University of Phoenix Material

Business Venture Preperation

Part One: Business Venture Preparation

The business our team chose is: Products Business

Bakery

Our justification for choosing this business is:

Team Member	Team Member Name (Nena)	Team Member Name (Anna)	Team Member Name (John)	Team Member Name (Jessica)
Role	Research Results	Target Market	Competitor Data	350 word summay
Role	Reflection and Observations	Reflection and Observations	Reflection and Observations	Reflection and Observations
Role	Discuss if the business venture will be a full-time commitment or will start-up team members commit to part-time involvement.	Discuss if the business venture will be a full-time commitment or will start-up team members commit to part-time involvement.	Discuss if the business venture will be a full-time commitment or will start-up team members commit to part-time involvement.	Discuss if the business venture will be a full-time commitment or will start-up team members commit to part-time involvement.
Role	Discuss how the team members will get buy-in from family members to enter into this business venture.	Discuss how the team members will get buy-in from family members to enter into this business venture.	Discuss how the team members will get buy-in from family members to enter into this business venture.	Discuss how the team members will get buy-in from family members to enter into this business venture.

Respond to the following questions regarding team member commitment to the business venture:

1) Discuss and document if the business venture will be a full-time commitment or will start-up team members commit to part-time involvement.

2) Discuss and document how the team members will get buy-in from family members to enter into this business venture.

Part Two: Market Research

Complete the following template based on the team’s marketing research results for your business venture:

Marketing Element	Research Results
Consumer Need for Product or Service
Target Market
Economy of Chosen Location/City/Region
Consumer Demographics
Industry Research
Barrier to Entry
Current Market Saturation
Suppliers
Legal Business Structure to be used and justification for selection
Government regulations to be Considered-Local, State, and Federal
Types of Insurance to Consider
Competitor Data
Pricing Model
Business Model
Business Model Key Customers
Suppliers
Business Size (Annual Revenue $ )
Business Location

Part 3: Reflection and Observations

Answer the following questions:

1) What role did each team member provide to obtain business plan information?

2) What roadblocks did the team face when obtaining required information?

3) What lessons were learned during the week’s Learning Team assignment,which can be applied during the specific phase of business start-up?

4) What is the team’s overall observations of this week’s assignment relative to the type of information needed to develop a comprehensive business plan?

5) How does this week’s Learning Team assignment support the Learning Objectives?

References

APA-formatted citation

APA-formatted citation