Business Plan: The Problem & AnswerAs a Team, pick a topic.You will describe your Business Plan topic in your team charter, and your instructor will review and approve your topic or provide additional suggestions. This presentation gives ideas on how to select a good topic. Also bear in mind that you will be working with an initial budget of $300,000. You may request an increase in that investment amount of up to $600,000 from your instructor. The initial investment is intended to cover expenses until your business sales can do so. Teams use these monies to pay for start-up expenses and to cover expenses such as rent, utilities and payroll for the first few months. The initial investment is not intended to fund a contingency account because investors want to see a plan that does not require a large contingency account. This financial requirement will help you scale your business topic to the appropriate size for this course.PresentationPlease watch the following presentation for more information on selecting a product or service..next.ecollege.com/default/launch.ed?ssoType=DVUHubSSO2&node=1467″>Choosing Your Product or ServiceEstimated Duration: 5 minutesNote:This tutorial has sound. Please turn on your computer speakers to hear it..equella.ecollege.com/file/bcc3ecfa-ada5-499c-bbbd-c70242fb2dc5/1/images–choosing_product_service.jpg”>Because this course moves quickly, the recommended time to submit your Team Charter with topic to your instructor is by the end of Week 1 so that your instructor can approve your topic and team charter or recommend changes before you progress too far into Week 2.See the Syllabus section “Due Dates for Assignments & Exams” for due date information.Develop your Team Charter product or service description.In the product or service description section of the Team Charter, you will describe your product or service idea and your intended target audience. Identify a problem to solve for your prospective customers and explain why your product or service is the answer. Further details about completing and submitting your business idea as a part of your charter are located on the assignment page in the Beginning tab.Collaborate on your teams business idea by posting to your Team Discussion area.Collaboration on your business idea will count toward your participation grade in Week 8.Individual AssignmentTo help prepare for the team Business Plan, all students complete an individual paper on a topic of their choice. See the Individual Assignment Grading Rubric in Doc Sharing for the list of topic choices and the paper requirements. Note there are multiple tabs across the bottom of the Rubric spreadsheetWelcome to Industry AnalysisThis section will focus on theIndustry Analysisportion of your Business Plan. As the component manager of this section, you are the main researcher for your team, and the data that you uncover will be integral for all of the sections of the plan.This section will describe how to do the basic research and develop your industry review, regulations review, competitive analysis, and SWOT analysis. It is a very important part of the Business Plan, so be sure to collaborate with your team members and give them a great foundation on which to build their plan!Business Plan: Industry AnalysisTo complete the Industry Analysis, refer to the rubric for specific sections and questions to answer. Detailed research will help you build a strong case for your business. Take advantage of the DeVry Online library. Use its search engine to find reliable business and academic resources. For example, the ProQuest search engine will give you access to over 3,000 periodicals and also includes profiles on over 60,000 companies; with the IBIS World search engine you have access to company, industry, and sector analysis. You can also find excellent information from industry-specific and general business periodicals. For business industries that are dominated by nonpublic companies, you may have to rely on more generic data at the industry level, supplementing that information with data gleaned from business articles where the reporter has conducted research.Complete the Industry Analysis.After working with your teammates, the component manager will develop your Industry Analysis (described in detail in this units lecture). Use the rubric for the Written Plan to organize your information and to ensure that you have met the course requirements for this section of your business plan.Collaborate on your Business Plan by posting to your Team Discussion area.This collaboration will count toward your participation grade in Week 8.Submit your Industry Analysis.Submit your Industry Analysis to the appropriate Dropbox and to your teams document sharing area. See the Syllabus section “Due Dates for Assignments & Exams” for due date information.Business Plan: The Marketing PlanResearch the environment in your industry.In the team area, the component manager should collaborate with his or her team to ensure everyone is on the same page. In the marketing plan, you will focus on the four Ps (product, price, place, and promotion). Be sure you understand the strategic direction of the firm as you are developing these four Ps by posting in the Team Discussion area and soliciting feedback. Remember thatprimary research is requiredfor the Marketing Plan. See the lecture for details.Complete the Marketing Plan.After working with your teammates, the component manager will develop your Marketing Plan (described in detail in this unit’s lecture). Use the rubric for the Written Plan to organize your information and to ensure that you have met the course requirements for this section of your business plan.Is the idea still viable?Just as you asked when you finished the environmental analysis, when you completed your marketing research, and when you wrote the marketing plan, you have to ask, “Is this idea still viable?” At first look, it may have been a great idea, but as you develop an understanding of the market, your idea may not be feasible. Are your prices competitive? Does your target market make sense?Take time to talk with your team in your team meetings and in your Team Discussion area about whether this idea is still a good one that can be sold to investors. If you find that the idea is not viable, work with your team to modify it so that it will be profitable.Collaborate on your Business Plan by posting to your Team Discussion area.This collaboration will contribute toward your participation grade in Week 8.Submit your Marketing Plan.Submit your Marketing Plan to the appropriate Dropbox and to your team’s document sharing area.See the Syllabus section “Due Dates for Assignments & Exams” for due date information.Business Plan: The Operations PlanDiscuss your strategic overall operational strategies with your team.In the team area, you need to lead the discussion to understand and coordinate with your group how the operations will be deployed. What is the organizational chart going to look like? What technologies will you use? What are the backgrounds of your teammates and their roles in your fictitious Business Plan? Be sure you understand the goals of the group before you develop the Operations Plan.Complete the Operations Plan.After working with your teammates, the component manager will develop your Operations Plan (described in great detail in this units lecture). Use the rubric to organize your information and to ensure that you have met the course requirements for this section of your business plan.Collaborate on your Business Plan by posting to your Team Discussion area.This collaboration will count toward your participation grade in Week 8.Submit your Operations Plan.Submit your Operations Plan to the appropriate Dropbox and to your team’s document sharing area.See the Syllabus section “Due Dates for Assignments & Exams” for due date information.Business Plan: The Financial PlanDiscuss your strategic overall financial strategies with your team.In the team area, the component should collaborate with his or her team to ensure everyone is on the same page. In the financial area, you will focus on funding, sales, expenses, and required financial statements. Review the tutorial from the lecture and the tutorial from the Financial Software page. Remember that your proposed Financial Plan should match the characteristics of your Industry Analysis.Complete the Financial Plan.After working with the team, the component manager will develop your Financial Plan (described in detail in this unit’s lecture). Use the rubric to organize your content and for guidance on the content, which should be included for a strong Financial Plan.SPECIAL NOTE:You will not turn in the financial worksheet created with the financial tool; rather, you will use that output to create charts, tables, and graphs to tell your financial story. Use the rubric to determine which portions of the financial worksheet should be incorporated into your Financial Plan.Is the idea still viable?Just as you asked when you finished the other sections, you have to ask, “Is this idea still viable?” After you have finished evaluating the costs and forecast the revenues, do they look good? Do the numbers make sense? Do you need to raise the prices in the marketing section? Do you need to change your target market? Do you need to adjust your products? Do you need to adjust the operating expenses? All these questions should be asked, because if the numbers don’t add up, an investor will not be interested in your idea, and you shouldn’t be interested in your idea either.Collaborate on your Business Plan by posting to your Team Discussion area.This collaboration will count toward your participation grade in Week 8.Submit your Financial Plan.Submit your Financial Plan to the appropriate Dropbox and to your team’s document sharing area.Business Plan: Executive SummaryCreate the Executive Summary for your plan.The Executive Summary, as described in your lecture, summarizes the main elements of your business concept and is the overview that should attract the attention of potential investors. Refer to the rubric for details.Create the PowerPoint.You will give a PowerPoint presentation in Week 8. The presentation will be a team effort, so work with your group to practice and prepare for your Week 8 presentation. Your entire group must be present and must also present to earn points for this team deliverable.Collaborate on your Business Plan by posting to your Team Discussion area.This collaboration will count toward your participation grade in Week 8.Submit your PowerPoint Presentation With Speaker Notesto the Dropbox located on the silver tab at the top of this page. See the Syllabus section “Due Dates for Assignments & Exams” for due date information.You will describe your Business Plan topic in your team charter, and your instructor will review and approve your topic or provide additional suggestions. This presentation gives ideas on how to select a good topic. Also bear in mind that you will be working with an initial budget of $300,000. You may request an increase in that investment amount of up to $600,000 from your instructor. The initial investment is intended to cover expenses until your business sales can do so. Teams use these monies to pay for start-up expenses and to cover expenses such as rent, utilities and payroll for the first few months. The initial investment is not intended to fund a contingency account because investors want to see a plan that does not require a large contingency account. This financial requirement will help you scale your business topic to the appropriate size for this course.PresentationPlease watch the following presentation for more information on selecting a product or service..next.ecollege.com/default/launch.ed?ssoType=DVUHubSSO2&node=1467″>Choosing Your Product or ServiceEstimated Duration: 5 minutesNote:This tutorial has sound. Please turn on your computer speakers to hear it.Because this course moves quickly, the recommended time to submit your Team Charter with topic to your instructor is by the end of Week 1 so that your instructor can approve your topic and team charter or recommend changes before you progress too far into Week 2.See the Syllabus section “Due Dates for Assignments & Exams” for due date information.In the product or service description section of the Team Charter, you will describe your product or service idea and your intended target audience. Identify a problem to solve for your prospective customers and explain why your product or service is the answer. Further details about completing and submitting your business idea as a part of your charter are located on the assignment page in the Beginning tab.Collaboration on your business idea will count toward your participation grade in Week 8.To help prepare for the team Business Plan, all students complete an individual paper on a topic of their choice. See the Individual Assignment Grading Rubric in Doc Sharing for the list of topic choices and the paper requirements. Note there are multiple tabs across the bottom of the Rubric spreadsheetThis section will focus on theIndustry Analysisportion of your Business Plan. As the component manager of this section, you are the main researcher for your team, and the data that you uncover will be integral for all of the sections of the plan.This section will describe how to do the basic research and develop your industry review, regulations review, competitive analysis, and SWOT analysis. It is a very important part of the Business Plan, so be sure to collaborate with your team members and give them a great foundation on which to build their plan!To complete the Industry Analysis, refer to the rubric for specific sections and questions to answer. Detailed research will help you build a strong case for your business. Take advantage of the DeVry Online library. Use its search engine to find reliable business and academic resources. For example, the ProQuest search engine will give you access to over 3,000 periodicals and also includes profiles on over 60,000 companies; with the IBIS World search engine you have access to company, industry, and sector analysis. You can also find excellent information from industry-specific and general business periodicals. For business industries that are dominated by nonpublic companies, you may have to rely on more generic data at the industry level, supplementing that information with data gleaned from business articles where the reporter has conducted research.After working with your teammates, the component manager will develop your Industry Analysis (described in detail in this units lecture). Use the rubric for the Written Plan to organize your information and to ensure that you have met the course requirements for this section of your business plan.This collaboration will count toward your participation grade in Week 8.Submit your Industry Analysis to the appropriate Dropbox and to your teams document sharing area. See the Syllabus section “Due Dates for Assignments & Exams” for due date information.In the team area, the component manager should collaborate with his or her team to ensure everyone is on the same page. In the marketing plan, you will focus on the four Ps (product, price, place, and promotion). Be sure you understand the strategic direction of the firm as you are developing these four Ps by posting in the Team Discussion area and soliciting feedback. Remember thatprimary research is requiredfor the Marketing Plan. See the lecture for details.After working with your teammates, the component manager will develop your Marketing Plan (described in detail in this unit’s lecture). Use the rubric for the Written Plan to organize your information and to ensure that you have met the course requirements for this section of your business plan.Just as you asked when you finished the environmental analysis, when you completed your marketing research, and when you wrote the marketing plan, you have to ask, “Is this idea still viable?” At first look, it may have been a great idea, but as you develop an understanding of the market, your idea may not be feasible. Are your prices competitive? Does your target market make sense?Take time to talk with your team in your team meetings and in your Team Discussion area about whether this idea is still a good one that can be sold to investors. If you find that the idea is not viable, work with your team to modify it so that it will be profitable.This collaboration will contribute toward your participation grade in Week 8.Submit your Marketing Plan to the appropriate Dropbox and to your team’s document sharing area.See the Syllabus section “Due Dates for Assignments & Exams” for due date information.In the team area, you need to lead the discussion to understand and coordinate with your group how the operations will be deployed. What is the organizational chart going to look like? What technologies will you use? What are the backgrounds of your teammates and their roles in your fictitious Business Plan? Be sure you understand the goals of the group before you develop the Operations Plan.After working with your teammates, the component manager will develop your Operations Plan (described in great detail in this units lecture). Use the rubric to organize your information and to ensure that you have met the course requirements for this section of your business plan.This collaboration will count toward your participation grade in Week 8.Submit your Operations Plan to the appropriate Dropbox and to your team’s document sharing area.See the Syllabus section “Due Dates for Assignments & Exams” for due date information.In the team area, the component should collaborate with his or her team to ensure everyone is on the same page. In the financial area, you will focus on funding, sales, expenses, and required financial statements. Review the tutorial from the lecture and the tutorial from the Financial Software page. Remember that your proposed Financial Plan should match the characteristics of your Industry Analysis.After working with the team, the component manager will develop your Financial Plan (described in detail in this unit’s lecture). Use the rubric to organize your content and for guidance on the content, which should be included for a strong Financial Plan.SPECIAL NOTE:You will not turn in the financial worksheet created with the financial tool; rather, you will use that output to create charts, tables, and graphs to tell your financial story. Use the rubric to determine which portions of the financial worksheet should be incorporated into your Financial Plan.Just as you asked when you finished the other sections, you have to ask, “Is this idea still viable?” After you have finished evaluating the costs and forecast the revenues, do they look good? Do the numbers make sense? Do you need to raise the prices in the marketing section? Do you need to change your target market? Do you need to adjust your products? Do you need to adjust the operating expenses? All these questions should be asked, because if the numbers don’t add up, an investor will not be interested in your idea, and you shouldn’t be interested in your idea either.This collaboration will count toward your participation grade in Week 8.Submit your Financial Plan to the appropriate Dropbox and to your team’s document sharing area.The Executive Summary, as described in your lecture, summarizes the main elements of your business concept and is the overview that should attract the attention of potential investors. Refer to the rubric for details.You will give a PowerPoint presentation in Week 8. The presentation will be a team effort, so work with your group to practice and prepare for your Week 8 presentation. Your entire group must be present and must also present to earn points for this team deliverable.This collaboration will count toward your participation grade in Week 8.Submit your PowerPoint Presentation With Speaker Notesto the Dropbox located on the silver tab at the top of this page. See the Syllabus section “Due Dates for Assignments & Exams” for due date information.