Today in class we went over Chapters 2 and 3. We talked quite a bit about our group and individual projects. We mainly learned about business plans and how they are formatted. We studied the business plan laid out in the book for Honest Tea. In Chapter 3 we learned about creating a business from opportunity and competitive advantages. We also took a quiz tonight over Chapters 2 and 3.
Business plans contain all the information about your business and how you intend to run your business from the mission statement and executive summary to the way end of how you would leave the company and part ways with it. The business plan involves your idea for the product you will produce and the market it will reach and how it will be received in customer's opinions. Your business plan needs to prove to those that want to invest in you that your business is going to be successful and make a lot of money for you and for them.
For my business plan on my individual project, I was thinking of opening my own sports stats company. It would be a business where my company is hired to work certain sporting events and we would provide them the service of taking statistics for there events. I don't know of anyone in this area that does it, but I could do it for the local colleges and high schools in Sioux City and see how that goes.
Our group project seems to be taking form. Our idea has grown to a business that will take you anywhere in town at a cost per mile traveled, and we will also run errands for the customers as well. We are also considering sending out a mass email to all the students and faculty on campus to see if we can fill in time slots for our opening day of business.
The quiz we took tonight was rather challenging again. I found that just simply reading the chapter and taking notes in class isn't quite working out as well as I'd planned. Many of the questions were tough to figure or understand what it was asking from us. Also it was tough to know which ones were wrong. The answers I put I was very confident in. Oh well I guess all I van hope for is to do better tomorrow.
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