The purpose of this paper is to provide you the opportunity to continue developing your business concept. The assignment
complements the Business Proposal and Marketing Paper and is designed to fold in new layers of analysis regarding your
choice of business entity, the selection and utilization of resources (both peoplebased
how you can
leverage intellectual property, and an assessment of risk.
This paper is an extension of your Business Proposal and Marketing Paper and as such, should piggyback off of the
information you provided in that assignment. In essence, it is a continuation of your analysis of your proposed venture, and
will bring to light new but necessary elements of your ‘due diligence.’
To complete the assignment, consider the following five sets of questions (below) and perform the necessary research to
address and answer each of the topics:
Provide a ½to
summary of your business concept, based upon the information provided in your Business
Proposal and Marketing Paper. Offer a brief ‘refresher’ of what your company does, what problem you solve and how you
will provide value to your customers? Also, briefly identify your consumer segments and how you will market to them.
Lastly, if you have chosen to alter any components of your venture (remember, business planning is an iterative process…),
identify them and explain how you will do so. These changes may be a function of new information you have gained since
the time you prepared your last paper, any feedback or constructive criticism I may have provided, or just a change of heart
that has occurred that seems to better suit your concept.
Based upon the specifics of your business concept, what legal business entity will you choose for your business and why?
In your analysis, take into account the information provided by Deanna Westfall in her guest lecture, including the size of
your business, who (and how many parties) will manage and control it, who and how many owners you will have, the
liability implications and any tax consequences. In selecting an entity, explain why your choice is the most appropriate and
why the other formats are not viable/best for you.
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