Apply: Summative Assessment: Financing, Business Structures, and Relationship Management

8813Think of a business you may want to start someday, one you are starting now, or one you already own.

Answer the following questions in 525 to 700 words to start your business plan:

Explain the difference between a mission, vision, and value statement.
Analyze the market problem you are addressing and how your business plan solves this problem. Why will your product or service be a better solution than other options that are currently in the market?
Assess the main customer groups you will target and the main strategies you will use to reach them.
Identify 3 to 4 key team roles that you will need to fill in your company.
Formulate 3 specific SMART goals to include in your execution plan for your first year in business.
Formulate a first draft of an elevator pitch for your company. Be sure to address: What exactly does your company do? Why are you and your team qualified to do this? How does your company do what it does? What customers benefit most from your products or services? Why are your products or services the best options available?