The strategic management 6-step process starts with identifying an organization’s mission and the next step is to analyze the external and internal organizational environments to perform a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis.
Preparing a business plan mirrors this process. Every new business or new department or SBU requires careful business planning. Not only does a business plan determine what you’re going to do and how you’re going to do it, this plan provides a sound basis from which you can obtain resources, funding and loans for this business.
As we learned in earlier business classes, creating a business plan involves setting goals and objectives, preparing a market analysis, a product analysis, SWOT analysis, determining how you will use resources and more.
For this assignment, imagine you want to start your own business. Here is a list of possibilities for you to choose from.
Hair salon or home hair care (you make house calls) Computer games Comic book /video game store Online apartment rental listing At home health care At home day care center Smart home installation Logoed tee shirts Customized running shoes Pet grooming service at home (you make house calls) Catering food serviceAny other type of business that might interest you!
When you have selected your type of business/product, use the Internet to conduct your research and prepare the following:
Write a brief description of your business and its purpose. Create a mission statement. Through research, Identify and describe your competitors. Perform a SWOT analysis for your business. Strengths WeaknessesOpportunities Threats NOTE: Include how you will leverage technology for this business. In conclusion, how will careful planning and allow your business to be successful?
Your report should be approximately 2 pages long. Use APA style to create this assignment. You are not required to create an abstract.
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