SCENARIO: Pretend you were forced to start a business to support your family. No matter your age, assume that the responsibility to provide for an entire household is now up to you and yo
SCENARIO: Pretend you were forced to start a business to support your family. No matter your age, assume that the responsibility to provide for an entire household is now up to you and your only option is to start some kind of business. But since you don’t know exactly which type of business would succeed, you’re going to start by building two of them and seeing which one works out. You can also assume that you had the fortune of being given $20,000 total to start these two businesses, so you have some funds to work with in this scenario.
Answer these questions for each business:
1. What two businesses would you start?
2. Why did you choose these two types of businesses? This decision often relates to your skills, passions, connections, experience, and other factors like that. Explain your reasoning.
3. Write a list for each business of all the resources that would be required to start the business. Account for all the money, people, and materials you’d need to get this business off the ground.
4. For each business, describe your product and what makes it better than the competition.
5. For each business, describe your ideal customer in as much detail as possible.
6. For each business, describe how you’ll market the product. Provide details. Why did you choose these methods?
7. For each business, describe the factors that you think will be most critical to you success.
Your responses should total 5.0.0 words at least (not including the words in the questions above). This means you need to be complete, thoughtful, and thorough an answering your questions.
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