Small Business Webquest Assignment
 
Introduction

Your deceased great-uncle's attorney has notified you that you've inherited $750,000. Because you were his favorite relative, he has left you and your friends the bulk of his assets. Although you are bereaved by the loss of your favorite uncle, you realize that you are facing the opportunity of a lifetime. You must make a decision on how you will invest this inheritance.

You are at a crossroad in you life. You will soon be graduating from high school and you have not made any definite plans for your future. This inheritance opens many doors for you including your desire to own your own business. You have always had the desire to run a business and be your own boss. Now is your chance to follow your dream!

Task

Step One

There are a number of components to a business plan to consider:

    1. Summary Concept
    2. Vision Statement
    3. Milestones
    4. Market Analysis, Target Market & Customers
    5. Competitive Analysis & Primary Competitors
    6. Market Strategy
    7. Strengths & Weaknesses
    8. Products/Services
    9. Promotions & Publicity
    10. Operations/Management
    11. Financial Statement: Start-up Costs
    12. Financial Statement: Balance Sheet & Cash Flow

Again, use the resources below to see exactly how to assemble a business plan using the outline above. These reources will help you understand each component of your business plan. You can view real-life business plans from business owners operating the same kind of bussiness you are about to create!

Step Two

If you're with Ken at Satellite Academy High School, use the class handout as a guide to create a first draft of your business plan. You will need to refer to the resources below after reviewing the handout. Again, it is best that you take full advantage of the expert knowledge provided amongst the resources below before getting too far ahead.

Step Three

Once you have drafted an outline and have it approved by Ken, you may go ahead to the Business Plan Template . A Microsoft PowerPoint document will open with the minimum number of slides needed for your business plan presentation.

Put your information into the template.

Your plan will be presented in class by your group in a Microsoft PowerPoint presentation. Read the Process section of this assignment to see how to create you presentation.

Additional Steps

While we are working to complete this project we will take a field trip to a local small business and watch a portion of a film. The work done on these additional steps will help you achieve success the steps listed above.

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Process - What to think about as you assemble your business plan

You are about to become an entrepreneur! You have chosen your line of business and it is time to develop your business plan.

Your group is about to begin an adventure that will determine your destiny from scratch. Your group must begin by describing your business in a business plan. Your group will determine what type of business you will run. To begin, think about the following;

  • What will you provide for the customer?
  • Who is my target customer?
  • How will I communicate with my customer?
  • What product and/or service will I provide?
  • Where will the business be located? What hours will it operate?
  • Who is the competition?

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Resources

The following resources are Internet sites that will assist you in writing your business plan. Use these sites as a guide in preparation of writing your own business plan. These sites provide examples of how to set up business plans and provide samples too. So take notes. These resources will provide information that will enable you to develop a document that describes the business you want to start and how it will become profitable.

Business Plan Outline Explained This webpage offers definitions to some of the parts of a typical business plan. Use its links to gain further insight.

Business Plan Componets Explained Some of the parts of a typical business plan are explained at this web site. Use its links to find more detailed information.

US Small Business Administration

Business Plan Outline Use this resource as a guide to help you with your PowerPoint presentation.

Links to real business plans

A five step process for creating a business plan

Short business plan outline and advice

Use examples on the Internet of the kind of business you want to create. Also look for the materials, equipment and resources you'll need for your business on the Internet too. This will give you a sense of the costs involved with your business idea.

If you need to get information about commerical real estate space you can use these links;

Craigslist for office and commerical space

Craigslist for parking and storage space

You may want to consider using Craigslist to determine the pricing of other materials and supplies, cost of labor and other factors that will help determine costs.

Your business and its personnel may need special licensing, so please investigate 'hidden costs'. Take a look at the the New York State web site to find out if you will need a special permit or license to run the business you want.

New York City also provides services to business owners at its web site.

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Conclusion

Developing a comprehensive business plan utilizes every business application you have studied in school. You must have a complete understanding of your product, customer, and finances to have a successful business. Writing your business plan allows you, and others (perhaps investors), to determine your ability for success.

A business plan is not set in stone. It is a working document that you can utilize throughout the life of your business.

CAUTION: Do not manipulate financial data to fit your expectations. All data must be as accurate as possible and estimations should be noted.

Best of luck in your endeavors! Your great-uncle would be proud of you!

Evaluation - How You will Be Graded

Your grade will be based on:

  • The organization of your presenatation:
    • Provide a potential investor an idea of what our company will do and how it will do it.
    • Give a sense of how much it will cost to start up the business and operate it.
    • Inform people about the resources needed to start up the business and operate it.
    • Describe of how the business will grow over time.

  • The delivery of your presentation:
    • Have details about your plan been worked out before the presentation.
    • Does your presentation follow the outline in your presentation?
    • Are you reading from the outline or from a script based on the outline in your presentation?
    • Did your PowerPoint presentation refrain from annoying sound effects and distracting visuals.

  • Your group's use of resources:
    • Can you demostrate the use of expert knowledge and other references in your buisness plan?

  • Submission of the Business Plan Web Quest Assignment Progress Report


  • Teamwork
    • Was the work of your group a team effort?

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Contact Ken at kstein2@nycboe.net
updated: 1105/04