, etc.), and Values and Beliefs of the Organization

C2

Industry Analysis

The industry history (B1) talks about what has happened in the past, but the industry analysis (C2) is what is going on with your industry in the present and future. The industry discussed in both your industry history and industry analysis need to address the same industry. The industry analysis should address the current state of the industry to include c

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