Assignment 1: Start Up a Small Business
Topic: Hair Salon/ Hookah Lounge
Select a business idea which you would like to implement and complete this assignment. Note: You may use the same idea that you have used in discussion topics during Week 2 through Week 4.
Write a seven to eight (6-8) page paper in which you:
- Thoroughly proposed the value proposition of the product or service the business will offer and explain the rationale.
- Thoroughly outlined the competitive market and the industry in which the business will operate.
- Thoroughly determined at least two (2) strategies of each for protecting the following:Suggest methods to test the product idea for feasibility.
- the branding
- the logo
- the product technology
- Thoroughly suggested to test the product idea for feasibility.
- Thoroughly suggested at least three (3) strategies to incentivize the founding management team.
- Thoroughly estimated the amount of cash needed to start the business. Provide a rationale to support your estimation.
- Thoroughly use at least three (3) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.
Your assignment must follow these formatting requirements:
- 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.
The specific course learning outcomes associated with this assignment are:
- Analyze the business creation and start-up process.
- Evaluate the financial requirements and management of a small business.
- Use technology and information resources to research issues in entrepreneurship feasibility and analysis.
- Write clearly and concisely about entrepreneurship feasibility and analysis using proper writing mechanics.