Develop a business plan.

Development should include

• investigating the advantages and disadvantages of sole proprietorships, partnerships, and corporations
• developing and analyzing a market survey
• investigating sources of capital
• analyzing an organizational plan
• researching laws and regulations
• researching methods for advertising
• creating financial records, to include a balance sheet, cash flow statement, profit and loss statement, and inventory report
• identifying the break-even point and determining the profit margin
• demonstrating appropriate forms of business communication, to include business letters, phone calls, and emails.

Process/Skill Questions:

• What is a business plan?
• Why is a business plan important?
• Why should business goals be flexible? Why or why not?
• What volume must be sold to make a profit?
• What are five basic functions performed in the operation of a small business?
• Why is it critical to create simulations and financial documents prior to starting a business?