MGT/465 Part One: Business Venture Preparation
The business our team chose is:
Lawn Service |
Our justification for choosing this business is:
The opportunity for new clients/customer is large due to newly built housing subdivisions. |
List each team member’s name and the role that they will be playing on the Business Start-up Team.
Team member roles should accurately define the expertise each member contributes to the development of the business venture. Team members can possess more than one expertise.
Team Member | Team Member Name (insert here) | Team Member Name (insert here) | Team Member Name (insert here) | Team Member Name (insert here) | Team Member Name (insert here) | Team Member Name (insert here) |
Role | Willie Singleton |
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Role | Business Description | Operations | Marketing Plan | Information Technology | Financial Plan |
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Role | Business Summary |
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Respond to the following questions regarding team member commitment to the business venture:
Discuss and document if the business venture will be a full-time commitment or will start-up team members commit to part-time involvement.
Discuss and document how the team members will get buy-in from family members to enter into this business venture.
Part Two: Market Research
Complete the following template based on the team’s marketing research results for your business venture:
Marketing Element | Research Results |
Consumer Need for Product or Service |
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Target Market | |
Economy of Chosen Location/City/Region |
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Consumer Demographics |
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Industry Research | |
Barrier to Entry |
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Current Market Saturation |
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Suppliers |
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Legal Business Structure to be used and justification for selection |
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Government regulations to be Considered-Local, State, and Federal |
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Types of Insurance to Consider |
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Competitor Data | |
Pricing Model |
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Business Model |
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Business Model Key Customers |
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Suppliers |
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Business Size (Annual Revenue $ ) |
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Business Location |
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Part 3: Reflection and Observations
Answer the following questions:
What role did each team member provide to obtain business plan information?
What roadblocks did the team face when obtaining required information?
What lessons were learned during the week’s Learning Team assignment,which can be applied during the specific phase of business start-up?
What is the team’s overall observations of this week’s assignment relative to the type of information needed to develop a comprehensive business plan?
How does this week’s Learning Team assignment support the Learning Objectives?
References
APA-formatted citation
APA-formatted citation
