If you identify a great opportunity to create a new product, service or experience and have decided you’re ready to act on it, it’s time to plan your launch strategy and determine your entrepreneurial game plan. You’ll need to understand what it takes to set up your business, including all the resources you’ll need, including funding, and how you will manage your business. This project will focus on the preparation and planning that are essential steps in the creation of a new creative entrepreneurial venture.
What You’ll Need
Your tech kit including laptop
Internet for research
Take your business idea from week 3 and think of how you would launch a business around it. If you’d like to launch a different business, you may do so but you must explain how you got the idea and how it fits in the marketplace.
In a written document, explain the following:
Identify the business you will launch: Name, purpose and the product, service or experience.
What are the steps you will take to set up the business?
How will you get the resources you need to launch?
How will you raise capital?
How will you reach your target customers?
Where will the business launch? Why is that the best place?
How will you manage the business once the set-up is complete?
How will you drive revenue, make a profit, and ensure that cash flow will meet monthly operating needs?
When will the product launch? A particular day or month or as soon as possible? Why?
How will you distribute your product, service or experience?
Briefly explain the essential components needed for your business plan. How does each component help you determine the viability of your idea?
What will your exit strategy be?
Incorporate the concepts and terminology learned from this week’s readings into the paper, demonstrating how the methods you use to plan and manage your business reflect the concepts learned about in the Read & View activities.
1. Save your work as a PDF document that contains all parts of the assignment.
2. Name your document as follows: LASTNAME_FIRSTNAME_ManagingTheVenture
3. Upload your file to LAO and submit.
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