Assignment

Career Relevancy

This assignment will have you carry out several critical tasks related to your future career in business and entrepreneurship. Listing the steps of starting a business will reinforce the necessary tasks, planning, and strategy skills required before opening a full-fledged business. By identifying your business idea and working through the 10-step process, you will learn what your unique value proposition is to help you stand apart in the marketplace. This planning stage activity will guide you in idea feasibility assessments, which will ensure that you are taking the necessary steps to be successful in opening your future business and understanding the business start-up process further.

Background

Congratulations! You are now in the initial planning stages of a business start-up. Opening a business requires substantial consideration and strategic planning. Planning is paramount to business success. Today, many companies do business on a global level, making planning the first step in meeting the demands of consumers for goods and services.

One way that many entrepreneurs carry out the planning stages of a business start-up is through the development of a business plan. This critical document is useful for understanding the marketplace you are entering, the strengths, weaknesses, opportunities, and threats of your business, as well as who your customers are among other essential details. Business plans are often revisited throughout the lifespan of the business and can be used to strategically develop ways to mitigate weaknesses and threats that challenge the potential success, sustainment, and growth of the business.

A business plan can also communicate to your investors, both current and future, that you have assessed your business, the market, and future challenges and that you have made contingency plans to overcome such obstacles. The business plan can often lead to a determination from investors of their choice to support your dreams, so it is essential to place a great deal of reflective thinking into the process and align it to truly reflect your dreams and who you will be as an owner.

Prompt

Prior to moving forward with completing the assignment, please review and visit the following link from the Small Business Administration.

https://www.sba.gov/starting-business/how-start-business/10-steps-starting-business

For this assignment, please ensure that you have reviewed the 10 steps of starting a business and use the guide below to answer each of the questions in this 10-Step Business Start-Up Worksheet. You will need to provide a response of at least 75 words for each step in the worksheet section (totaling 750 words). Once complete, provide a brief 250-word minimum summary of how you would start your business using the 10-Step Business Start-Up Worksheet and Summary template. If you choose to quote or paraphrase external sources, please ensure that you cite and reference them using IWG format. Your Summary Analysis portion should be formatted in IWG format (e.g., double-space, indenting first line of the paragraph). After you input your answers and analysis into the template, please submit it in the assignment area.

Document Attached:

https://cehe.instructure.com/courses/120772/files/44140558/download?wrap=1