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I need help with a Entrepreneurship question. All explanations and answers will be used to help me learn.Instructions – PLEASE READ THEM CAREFULLYundefinedThe Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
Students are advised to make their work clear and well presented; marks may be reduced for poor presentation. This includes filling your information on the cover page.
Students must mention question number clearly in their answers.
Read carefully Grading Rubric below for specific criteria: 0-5 Marks.
Late submission will NOT be accepted.
Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).
Assignment Objectives & Requirements:1. Ownersundefineda. Your Business Name, Address, E‐Mail undefined2. General Business Description (300 – 500 words)undefinedA. What business will you be in? What will you do?undefinedMission Statement
undefinedCompany goals and objectives
undefinedB. Business Philosophyundefineda. What is important to you in your business?undefined To whom will you market your product?
undefined Describe your Industry: Is it a growth industry? What long term or Short-term changes do you foresee in the industry? How will your company take advantage of it?
undefined Describe your most important company strengths and core competencies: What factors will make the company succeed? What do you think your major competitive strengths will be? What background experience, skills, and strengths do you personally bring to this new venture?
undefined Legal form of ownership: Sole proprietor, Partnership, Corporation, Limited liability corporation (LLC)? Why have you selected this form?
undefined3. Products and Services (300 – 500 words)undefineda. Describe in depth your products or services. (Technical specifications)undefinedb. What factors will give you competitive advantages or disadvantages? Examples include level of quality or unique or proprietary features.undefined4. Marketing Plan (300 – 500 words)undefineda. Market Research- Why?undefinedb. Market Research- How? Primary or Secondary Data?undefinedc. In your marketing plan, be as specific as possible; give statistics, numbers, and sources. The marketing plan will be the basis, later on, of the all‐important sales projection.undefinedFacts about your industryundefined What is the total size of your market?
undefined Current demand in target market.
undefined Trends in target market—growth trends, trends in consumer preferences, and trends in product development.
undefined Growth potential and opportunity for a business of your size.
undefined What barriers to entry do you face in entering this market with your new company?
undefined How will you overcome the barriers?
undefined How could the change in technology, change in government regulations, change in the economy, change in your industry, affect your organization.
undefinedProductundefined Describe the most important features. What is special about it?
undefined Describe the benefits. That is, what will the product do for the customer?
undefinedCustomerundefined Identify your targeted customers, their demographics
undefinedCompetitionundefined What products and companies will compete with you?
undefined How will your products or services compare with the competition?
undefinedStrategyundefined Outline a marketing Strategy.
undefinedPromotionundefined How will you promote your Product?
undefined What will be your promotional budget?
undefinedMethod of setting pricesundefinedCompare your prices with those of the competitors. Are they higher, lower, the same? Why?
undefinedHow important is price as a competitive factor?
undefined Do your intended customers really make their purchase decisions mostly on price?
undefined What will be your customer service and credit policies?
undefinedDistribution ChannelsundefinedHow do you sell your products or services?undefinedLegal Environmentundefined • Licensing and bonding requirementsundefined Health, workplace, or environmental regulations
undefined Special regulations covering your industry or profession
undefined Insurance coverage
undefined Trademarks, copyrights, or patents (pending, existing, or purchased
undefinedPersonnelundefinedNumber of employees
undefined Type of labor (skilled, unskilled, and professional)
undefined Where and how will you find the right employees?
undefined Quality of existing staff
undefined Pay structure
undefined Training methods and requirements
undefined Who does which tasks?
undefined For certain functions, will you use contract workers in addition to employees?
undefinedInventory undefined What kind of inventory will you keep: raw materials, supplies, finished goods?
undefined Average value in stock (i.e., what is your inventory investment)?
undefined Rate of turnover and how this compares to the industry averages?
undefined Seasonal buildups?
undefined Lead‐time for ordering?
undefinedSuppliers:undefinedIdentify key suppliers.undefined Credit and delivery policies
undefined5. Financial Plan (300 – 500 words)undefinedundefinedThe financial plan consists of a 12‐month profit and loss projection, a cash‐flow projection, a projected balance sheet, and a break‐even calculation. Together they constitute a reasonable estimate of your company’s financial future.undefined6. Conclusion (300 – 400 words)
Requirements: 1500-2500

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