BUSINESS PLAN COMPONENTS

Part 1

Homework Activity: Choose a Business Idea
The assignments in this course build and expand on a small business or startup idea to research and get feedback on. In this activity, you will submit your business idea for approval. Be sure to consider the following before you submit your idea:
• In one paragraph, explain why you chose this business idea and why it could be successful.
o Feel free to submit a business you have already launched or one for which you have already begun planning.
o Do not select a business that is already a major corporation (for example, Tesla, Uber, or TGIF). Choose a business or side gig that you might actually start.
o Please do not use a not-for-profit venture as your business idea. These types of entities do not match up with the overall structure of this class.
• Once approved, this business idea must be used in all the assignments.

Part 2

Business Models
Which business model is best for your business? In 1–2 pages, describe three different business models and then select the best model for your business. Finally, explain why this is the best model for your business.
Instructions
Write a 1–2 page paper in which you:

  1. Briefly describe three different business models.
    o Write one paragraph for each of the three different business models.
  2. Choose the best business model for your business.
  3. Create a short statement explaining why the business model you have chosen is the best model for your business. Give at least three supporting reasons or facts for your choice.

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