Identify each form of business ownership and explain what the advantages are of each
Laverty and Little (2020) discuss the entrepreneurial journey. Begin reading about the seven steps in the entrepreneurial journey on page 48 of the Laverty and Little (2020) text:
Inspiration. When someone thinks about becoming an entrepreneur, what gives them inspiration to carry on? For this stage of the journey, an open mind is needed — the “entrepreneurial mindset” that was discussed in Chapter 1 (page 30) of the Laverty and Little (2020) text.
Preparation. Budding entrepreneurs also need to have a business plan. The business plan should contain information about the business, potential funding sources and current financial situation, a marketing plan, and benchmarks to track incremental results and timelines.
Assessment. In this step, needs are identified to create a business. A need might include meeting with a mentor, such as via SCORE, to discuss the idea. (SCORE is a part of the Small Business Association [SBA] that provides free mentorship from over 10,000 business leaders, such as retired CEOs from successful companies.)
Exploring Resources. This is a crucial step because this is where funding will be identified. For instance, the budding entrepreneur might connect with angel investors, apply for a bank loan or grant funding, approach venture capitalists, or use their own saved cash. We will discuss this step further in Module 3.
The Business Plan. Every business plan should have the eight parts identified on page 467 of the Laverty and Little (2020) text. There are two types of business plans entrepreneurs use to present their plan to a funding entity: a brief or a more detailed standard plan. The plan takes time and research to prepare because it is a statement of financial projections and identifies financing needed for the venture.
Navigation. Entrepreneurs learn to adjust to their circumstances and manage challenges head on. For example, reviewing the plan after it is done may show glaring errors that need to be addressed, such as not enough resources being asked for or losing the desired location.
Launch. The launch is when the business opens its doors, real or virtual, to customers.
Assignment Overview
In this Case 1 assignment, you will be investigating the idea of becoming an entrepreneur. Select an industry that interests you, one you have a strong passion about, and one you would bring complementary personal strengths. Is there a venture you’ve always wanted to start?
Identify a company as a venture that is an area of interest. Whichever type of company you select, this is the company you will refer to in the upcoming module assignments. To make this assignment most meaningful for you, select one that could be a potential business for you to own someday.
Case Assignment
In the Gitman et al. (2018) reference, read Chapter 4, Section 4.5 regarding owning a franchise. Then read about other forms of business ownership in the list on that page that interest you.
Gitman, L., McDaniel, C., Shah, A., Reece, M., Koffel, L., Talsma, B., & Hyatt, J. C. (2018). Chapter 4: Forms of business ownership. In Introduction to business. Available in the Trident Online Library.
Prepare a PowerPoint presentation (with audio) in which you compare two options for creating your own business:
Option 1: purchasing a franchise
Option 2: becoming a sole proprietor
Be creative in preparing your presentation. You should use illustrations (pictures, charts, and graphs) to help in your explanation.
There should only be a few key words on your 8-10 slides (not counting the cover and reference list slides). Important: Your detailed speech notes should be in the speaker notes section, not on the slides.
Keys to the Assignment
· Using the information in Chapter 4 of the Gitman et al. reference, compare two forms of business ownership that may be used for your new business (franchise and/or sole proprietor).
· Identify each form of business ownership and explain what the advantages are of each.
· Identify each form of business ownership and explain what the disadvantages are for each.
· Conduct research to determine what the process is for adopting each form of business ownership.
· Identify the different types of funding that are possible with these two forms of business ownership. Which funding source will you adopt for each form of ownership? In your speech, explain why you chose those funding options.
· Explain what type of business ownership you will choose—franchise or sole proprietor and why.
Use at least three library resources in your research. At least two of these resources must be high quality references from peer-reviewed academic journals. These are found in the Trident Online Library. When you go into the Online Library, select the peer-reviewed option at the left side of the screen and then below that select to see only those articles published within the last 12 months or three years. (Do not search Google for references.)
· Explain your analysis using terminology and concepts introduced in this module.
· Cite all sources and provide a reference list slide using APA format.
· Cite your references either on the slide or in the speaker notes.
· Proofread and edit the slides. The goal is zero errors.
Submit your presentation to TLC by the due date for this module.
For instruction on citing sources, proper referencing, and so forth, use Trident University’s Introduction to APA-7th Edition .
Note: The best way to record the audio speech is to use these keyboard keys: INSERT, AUDIO, RECORD AUDIO. You then name the audio recording (I name them the slide number) and then hit the red button and begin delivering your speech. When you are done with that slide, either hit OK or the square box. Either way, the recording stops, and the file is saved. You continue to do these steps with each slide. Next, go into the SLIDE SHOW menu selection and make sure that all three of these are checked: play narrations, use timings, and show media controls. Doing this will advance your slides as the recordings are run. You or a viewer of the presentation will not have to hit the ENTER key to advance to the next slide.
Voice Over Slide Presentations:
Your voice over PowerPoint presentation might be a large file and might take time to upload directly to the classroom. If you have slow internet, you may time out.
However, these files can be uploaded to YouTube and the link shared. Set as unlisted. Unlisted means your slide presentation will not come up in search results. Only those who know the link can view it, even if they do not have a YouTube account/username.
Important: Put the link to your slides with audio in a Word document and submit your Word document as the assignment in the drop box.
You will need this assignment in Module 4 when you put your entire business plan together, so when your assignment is graded, be sure to make any corrections noted on the graded submission.
Assignment Expectations
Your presentation will be evaluated using the criteria as stated in the Case rubric. The following is a review of the rubric criteria:
· Assignment-Driven: Does the presentation fully address all aspects of the assignment? Is the assignment addressed accurately and precisely, using sound logic? Does the presentation meet minimum length requirements?
· Critical Thinking: Does the presentation demonstrate graduate-level analysis, in which information derived from multiple sources, expert opinions, and assumptions has been critically evaluated and synthesized in the formulation of a logical set of conclusions? Does the presentation address the topic with sufficient depth of discussion and analysis?
· Business Writing: Is the presentation logical, well organized and well written? Are the grammar, spelling, and vocabulary appropriate for graduate-level work? Are section headings included? Are paraphrasing and synthesis of concepts the primary means of responding, or is justification/support instead conveyed through excessive use of direct quotations?
· Effective Use of Information: Does the submission demonstrate that the student has read, understood, and can apply the background materials for the module? If required, has the student demonstrated effective research, as evidenced by student’s use of relevant and quality sources? Do additional sources used provide strong support for conclusions drawn, and do they help in shaping the overall paper (presentation?
· Citing Sources: Does the student demonstrate understanding of APA Style of referencing, by inclusion of proper citations (for paraphrased text and direct quotations) as appropriate? Have all sources (e.g., references used from the Background page, the assignment readings, and outside research) been included, and are these properly cited? Have all sources cited in the paper been included on the References page?
· Timeliness: Has the assignment been submitted to TLC (Trident’s learning management system) on or before the module’s due date?
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