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Analyzing Business Strategy and Ownership Decisions: A Competitive Business Plan for a Local Small Business

Business plan for a local small business.

Olivia Smith
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Analyzing Business Strategy and Ownership Decisions: A CompetitiveBusiness Plan for a Local Small BusinessAssignment 1 To Build or BuySelect 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 youselected. 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 existingbusiness you selected. Explain your reasoning.Discuss the most appropriate form of ownership for your new business (assuming your current financialsituation).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.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; citationsand references must follow APA or school-specific format. Check with your professor for any additionalinstructions.Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the coursetitle, and the date. The cover page and the reference page are not included in the required assignment pagelength.The specific course learning outcomes associated with this assignment are:Analyze the nature of entrepreneurship, business ethics, and social responsibility in managing a successful smallbusiness.Analyze a business strategy and supporting business plan for a small business conceptDescribe 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.Grading for this assignment will be based on answer quality, logic/organization of the paper, and language andwriting skills.

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Craft a brief (1-2 pages) strategy for a business concept that would directly compete with thesmall business you selected. Explain the rationale for the strategy in detail.Solution:Strategy planning is a process which is applicable to all business. It is matching the strengthsand opportunities of business. For formulation of business, the following points needs to befocussed:Business Environment:Business Environment is the sum of several external and internalforces that affect theworking patterns of a business. Itis a surrounding within which the firm and its managementmust operate.A strategist can evaluate the environment in the light of SWOT (Strengths,Weakness, Opportunities and Threats).In general, environmental analysis has three basicgoals. These basic goals are the following:1.Understanding changes:The analysis must be clear enough to understand the present and future changes. Anentrepreneur must be very clear about the future course of actions. The futureperspective can be known only through future environmental analysis.2.Collection of inputs:Theenvironmentalanalysismusthelptocollectthestrategicdata.Andthisstrategically collected data must be used in strategic formulation and implementation.3.Facilitating strategic thinking:These analyses must foster strategic thinking in the organisation. This must be veryrelevant and on the basis of these data, the management must have challenge thecurrent wisdom by bringing fresh view point into the organisation.Even though it is difficult to understand the business environment, the business managercannot ignore it. We can make an attempt to identify a framework for understanding the
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