Management Fundamentals 5th Edition by Robert Lussier

Exercise 23

Objective
To develop a simple business plan idea.
Skills
The primary skills developed through this exercise are:
1. Management skill - decision making
2. AACSB competency - analytic
3. Management function - planning
Select Your New Venture
Would you like to be your own boss? Have you given any thought to running your own business someday? For this exercise you will think of a new venture you would like to start someday. The new venture can be entrepreneurial, if you are interested in running your own business, or intrapreneurial, if you want to start a new line of business for an existing company. With either approach, don't be concerned about financing the business. At this stage, you are only selecting a new venture. If you select intrapreneurship, you don't have to be working for the organization for which you would like to start a new venture. Provide information about your potential business in the following list. Give all of the topics some thought before writing down your final answers.
Company name (or line of business)
Products (goods and/or services)
Target market (potential customer profile)
Major competitors
Competitive advantage (Will you have a first-mover advantage?)
Possible location of business (home, mall, downtown, near college/business/customers/suppliers, etc.)
Apply It
What did I learn from this skill-building experience? How will I use this knowledge in the future?
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Your instructor may ask you to do this Skill Builder in class in a group. If so, the instructor will provide you with any necessary information or additional instructions.