Business Plan or Business Proposal

The problem statement must include four specific components to include the (a) hook, (b) anchor, (c) general business problem, and (d) specific business problem. The Problem Statement is not to exceed 150 words. The problem statement is not to identify causes for the problem, solutions to the problem, or any other superfluous information. A well-written problem statement can be presented in four or five sentences. The problem statement is business focused. It must not represent a problem that has a social, psychological, educational, or other discipline specific emphasis. A business problem is something that is a problem for a business from the perspective of the business managers or the industry’s leaders. Therefore, it is important to adopt a management perspective, and not that of social advocates. The perspective must be from the position of the managers and leaders of business who can address the problem.

To ascertain whether a problem addresses a business issue or has rubric creep/rubric drift, please consider the following:

· A key component for a business-related problem is that the specific business problem relates to a business process that organizational leaders need to address to effectively meet the organization’s mission.

· A business problem fits within a business critical success factor (CSF). Business leaders use business processes to function effectively to complete one or more CSF’s needed to carry out their business mission.

· A business problem is one that a business leader can solve (Walden University, 2015).

Problem Statement Example