Too Often Entrepreneurs Brimming With Optimism And Enthusias

Too Often Entrepreneurs Brimming With Optimism And Enthusiasm Launch

"Too often, entrepreneurs brimming with optimism and enthusiasm launch businesses destined for failure because their founders never stop to define a workable strategy that sets them apart from their competition." (Scarborough & Cornwall, 2015, p. 106). With this assignment, you have the opportunity to take your creative ideas to the next step and begin to develop a strategy that will form the foundation for a successful business. Write a three to four (3-4) page paper in which you: 1. Develop an idea for a prospective small business, and select a name for the company. 2. Identify its key competitors and summarize the strengths and weaknesses of one of the competitors. 3. Prepare a mission statement that encompasses the purpose of the business and considers its target market. 4. Identify the ownership form for this business, taking into consideration tax implications, liability exposure, managerial ability, and cost of formation. 5. Include at least two (2) references outside the textbook. Your assignment must follow these formatting requirements: · This course requires use of Strayer Writing Standards (SWS). The format may be different than other Strayer University courses. Please take a moment to review the SWS documentation for details (more information and an example is included in the Strayer Writing Standards left menu link). · Include a cover page containing the title of the assignment, the student's name, the professor's name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. 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. · Describe and analyze the role of creativity and innovation as a competitive advantage of a small business. · Describe the strategic planning process and develop a strategic plan for a small business. · 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.

Paper For Above instruction

Entrepreneurship is a vital catalyst for economic development and innovation, yet many new entrepreneurs are hampered by a lack of strategic planning. This paper aims to translate a creative business idea into a comprehensive strategic plan, following the essential steps to ensure a sustainable startup venture. The proposed business is a specialty coffee shop named “Urban Brew Lounge,” located in a bustling urban neighborhood targeting young professionals and students who appreciate high-quality, ethically sourced coffee beverages combined with a comfortable, modern setting.

Business Idea and Name

The concept of “Urban Brew Lounge” is to offer premium coffee and related beverages, emphasizing organic, fair-trade beans, and a cozy environment that encourages social interaction and remote work. The business aims to differentiate itself through exceptional customer service, a welcoming ambiance, and sustainable practices. The café will also offer light snacks, baked goods, and locally sourced merchandise to enhance its appeal to eco-conscious consumers. The name “Urban Brew Lounge” reflects the modern, vibrant city setting and the relaxed, sophisticated atmosphere that the business aspires to create.

Competitive Analysis and Key Competitors

Urban Brew Lounge’s primary competitors include established coffee chains such as Starbucks and local specialty coffee shops like “Bean & Gone.” Analyzing these competitors reveals varied strengths and weaknesses. For instance, Starbucks’ strength lies in its extensive brand recognition, broad product range, and consistent service standards nationwide. However, its weaknesses include a perceived lack of local flavor and higher prices in some locations, which might deter budget-conscious, socially aware consumers. In contrast, “Bean & Gone” offers personalized service and a community-focused vibe but faces challenges in scaling and maintaining consistent quality across multiple locations. Urban Brew Lounge plans to leverage the personalized customer experience and commitment to sustainability as differentiating factors, positioning itself as a community-centric alternative to larger chains.

Mission Statement

The mission of Urban Brew Lounge is to provide a welcoming space where community members can enjoy ethically sourced, high-quality coffee and beverages in a sustainable and innovative environment. The business aims to foster social connections, support local suppliers, and promote environmentally responsible practices. Its target market includes young professionals, students, and eco-conscious consumers who value quality, sustainability, and a modern, relaxed atmosphere.

Ownership Structure and Rationale

Urban Brew Lounge will operate as a Limited Liability Company (LLC). This ownership form offers several advantages: it provides liability protection by separating personal assets from business liabilities, offers pass-through taxation to avoid double taxation, and permits flexible management structures suitable for a small start-up. The LLC structure also minimizes formation costs and administrative burden compared to corporations, making it an ideal choice for a new venture with limited initial capital. Consideration of tax implications indicates that an LLC will benefit owners by providing favorable self-employment tax options and simplified tax filing, especially advantageous for small business owners managing multiple roles.

Conclusion

Starting a small business such as Urban Brew Lounge requires comprehensive strategic planning, including competitive analysis, mission development, and choosing an appropriate ownership structure. By emphasizing sustainability, community engagement, and exceptional customer experience, the business is positioned for successful entry into the competitive coffee marketplace. This structured approach highlights the importance of deliberate planning to avoid pitfalls commonly faced by entrepreneurs driven more by enthusiasm than strategic vision, aligning with Scarborough and Cornwall’s insight into business success factors.

References

• Scarborough, N. M., & Cornwall, J. R. (2015). Essentials of Entrepreneurship and Small Business Management. Pearson.
• Hisrich, R. D., Peters, M. P., & Shepherd, D. A. (2017). Entrepreneurship. McGraw-Hill Education.
• Spotts, H. E., & Masi, P. (2018). Small Business Management: Launching and Growing Entrepreneurial Ventures. Cengage Learning.
• Wheelen, T. L., & Hunger, J. D. (2017). Strategic Management and Business Policy. Pearson.
• Reynolds, P. D., & Miller, M. (2018). New Venture Creation: An Innovator's Guide. Routledge.
• Boateng, R. (2019). Strategic Business Planning. Journal of Business Strategy, 40(2), 45-52.
• United States Small Business Administration. (2020). Choose Your Business Structure. SBA.gov.
• Hannigan, T., & Boucher, L. (2021). Entrepreneurial Finance: Strategies for Growth. Wiley.
• Colle, R., & Maine, E. (2016). The Role of Innovation in Small Business Competitiveness. Journal of Business Research, 69(9), 3789-3797.
• Baum, J. R., & Locke, E. A. (2018). The Role of Entrepreneurial Creativity and Innovation. Journal of Business Venturing, 33(4), 526-544.