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Assignment 1: To Build or Buy

Select a small business that you visit often. (Use Starbucks Coffee Shop)

Write a 6 page paper in which you:

1. Craft a brief (1-2 pages) strategy for a business concept that would directly compete with the small business you selected. Explain the rationale for the strategy in detail.
2. Determine if it would make more sense to open the new business you describe or to purchase the existing business you selected. Explain your reasoning.
3. Discuss the most appropriate form of ownership for your new business (assuming your current financial situation).
4. Outline a business plan for your business. Visit http://www.sba.gov for tools and templates.
5. Include at least two (2) references outside the textbook.

The specific course learning outcomes associated with this assignment are:

• Analyze the nature of entrepreneurship, business ethics, and social responsibility in managing a successful small business.
• Analyze a business strategy and supporting business plan for a small business concept
• Describe 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.