Business Plan Preparation Is This a Real Business - Assignment | ESBM 4830, Study notes of Introduction to Business Management

Download Business Plan Preparation Is This a Real Business - Assignment | ESBM 4830 and more Study notes Introduction to Business Management in PDF only on Docsity! 1 This Is a Real Business Assignment © 2008 Regents of the University of Colorado FL Moyes Business Plan Preparation Is This a Real Business? Assignment You have identified a concept that you believe is a viable business and formed a team to write a business plan. As part of the business planning process the team will establish the following: Validation Prove the viability of your venture by conducting the following research: 1. Face to Face Research (F2F-R). See separate document for details.  Step 1: Gut Check - Determine concept potential  Step 2: Reality Test I - Get preliminary feedback on your concept from experts  Step 3: Sniff Test - Determine target customer interest  Step 4: Reality Test II - Get feedback on the entire business venture from experts  Step 5: Customer Surveys 2. Secondary Research of the Market and Industry. The Leeds School Library is a great source for conducting research. You have access to a wide range of databases that provide market, industry and financial information. Please refer to Leeds School librarian Gene Hayworth’s Guideline (on my website) for conducting research. Gene is quite willing to provide assistance with your research. 3. Financial Performance Look at comparable companies and industry financial data to develop measures of key ratios, profitability, cash flow, returns and trends. Refer to the COMPS section in the Financial Projections Model which can be downloaded from my website. Viability Establish the fundamentals of your venture to set the stage for writing the business plan:  Market o Identify potential entry points by segmenting the market. Why are they attractive? o What trends are driving the market? What is the size and is it growing? o Are there alternative target markets that should be considered now or in the future? o What problem is being solved?