Deadline 3 Hours Please see the doc attached and respond
Before writing read ppt 5 and 6 Write 300 words on discussion and respond to two articles with 200 words for response.
1)Write 300 words for discussion with 3 peer reviewed references
After you finish the reading, viewing, and / or listening assignments for this week respond to the following:
Discuss what business, service, or product you plan to use for your business plan due by the end of the semester. Make sure to explain why you chose this topic and why it matters to you. Your initial post should be a minimum of 200 words or more. The initial discussion post is due by Wednesday night at midnight. No follow-up posts are necessary.
2) Respond to two articles with 200 words each
An effective business plan is essential for attracting investment for an emerging company that
has not yet established a track record of profitability and success. They are also an effective
tool for businesses to use in order to stay on track in the future. In order for new businesses to
get off the ground and attract outside investors, they must first establish business plans. A
business plan is, at its core, a tool that assists you in demonstrating to yourself and others that
your business idea is viable and worthy of further examination and development. Prior to
delving into the specifics of your concept, you must first identify and overcome any concerns
that may arise in the future, even if they are years away(Patnaik,2019).
This will help you to take a step back and look at your idea from a more comprehensive
perspective. This post provides an outline of what should be included in a business plan, as
well as sample business plans to help you get started on the correct path when writing your
own plan. According to experts, any decision that a firm makes should be accompanied by a
complete business plan that details the planned expenses as well as any potential problems
that may arise. When it comes to business plans, even among competitors in the same
industry or industrial area, they are rarely the same as one another(Hider,2018).
For the most part, however, the fundamental features of all business plans are the same, and
typically include an executive summary of the company as well as a full explanation of the
company, its services, and its goods. It also defines the approach that the organisation intends
to take in order to attain its goals and objectives. Despite the fact that there is no such thing as
a "good" or "poor" business plan, it is possible to categorise company plans into two
categories. The first is the traditional approach, and the second is the lean startup approach.
According to the Small Business Administration, the basic business plan is the most common
type of business plan that is faced by business owners. Standard in that each component is
significantly more in-depth than the one before it, this version is the most popular. There is a
great amount of additional effort required for these, and they are frequently significantly
Patnaik D, de Mola ML, Bates B.(2019). Making a Post-Covid Field-tried system. Harvard
Business Overview Automated Articles.1-5.
HIDER J.(2018). New Field-tried system Enables Shop to Assemble Ventilator Part Creation.
Current Machine Shop.93(1),78-82.
Business plans are to be made in advance before the business is being commenced and the best ideas of business include the combination of skills, passion, and strategic thinking, and timing also. I would like to make a business plan of starting an E-commerce business, and I have selected this is my business plan because in the present competitive world every Businesses, as well as retailers, are moving online faster. I would like to make my products and sell them online on my website. But it’s better if I prefer drop shipping because they will handle the shipping of the product since I am a beginner, and the only thing we need to manage is to take orders (Ibidunni et al., 2017).
So for this business plan, we need to do proper market research and need to identify what type of products are highly demanded and in which areas. So online products can be sold by selecting a proper platform of E-commerce and then we need to add product info about store and designing of theme and web pages are one of the important elements in this business plan as the client and customer (Ibidunni et al., 2017).
Nowadays many people prefer to make their purchases by using e-commerce platforms due to lack of time to visit stores and they want to save their time and so they prefer e-commerce websites for shopping online as they get huge varieties being available for them and delivery is done at their place and this is the reason why I would like to start an e-commerce business after my semester as it requires fewer resources, and we can earn profits also (McKenzie, 2017).
Ibidunni, A.S., Peter, F. and Ogbari, M., 2017. ENTREPRENEURSHIP EDUCATOR’S COMPETENCEON UNIVERSITY STUDENTS’COMMITMENT TO LEARNING AND BUSINESS PLAN WRITING. Academy of Strategic Management Journal, 16(2), pp.1-10.
McKenzie, D., 2017. Identifying and spurring high-growth entrepreneurship: Experimental evidence from a business plan competition. American Economic Review, 107(8), pp.2278-2307.