Fluent Essays

I need help with my school project. “Innovate like an Entrepreneur” It has five small projects which I have arranged accordingly. (1) Project 1, Directions and Resources. (2) Project 2, Directions and Resources. (3) Project 3, Directions and Resources. (4) Project 4, Directions and Resources. (5) Project 5, Directions and Resources. project_1___directions_and_resources.docx project_2___directions_and_resources.docx project_3___directions_and_resources.docx project_4___directions_and_resources.docx project_5___directions_and_resources.docx Unformatted Attachment Preview Entrepreneurial Spirit Project Directions Overview You work in the Product Development Department of ACME Widget Company. To incentivize innovation and creativity within the organization, ACME has announced the first annual ACME InvenTank, a contest in entrepreneurial spirit. Contestants will generate and develop their own original idea for a product or service, test the concepts feasibility, develop a business plan and, finally, deliver a final presentation to a panel of judges with the potential of earning funding to bring the concept to life. Directions Before the ACME InvenTank competition officially begins, the company has requested that all contestants complete an Entrepreneurial Profile. Complete the Entrepreneurial Profile Template, describing yourself as an entrepreneur, and answering the questions in each of the following sections: Part 1—Mindset and Characteristics • • • • • What defines a successful entrepreneur? What do you believe are the five most essential characteristics of a successful entrepreneur? Explain how each characteristic or mindset contributes to entrepreneurial success. Which of these essential entrepreneurial characteristics do you most possess? How will these traits help you succeed as an entrepreneur? Which of these characteristics do you least possess? How might that hinder your success as an entrepreneur? What is an intrapreneur? What are the major differences between entrepreneurs and intrapreneurs? Part 2—Three Influential Entrepreneurs • • • • • • In this section, identify three successful entrepreneurs whom you admire. Describe why you admire them as entrepreneurs, and as individuals. Describe their mindset and characteristics and how those contributed to their successes. What can you learn from the failures and successes of the entrepreneurs you chose? Describe the most common motivations for the entrepreneurs youve selected. How would you describe the motivation of a successful entrepreneur? Note: The entrepreneurs you choose do not necessarily need to be famous or well-known by the public. If you can think of a friend, family member or local entrepreneur who has inspired you, feel free to highlight that person in your profile. Part 3—Business Idea Brainstorm: As a contestant in ACME InvenTank, you will be developing a business idea for a product or service. Before you settle on an idea, it will be helpful to begin by brainstorming. In this section of your profile, list at least three ideas for potential products or services you may be interested in developing further, describing each idea briefly in three to five sentences. You will select one of these as your final product idea later. For now, focus on generating some ideas. Note: Your business should be a for-profit organization. DELIVERABLES Completed Entrepreneurial Profile Template Accepted File Types: .doc, .docx, .odt, .rtf, .txt, .pdf Project Resources Entrepreneurial Profile Template Complete and submit this template, describing five key entrepreneurial characteristics and three entrepreneurs who have inspired you. http://cfaresources.s3.amazonaws.com/BA\%20Management/Innovate\%20Like\%20an\%20Entrepreneur/E ntrepreneurialProfile.docx What Makes a Business Plan Viable? Read this resource to learn about the keys to creating a viable business plan. http://cfaresources.s3.amazonaws.com/BA\%20Management/Innovate\%20Like\%20an\%20Entrepreneur/ What\%20Makes\%20a\%20Business\%20Plan\%20Viable.pdf Introduction to Entrepreneurship Read through this introductory chapter to learn more about entrepreneurship. https://courses.lumenlearning.com/boundless-business/chapter/introduction-to-entrepreneurship/ Why Become an Entrepreneur? Read through this resource to learn about some of the most common reasons to go into entrepreneurship. https://web.archive.org/web/20140804114910/http://www.saylor.org/site/wpcontent/uploads/2012/12/BUS305-1.2.1_Why-Become-and-Entrepreneur.pdf 9 Mindsets You Need to Switch From Employee to Entrepreneur Becoming a successful entrepreneur means adopting a whole new state of mind. Read through this resource to learn about the differences between the employee mindset and that of an entrepreneur. http://www.entrepreneur.com/article/234894 35 Entrepreneurs Share How They Stay Motivated in Business To better understand the mindset of an entrepreneur, read through this list of quotes from entrepreneurs describing their personal motivations. http://yfsmagazine.com/2012/07/19/35-entrepreneurs-share-how-they-stay-motivated-in-business/ The 15 Characteristics of Effective Entrepreneurs Watch this video and read the accompanying article, which provide insight into the characteristics of entrepreneurs. https://www.entrepreneur.com/video/240302 Interviews with Entrepreneurs This web page provides a number of interviews with successful and influential entrepreneurs. If you need help thinking of entrepreneurs to write about in your profile, this page provides many examples. You do not need to watch all of these videos, but may wish to watch several to learn about a variety of entrepreneurs. https://www.khanacademy.org/economics-finance-domain/entrepreneurship2/interviews-entrepreneurs 10 Things Entrepreneurs Need to Know about Intrapreneurship Read this article which provides information about intrapreneurship and the distinctions between intrapreneurs and entrepreneurs. http://www.inc.com/murray-newlands/10-things-entrepreneurs-need-to-know-about-intrapreneurship.html Business Idea Center As you begin to brainstorm potential business concepts, use this resource to generate some ideas. This resource provides business ideas categorized by industry, interests and professions. http://www.entrepreneur.com/businessideas Business Idea Center As you begin to brainstorm potential business concepts, use this resource to generate some ideas. This resource provides business ideas categorized by industry, interests and professions. http://www.entrepreneur.com/businessideas Workshopping Project Directions Overview You work in the Product Development Department of ACME Widget Company. To incentivize innovation and creativity within the organization, ACME has announced the first annual ACME InvenTank, a contest in entrepreneurial spirit. Contestants will generate and develop their own original idea for a product or service, test the concepts feasibility, develop a business plan and, finally, deliver a final presentation to a panel of judges with the potential of earning funding to bring the concept to life. Directions Part 1—Narrow It Down: Before developing a business idea, you will need to think of one unique product or service to sell. Entrepreneurship is often driven by an entrepreneurs own passions and interests. Take some time to consider which of the business ideas you developed in your brainstorm from the previous project you would most like to pursue, and try to select something that you are passionate about. If you have decided not to pursue any of your initial ideas from the Business Idea Brainstorm, or you are struggling to develop a final idea, revisit the Business Idea Center in project resources. Once you have narrowed your business ideas down to a single, final idea, create and submit a document in which you identify and explain your final business idea and discuss why you believe it could be a viable business concept. Also in the document, answer the first eight questions from the 20 Questions Before Starting page in project resources. Explain why you selected this business idea, and respond to each of the eight questions. As you answer these questions, you will need to make some assumptions and educated guesses. In your answers, be sure to explain your rationale for each response, and cite any research that influences your answers. Keep in mind that the process of entrepreneurship is an iterative one. Throughout the development of your business idea, you will receive feedback and suggestions to improve its viability. You should expect your business idea to go through many changes along the way. This isnt a bad thing; no successful business got to where it is today without reacting to feedback and adapting. Part 2—Provide Feedback: Since creating a business plan is one of the most important aspects of entrepreneurship, ACME has planned a series of workshops to provide InvenTank contestants the opportunity to learn more about the structure and contents of a business plan. During these workshops, you will examine sample business plans for companies in various industries and identify their strengths and weaknesses. At the beginning of the first workshop, Winnie Widget hands out a packet containing documents about formatting and writing business plans, and some of the most common mistakes made when writing business plans. Also included in the workshop packet is a Sample Business Plan for a start-up smartphone vendor, which includes the companys pro forma income statement and breakeven analysis, and a Market Intelligence Report filled with information, data and analysis on the smartphone market and industry. Working with industry experts, ACMEs marketing team has developed this report to help you provide clear, informed feedback. You can find these documents in the project resources. To provide effective feedback on the Sample Business Plan’s credibility, be sure to do the following: • As you read through the Sample Business Plan, pay close attention to detail, looking for any inconsistencies or errors in the plans logic. • • • Use the information in the Market Intelligence Report to help determine which aspects of the Sample Business Plan are accurate or flawed. Review the plans accompanying Breakeven Analysis and Pro Forma Income Statement. Since you will need to develop a breakeven analysis and pro forma income statement for your own business, ACME has included some questions in the Business Plan Feedback Form that you will need to answer about these documents to get you thinking about the financial aspect of starting a business. Once you have read through the Sample Business Plan, Breakeven Analysis, Pro Forma Income Statement and all other project resources, complete the Business Plan Feedback Form, answering each question completely. Be sure to provide specific examples from the plan to support your feedback. DELIVERABLES (1)Document containing final business idea description Includes: answers to eight before starting questions Suggested Word Count: 500 Accepted File Types: .doc, .docx, .odt, .rtf, .txt, .pdf (2)Completed Business Plan Feedback Form Suggested Word Count: 700 Accepted File Types: .doc, .docx, .odt, .rtf, .txt, .pdf Project Resources Business Plan Feedback Form Once you have read through the Sample Business Plan and analyzed the data in the Market Intelligence Report, complete this feedback form, commenting on the elements that could use improvement and those that are working well. http://cfaresources.s3.amazonaws.com/BA\%20Management/Innovate\%20Like\%20an\%20Entrepreneur/B usinessPlanFeedbackForm.docx Sample Business Plan Read through this sample business plan, paying close attention to details. Keep in mind that you will be providing thorough feedback on each element of the plan, so consider what is working well and which areas could use improvement. http://cfaresources.s3.amazonaws.com/BA\%20Management/Innovate\%20Like\%20an\%20Entrepreneur/S ampleBusinessPlan.pdf Market Intelligence Report Use this resource as a reference as you provide feedback on the credibility of the Sample Business Plan. Reference the data, information and analysis in this report in your feedback as you address elements of the Sample Business Plan. http://cfaresources.s3.amazonaws.com/BA\%20Management/Innovate\%20Like\%20an\%20Entrepreneur/ MarketIntelligenceReport.pdf 20 Questions Before Starting In 50 to 100 words, answer the first eight questions in this resource. http://web.archive.org/web/20150905190359/https://www.sba.gov/content/20-questions-before-startingbusiness Example Complete Business Plan Review this example of a well conceived business plan for a telephone sales company. http://www.bplans.com/telephone_sales_business_plan/executive_summary_fc.php Top 10 Business Plan Mistakes Read through this list of some of the most common mistakes in business plans. As you provide feedback on the Sample Business Plan, consider whether any of these mistakes were made. http://www.entrepreneur.com/article/81188 Pro Forma Income Statement (Sample Business Plan) This pro forma income statement should be read as a part of the Sample Business Plan. Review this document before you complete the Business Plan Feedback Form. http://cfaresources.s3.amazonaws.com/BA\%20Management/Innovate\%20Like\%20an\%20Entrepreneur/P ro-forma\%20Income\%20Statement\%20-\%20Sample\%20Business\%20Plan.xlsx Breakeven Analysis (Sample Business Plan) This breakeven analysis should be read as a part of the Sample Business Plan. Review this document before you complete the Business Plan Feedback Form. http://cfaresources.s3.amazonaws.com/BA\%20Management/Innovate\%20Like\%20an\%20Entrepreneur/B reak-even\%20Analysis\%20-\%20Sample\%20Business\%20Plan\%20-\%20Sheet1.pdf Breakeven Analysis: How to Know When You Can Expect a Profit Read through this resource for information about the purpose of breakeven analyses. You will be reviewing a completed breakeven analysis as a part of your feedback on the Sample Business Plan, and you will develop your own when you conduct a feasibility study. https://www.sba.gov/content/breakeven-analysis Boundless: Pro Forma Income Statement Read through this resource for information about the purpose and contents of pro forma income statements. Pay particular attention to the Pro Forma Income Statement section of this resource. You will be reviewing a completed pro forma as a part of your feedback on the Sample Business Plan, and you will develop your own when you create your business plan. http://web.archive.org/web/20150601201032/https://www.boundless.com/finance/textbooks/boundlessfinance-textbook/forecasting-financial-statements-4/forecasting-the-income-statement-50/pro-formaincome-statement-244-7076/ Business Idea Center If you are having trouble finalizing your business idea, consider revisiting this resource to review potential business concepts. http://www.entrepreneur.com/businessideas Is This Feasible? Project Directions Overview You work in the Product Development Department of ACME Widget Company. To incentivize innovation and creativity within the organization, ACME has announced the first annual ACME InvenTank, a contest in entrepreneurial spirit. Contestants will generate and develop their own original idea for a product or service, test the concepts feasibility, develop a business plan and, finally, deliver a final presentation to a panel of judges with the potential of earning funding to bring the concept to life. Directions Part 1—Conduct a Feasibility Study: Now that you have come up with your final business idea, you will need to conduct research to determine whether your venture will be viable in the marketplace. Complete the Feasibility Study Template, answering each question completely. Research is an indispensable aspect of entrepreneurship. You will need to conduct your own research and make some educated guesses and estimations throughout the process of completing the template. Use the IBIS World resource in the project resources as a starting point for conducting your research. Be sure to explain, citing research, how you came to each conclusion about your product or service. Part 2—Perform Financial Projections: In conjunction with the Feasibility Study Template, you will complete the Breakeven Analysis and Sales Forecast Template. In this template, you will calculate the number of units of one product or service that you will need to sell for your business to break even, and you will project your businesss first years sales. These projections will be important to note when developing your business plan. For guidance on completing these projections, refer to Breakeven and Sales Forecast Explanations, Examples and Assumptions in project resources. • • Sales Forecast: In this section, you will estimate the gross revenue and cost of goods sold during your businesss first years sales. While the Breakeven Analysis focused on just one product or service, any additional products or services your company might produce will be included in your sales forecast. If your company will sell more than one product or service, use the Worksheet for Multiple Products or Services to help calculate a final gross revenue and cost of goods sold. Your sales forecast will be important for completing a pro forma income statement with your final business plan. Breakeven Analysis: The ACME InvenTank competition requires that each business break even within its first year. In this section of the template, you will determine how much of one product or service your business will need to sell to achieve that goal. Note: Your business may sell more than one product or service, but for the purposes of your breakeven analysis, calculate the breakeven point for just one product or service. For a refresher on breakeven analyses, you can review the resources and deliverables from Investigate Managerial Accounting. Note: Much of the information in your feasibility study, breakeven analysis and sales forecast will be carried over into the business plan you will develop in the next project. DELIVERABLES (1)Completed Feasibility Study Template Accepted File Types: .doc, .docx, .odt, .rtf, .txt, .pdf (2)Completed Breakeven Analysis and Sales Forecast Template Accepted File Types: .doc, .docx, .odt, .rtf, .txt, .pdf Project Resources Feasibility Study Template Once you have developed an idea for a product or service, complete this template to determine the feasibility of creating a business around your idea. Since your product or service is not real, to answer each question you will need to conduct research and, in many cases, make educated guesses and projections. http://cfaresources.s3.amazonaws.com/BA\%20Management/Innovate\%20Like\%20an\%20Entrepr eneur/FeasibilityStudyTemplate.docx Breakeven Analysis and Sales Forecast Template Use this template to complete your breakeven snalysis and sales forecast. See Breakeven and Sales Forecast Explanations, Examples and Assumptions in project resources for guidance on completing these projections. http://cfaresources.s3.amazonaws.com/BA\%20Management/Innovate\%20Like\%20an\%20Entrepr eneur/BreakevenAnalysisandSalesForecastTemplate.docx Breakeven and Sales Forecast Explanations, Examples and Assumptions Review this document as you complete your Breakeven Analysis and Sales Forecast Template. This document contains guidance and examples to help you complete your financial projections. http://cfaresources.s3.amazonaws.com/BA\%20Management/Innovate\%20Like\%20an\%20Entrepr eneur/BreakevenAnalysisandSalesForecastExplanationsandKeyAssumptions.pdf Worksheet for Multiple Products or Services If your business will sell more than one product or service, use this worksheet to calculate your businesss total revenue and cost of goods sold. To view an example of a completed worksheet, see the second sheet labeled Example Completed Worksheet. Note: The numbers generated will represent yearly totals. You will need to estimate quarterly totals in your sales forecast and Pro Forma Income Statement Template. http://cfaresources.s3.amazonaws.com/BA\%20Management/Innovate\%20Like\%20an\%20Entrepr eneur/Worksheet\%20for\%20Multiple\%20Products.xlsx IBIS World Use this resource to research the market, industry and competition for your chosen product or service. Note: You will need to log in to this database using your SNHU library credentials. http://libguides.snhu.edu/go.php?c=3480516 Conducting a Feasibility Study Read through this resource, which explai ... Purchase answer to see full attachment