Live Plan LU 2 Entre…. LIVE PLAN Section One Opportunity- Problem and Solution/Target Market/Competition Assignments
LAB – Economics of One Unit
LAB –
Live Plan LU 2 Entre…. LIVE PLAN Section One Opportunity- Problem and Solution/Target Market/Competition Assignments
LAB – Economics of One Unit
LAB – Marketing Research for market analysis and segmentation ECONOMICS OF ONE UNIT
Do you intend to pay yourself a salary, wage, dividend, or commission? Explain.
What type of business are you starting (manufacturing, wholesale, retail, service or nonprofit)?
Calculate the Economics of One Unit for your business.
One Unit =
Selling Price per Unit
$
– COGS per Unit
– Other Variable Costs
TOTAL Variable Costs per Unit
$
Contribution Margin per Unit
$
EVALUATING YOUR BUSINESS IDEA
What resources and skills do you (and other owners) have that will help make your business successful?
Resources:
Skills:
SWOT ANALYSIS
STRENGTHS
WEAKNESSES
OPPORTUNITIES
THREATS
GOALS
What are your short-term business goals? (less than 1 year)
What are your long-term business goals? (from 1 to 5 years)
TECHNOLOGY
Identify which technology tools you plan to use for your business, and why.
Technology Tool
Function
Write a memo explaining how you plan to get access to the technology you need.
CORE BELIEFS
Describe three core beliefs you will use to run your company.
SUPPLY AND DEMAND
What factors influence the demand for your product or service?
What factors influence the supply for your product or service?
INTELLECTUAL PROPERTY
Describe any intellectual property you are developing for your business.
How do you intend to protect your intellectual property? Explain why it qualifies for this protection.
COMPETITION
Describe your competitive advantage.
Describe your three primary competitors.
Competitor
Weakness
Strengths
INTERNATIONAL OPPORTUNITIES
Are there customers for your business in other countries? How do you plan to reach them?
Describe any international competitors you have found who may be able to access your customers. How do you intend to compete?
