Purpose: To learn how to analyze a business concept in the context of development. To understand how a business is organized to serve community needs.
The Situation: You will create a business plan for a new product or service that will serve the interests of an area that either you or one of your teammates has studied.
Step 1 – You will be given one of the locations you studied in the demographic report. Develop a concept for a business, service, or product that will best serve the needs of that neighborhood. You are not restricted to the choice made in the original report. Note: you may not purchase a franchise .
Step 2 – Determine your budget: I will not set a limit but it must be within reason and supported by data . You may need to do additional research to determine the costs of the project, especially if it involves real estate. You will be seeking funding from “shareholders” (i.e., your classmates) during the course of your presentation.
Step 3 – Create a business plan that you will be able to use to present your new business to prospective shareholders, financial institutions, legal firms, or whoever may need information to support your business.
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