- Select a small business that you visit often (e.g., coffee shop, bookstore, sporting goods store, etc.). Write a 6-8 page paper in which you:
- Craft a brief (1-2 pages) strategy for a business concept that would directly compete with the small business you selected. Explain the rationale for the strategy in detail.
- Determine if it would make more sense to open the new business you describe or to purchase the existing business you selected. Explain your reasoning.
- Discuss the most appropriate form of ownership for your new business (assuming your current financial situation).
- Outline a business plan for your business. Visit http://www.sba.gov for tools and templates.
- Include at least two (2) references outside the textbook.
- Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
- Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
- Analyze the nature of entrepreneurship, business ethics, and social responsibility in managing a successful small business.
- Analyze a business strategy and supporting business plan for a small business concept
- Describe and analyze the necessary activities and key decisions to start a small business.
- Use technology and information resources to research issues in small business management.
- Write clearly and concisely about small business management using proper writing mechanics
Explanation & Answer
Running head: BUSINESS STRATEGY
In America today, there are very many small businesses that exist that play a big role in
building the economy of the country. There are several small businesses today such as
bookstores, coffee shops, sporting goods among others that not only help in promoting economic
stability but also help in creating job opportunities for the society. A small business that one
would consider to start is a coffee shop because of the huge benefits that one may get. However,
for one to ensure that they have the functions and operations of their business concept are
efficient, they need to adopt a good business strategy and business plan.
Strategy for the Business Concept
A business concept is the idea that a person has for a particular business that mainly
contains the information that is required to ensure that the business activities will be smooth. A
business can also be narrowed down and stated to be a gap or bridge between a business plan and
an idea. Economists and professionals state that for an individual to start a business, they need to
ensure that they have a clear and precise business concept. Since the business concept that has
been selected is to start a coffee shop, a strategy for this business needs to be adopted (Andriani
and Herrmann-Pillath, 2015). The strategy will contain several processes which help in the
success of the business.
Defining the vision and mission of the coffee business
The initial step for this particular coffee shop business is through defining and identifying
the vision and mission. For there to be a driving force for the coffee shop business, the business
and its vision need to be defined. The business needs to clarify its vision and mission so that they
may adopt good business operations. This can be done through the company focusing on the
elements that will contribute to its success. This would be through focusing on the customer of
the business who tend to play a big part in the success of the business. They would also need to
focus on the products and services of the business which needs to be of high quality which will
contribute to its successive growth. In this step, they also need to lay out a plan for growth which
would enable the business to have a primary competitive edge over other coffee shops.
Process of setting objectives and goals for the coffee shop business
After identifying the vision and mission, the next step is for the business to ensure that it
generates a strong list of its goals and objectives which would be followed by a brief description
of the actions that would be adopted to achieve this goal. For instance, this new coffee shop
business can create an objective where they state that they would want the business to take a
competitive lead in the coffee business market in the next seven years. The business should also
have adopted the goal of attracting more customers after some period of time mainly through
producing and offering the customers with high-quality coffee and also services (Beuchelt and
Zeller, 2013). This step will enable the business to know which direction and actions that the...