Too often, entrepreneurs brimming with optimism and enthusiasm launch businesses destined for failure because their founders never stop to define a workable strategy that sets them apart from their competition.” (Scarborough & Cornwall, 2015, p. 106).
With this assignment, you have the opportunity to take your creative ideas to the next step and begin to develop a strategy that will form the foundation for a successful business.
Write a three to four (3-4) page paper in which you:
- Develop an idea for a prospective small business, and select a name for the company.
- Identify its key competitors and summarize the strengths and weaknesses of one of the competitors.
- Prepare a mission statement that encompasses the purpose of the business and considers its target market.
- Identify the ownership form for this business, taking into consideration tax implications, liability exposure, managerial ability, and cost of formation.
- Include at least two (2) references outside the textbook.