PROJECT PRINCIPLES OF MANAGEMENTBUSINESS PLANExecutive SummaryPART I ? BUSINESS DESCRIPTION Business NameWhat is the name of your business?Hint: When you think of the name of your business, make sure that it captures the spirit of the business you?re creating. Description of BusinessWhat will your business do?Hint: Imagine that you are explaining your business to a family member or a friend. The business should be easy to explain. Keep your description here to about 30 words or less. Form of Business OwnershipWhat form of business ownership (sole proprietorship, partnership, or corporation) will your business take? Why did you choose this form?Hint: For more information on the types of business ownership, refer to the Intro to Business or Law class. Ethical IssuesAll businesses have to deal with ethical issues. One way to address these issues is to create a code of ethics. List three core (unchanging) principles that your business will follow.Hint: To help you consider the ethical issues that your business might face, refer to Chapter about Ethics. Social ResponsibilityA business shows social responsibility by respecting all of its stakeholders. What steps will you take to create a socially responsible business?Hint: What steps can you take to be a good citizen in the community? Consider also how you may need to be socially responsible toward your customers and, if applicable, investors, employees, and suppliers. Global IssuesDo you think that you?ll sell your product in another country? If so, what countries would you choose, and why? What challenges will you face?Hint: Consider how you will expand internationally (i.e. independent agent, licensing, etc.). Do you expect global competition for your product? What advantages will foreign competitors have? PATRT II ? Mission Statement Provide a brief mission statement for your businessHint: Be sure to include the name of your business, how you will stand out from your competition, and why a customer will buy from you. PART III ? SWOT ANALYSIS 1. Internal EnvironmentHint: Describe the components of the internal environment: resources (human, physical, financial, knowledge/expertise, etc.)2. External EnvironmentHint: Describe/analyze (only) the components of the external environment that you consider will affect your marketing decision:customerscompetitionsuppliersmarketing intermediaries (advertising agencies, marketing research companies, mass media)demographic environmenteconomic environmenttechnological environmentnatural environmentpolitical-legal environmentsocio-cultural environmentStrengths WeaknessesOpportunities Threats PART IV ? Business Goals Consider the goals for your business. What are three of your business goals for the first year? What are two intermediate to long-term goals?Hint: Be as specific and realistic as possible with the goals you set. For example, if you plan on selling a service, how many customers do you want by the end of the first year and how much do you want each customer to spend? If you plan on selling a good, how many do you hope to sell? PART V ? Management Who will manage the business?Hint: Think about how many levels of management as well as what kind of managers your business needs. Organization ChartShow how the ?team? fits together by creating a simple organizational chart for your business. Make sure that you organizational chart indicates who will work for each manager as well as each person?s job title.Hint: Most businesses start quite small. However, as you create your organizational chart, consider what your business will look like in the future. What different tasks are involved in the business? Who will each person report to in the organizational structure?PART VI ? RESOURCES Resources: Raw Materials and SuppliesExplain what types of raw materials and supplies will you need to run your business. How will you produce your good or service? What equipment do you need? What hours will you operate? Quality AssuranceWhat steps will you take to ensure that the quality of the product or service stays at a high level? Who will be responsible for maintaining the quality of the product or service (or both)?Hint: Refer to the discussion of quality improvement and Total Quality Management for information to get you started. Resources: EMPLOYEESJob DescriptionsLooking back at your organizational chart in Part 2, briefly create a job description for each team member.Hint: A job description lists the duties and responsibilities of a job; its working conditions; and the tools, materials, equipment and information used to perform it. Imagine your business on a typical day. Who is working and what are each person?s responsibilities? (Note that if your business is very large, you should ask your instructor how many positions he or she would like you to create job descriptions for.) Job SpecificationsNext, create a job specification for each job, listing the skills and other credentials and qualifications needed to perform the job effectively.Hint: As you write your job specifications, consider what you would write if you were making an ad for the position. What would the new employee need to bring to the job in order to qualify for the position?Insert Job Title