reply to the students’ response and not the question in 150 words minimum and provide 1 reference. Respond to the students response as though you are talking to them, use name
Please describe your project ideas with the group and why they are relevant to you.
I have decided that developing a business plan is the most interesting format to pursue in this course. It provides the opportunity to utilize many of the learning objectives within the required MBA courses. In thinking about different project options, I have narrowed down my ideas to three potential possibilities.
- Small startup bakery. This concept is intriguing as it highlights the necessary components of starting a small business from the ground up. While small bakeries are not highly profitable and may have limited growth opportunity, the concept provides opportunity for implementing strategies around location, pricing, supply chain management, and marketing among other things. This idea also hits close to home, as my recently retired stepmother is looking into potential opportunities of pursuing small business options in baked goods. Being able to analyze the industry and look into some of the pain points and potential of the business prospect would be a rewarding experience.
- Buying a preexisting storage unit facility. As most startup businesses have a great deal to overcome to survive, it can be reassuring to enter an industry that has seen stability for extended periods of time. Putting together a business plan about purchasing a preexisting storage facility compound is of great interest as it could be a potential investment opportunity. Quantitative analysis would be extremely important to understand break-even points but also how to determine how much capital would be needed to purchase a preowned storage facility.
- Distribution company. As technology advances, transportation costs lower and delivery times shorten, there is great appeal in operating a small distribution company. While large corporations have healthy market shares in certain industries, there is still enough need for a smaller, startup distribution company. One reservation with this idea is selecting the appropriate industry to focus a business plan around.