Assignment 3.1 – Discussion Questions

Develop at least a 100-word essay for each question in APA format, 6th or 7th edition. Use at least one or two references and therefore, one or two citations in the text. Remember to include a Title page, Introduction, Body, Conclusion, and a Reference page. Submit the assignment in the corresponding forum, during this week.

1. Karen Sharp lives in a town of approximately 10,000 in Western Kentucky. There isn’t a furniture store in the town; Karen is thinking about opening one. She has good business and marketing skills based on previous work experience and is confident she can operate the store successfully, but she isn’t certain that a retail furniture store would be in an attractive industry. What would you recommend to Karen that she do to consider this matter?

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2. What is your organization’s industry analysis and why is it important for the firm to analyze the industry in which you choose to compete? This is a related question for your business plan, so do it properly (7.5 points).

3. Explain the nine components of your business model canvas. This canvas is related to your business plan, so do it properly (7.5 points).

4. Kevin Andrews and Karen Platt are college seniors. They are in the process of launching an unsweetened, fruit-flavored, bottled water start-up named Compete H2O. The start-up will be unique in that Compete H2O will be sold via small kiosks located in fitness centers. The university that Kevin and Karen attend hosts an annual business plan competition. Kevin is in favor of entering the competition. Karen is opposed to the idea, arguing that Compete H2O’s business plan is complete, and it is time to move forward. What advantages might Kevin and Karen gain by participating in the university’s business plan competition?

5. Recently, Megan, Jennifer, and Mark, the cofounders of a medical products company, presented their business plan to a group of investors in the hopes of receiving funding for their venture. One of the investors asked the three, “How much of your personal money do each of you has invested in this firm?” Is this a legitimate question for the proposed investor to ask? Why would an investor want to know how much of their own money each cofounder has committed to the proposed new venture?

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