You plan to open a new business. Before you can approach a potential investor, you will need a strong plan. Describe the purpose and components of a business model and write a one-paragraph business model description for a business of your choice.

You plan to open a new business. Before you can approach a potential investor, you will need a strong plan. Describe the purpose and components of a business model and write a one-paragraph business model description for a business of your choice.

Foundations of Business (MindTap Course List)

6th Edition

ISBN:9781337386920

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Chapter4: Choosing A Form Of Business Ownership

Section: Chapter Questions

Problem 6DQ

See similar textbooks

Related questions

Q: Why is it important to write a simple or comprehensive business plan before starting up a business?

A: A well-written business plan is vital because it allows entrepreneurs to spell out their prime…

Q: Make a business plan and show it

A: An assistance business regularly centers around offering administrations to clients rather than…

Q: In another step closer to creating your business plan, it is now time to focus on franchises. For…

A: It is a big decision to buy a business. Buying a business opens an opportunity to become an…

Q: Note the quotation from the extract below and discuss the various methods of generating ideas…

A: You learn more from failure, not success. Don’t let it stop you. Remember, Failure builds Character,…

Q: Social media has been very active in terms of spreading the word about practically anything and…

A: Social media facilitates the creation and exchange of information, ideas, and other forms of…

Q: You and your two business partners own and operate All Night, a 24-hour grocery store chain. It is…

A: A partnership firm is the relation or association of two or more people in order to operate in a…

Q: Now that you have identified a problem, provided a business idea to solve the problem and also…

A: It is important for companies to measure their own environmental impact, also referred to as…

Q: What are your options when you begin your business?

A: Business can be described as an activity of trade that involves the activity of sale and purchase of…

Q: What are the things to consider while writing a business plan to raise external capital?

A: 1. Bootstrap your business Provided that your business isn’t operating in an industry that requires…

Q: Explain how a delay to launch a new product may affect a start-up business ?

A: A product launch is a planned effort to bring a new product to market. It is a planned and…

Q: What is the optimal business model for rapid growth?

A: In straightforward terms, a business model is a nationality of how a company develops, captures, and…

Q: Indicate the parts that would benefit from a business plan?

A: Previously, there were just buying and selling activities that were being done by the organizations.…

Q: you decide to become an entrepreneur, which one of the following will not be related to you as an…

A: Entrepreneurs are those individuals who decide to come up with a unique idea and based on that a new…

Q: Could writing a conventional business plan ever causemore harm than good? Explain your answer?

A: 1. The conventional design doesn't matter to this present reality. The customary marketable…

Q: Imagine yourself as a entrepreneur / founder of a business . You want to expand the business and you…

A: Self Intro: My self XXXX, I’m the owner of the business named as “Connection” it is a…

Q: Could writing a conventional business plan every cause more harm than good? Explain your answer?

A: The Business Plan is a structured written document comprising the aims of the business, the…

Q: ustomer profitability analysis is very important topic to managers in the modern business…

A: Customer Profitability Analysis is a method of analysing the needs , wants ,…

Q: Briefly discuss how you are going to present your Business Plan to investors

A: Capacity resource planning is comparing future resource utilization with actual resources. It helps…

Q: What are the different forms of business organizations? How do different organization forms impact…

A: A business organization can be understood as economic activity which is concerned with production,…

Q: Entrepreneurs must be strategic thinkers in order to develop the plans and objectives necessary to…

A: The music streaming service is a highly competitive industry, and the service's performance must be…

Q: Given the uncertainty and dynamic nature of the business environment, is a business plan necessary?…

A: Management needs to consider all kinds of uncertainty that may be involved in the business…

Q: The process of starting a new business can be difficult, especially when you are trying to break…

A: Note: We are not authorized to answer the 2nd and 3rd parts of the question. A business is a…

Q: One of the first steps for starting your own business is to decide what type of business you want to…

A: What business form to pursue depends largely upon the nature and type of business we wish to start.…

Q: Can someone who works within an existing organization that they don’t own be considered an…

A: 1. No, someone who works within an existing organization that they don’t own be considered an…

Q: Write an essay discussing the value of a business plan and identify the different function essential…

A: Business plan provides a glimpse of future regarding your business. In other words it is areport…

Q: What makes a perfect business plan?

A: A business plan is a structured written document that contains the goals of a company, the…

Q: What are the traits needed by businessmen in order to save more money?

A: **Since you have asked multiple questions, we will solve the first question for you. If youwant any…

Q: Should you write a business plan even if you do not need outside financing? Why or why not?

A: An official document that describes the list of business activites along with the action plan is…

Q: What are the factors that you should research about before you start or invest in business? And does…

A: Business research refers to a comprehensive process of understanding and gaining adequate knowledge…

Q: Why are internet start-up companies transitioning to click and mortar models? Do you think that pure…

A: Brick and click company means the company deals in both online and offline ventures. It makes…

Q: . Can someone be an entrepreneur without owning their own business? 2. Can a person be an…

A: An entrepreneur can be depicted as "one who makes another business despite hazard and vulnerability…

Q: Being an entrepreneur means you are acquiring certain skills and abilities. Briefly describe the…

A: Entrepreneurs and businesses find a host of sources for business ideas from various means such as…

Q: two questions do you need to consider early in the process of developing a business plan

A: A business plan is a written document that specifies your goal, vision, strategies and where you…

Q: How do lean business plans differ from conventionalbusiness plans?

A: A business plan can be referred to as the blueprint of a company. The details regarding the core…

Q: Warren Buffett an American business tycoon once said: “Someone is sitting in the shade today because…

A: Entrepreneurship is the ability and willingness to read, develop and organize the business…

Q: you onw a pendrive company. how do you plan to extend the business in the

A: A company will create value for customers and shareholders. Shareholders will receive growing…

Q: What are the general strengths and weaknesses of large hotel chains, motels and Airbnb? Explain how…

A: It is very important to know the internal and external environment of the business. There are…

Q: You and your two business partners own and operate All Night, a 24-hour grocery store chain. It is…

A: The food industry includes foods marketed at grocery shops, convenience stores, medicine stores,…

Q: WHAT ARE SOME OF THE WAYS YOU COULD MAINTAIN THE INTEREST OF AN INVESTOR WHEN PRESENTING A BUSINESS…

A: A startup is a venture which does not know what it will sell, who it will sell to, and how it'll…

Q: 1. Does someone need to start a business from scratch to be called an entrepreneur? 2. Can we call…

A: Since you have asked multiple questions, we will answer the first question for you. If you want a…

Q: Identify and illustrate four main differences between a business model and a business plan using…

A: The company's goals and financial results expectations will be outlined in the business plan. The…

Q: Give three (3) reason why crafting a business plan isn't always necessary or needed when you're an…

A: Business plan is a document that elaborates company's main business activities, objectives, and the…

Q: Personal development, attending courses and appointing staff and experts to compensate where needed…

A: An entrepreneur is an individual who creates new businesses, bearing most of the risks and enjoying…

Concept explainers

Venture Development Process

To create a startup company around a licensed university technology is referred to as venture development. A venture development firm can assist entrepreneurs in identifying and developing a prospective commercialization strategy, be an incubator, test target market assumptions, recruit university and non-university innovative resources and talented team members, and obtain early-stage finance. Commercialization grants, internal and external small business owners, governmental and local finance systems, and private funds are all possible sources of funding. This activity, when combined with strong intellectual property resources, accelerates early commercialization efforts and better prepares university-affiliated business owners for other types of funding.

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1 of 2

VIEW

Step 2 of 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, marketing and related others by exploring similar questions and additional content below.

Similar questions

Why is it necessary for a business plan to be realistic? How will investors typically react if they think a business plan is based on estimates and predictions rather than on careful thinking and facts? Where can entrepreneur obtain facts to substantiate their business plans?
Imagine yourself as a entrepreneur / founder of a business . You want to expand the business and you need capital to that do . Your potential investors need to know about , Write a paragraph on each of the following points : • You ( and your related / relevant experience ) • Your product and it's market ( source of supply , level of demand etc ) • Your business idea • The reward they might obtain from investing in your business ( financial reward , prestige etc .
From the perspective of an investor, what is the most or least important element of a business plan, and why? To say this another way, what is the first or last section of the plan that you would read? Discuss one or the other.
Write a business plan on how you are going to operate. Regardless of whether you are interested in taking over an existing business or starting a new one; they both have challenges that you will need to overcome in order to succeed. Discuss one of the challenges in starting a new business and how you may be able to address that challenge with a well-designed business plan, as well as how the pandemic has been a main challenge. Your challenge can be unique to either a start-up or on-going business or both.
WHAT ARE SOME OF THE WAYS YOU COULD MAINTAIN THE INTEREST OF AN INVESTOR WHEN PRESENTING A BUSINESS PLAN?
Who is least likely to be a successful entrepreneur? Jan won the lottery and now has millions of dollars in the bank. Jan does not have a college degree, but she enjoys cooking and worked as a chef before she won the lottery. She is a people person and is looking to invest her money. Gordon just graduated with a master of business administration (MBA) degree from Harvard. He has no money and is worried about taking financial risks. Sally has a bachelor's degree in architecture and has worked in an architecture firm for ten years. Sally has a large savings account and is not afraid of taking risks. Scott has a bachelor's degree in business from a state university and is a good people person.
Respond to the following, and if appropriate, include an experience as part of your answers: You might want to reflect on author Stephen Covey's advice to "begin with the end in mind" as you develop an exit strategy for your business. Given your business idea, discuss what scenarios you want for the enterprise that will give investors and you the greatest return. Franchising? Buyout? Diversification? IPO? Merger? Respond to the following: "As CEO, President, proud owner, and best baker of Grannykate's Kakes, after 25 years of building this business from scratch, I will be resigning because..."
You are about to finish the business degree in near future. There are different options afterwards, most of the students seek job opportunities, and many of the students decide to manage their family businesses. In recent times, entrepreneurship studies got much interest among young graduates and people tend to establish independent units. If you choose to become an entrepreneur, why would you choose to be? In case you choose not to become an entrepreneur, what would be the reason? Also prepare your own SWOT analysis.
1. Could writing a conventional business plan ever cause more harm than good? Explain your answer?2. If you wanted some assistance in setting up and running a new business, you might look at business incubators as a solution. What kind of assistance would you consider the most valuable?3. Given the risks involved in starting any company, should an aspiring entrepreneur investigate all possible failure scenarios and develop action plans to avoid these potential outcomes? Explain your answer.4. How do autocratic, democratic, and laissez-faire leadership styles differ?5. Ethical considerations. Apart from meeting the company’s future talent needs, do managers have a personal ethical obligation to help their employees develop and advance in their careers? Explain your answer.6. What are the advantages and disadvantages of the unstructured organizational model?7. Suppose you are the marketing manager of the credit-card department of a financial institution. Your objective is to support the…
“Anyone [can be an entrepreneur] who wants to experience the deep, dark canyons of uncertainty and ambiguity; and who wants to walk the breath-taking highlands of success. But I caution, do not plan to walk the latter, until you have experienced the former” – Anonymous quotei. With reference to the anonymous quote above, not all entrepreneurial undertakings that experience the deep, dark canyons of uncertainty and ambiguity walk the breath-taking highlands of success. Identify and explain the factors that cause failure of the start-up entrepreneurial undertakings in Zambia. Illustrate your answer using at least one example of a business that failed within five years of its establishment.
Writing a business plan is your map to how you are going to operate. Regardless of whether you are interested in taking over an existing business or starting a new one; they both have challenges that you will need to overcome in order to succeed. Discuss one of the challenges in starting a new business and how you may be able to address that challenge with a well-designed business plan. Your challenge can be unique to either a start-up or on-going business or both.
Which factor of the four following factors do you believe is most important to include in a great business plan? Why do you believe this factor is of such importance and what makes it more important than the other factors, in your opinion? people, profile of business, business context, and risks & rewards