Unit 3 Assignment: Assignment: Strategic Business Planning (Part 1)

Assignment: Strategic Business Planning (Part 1)

This assignment is due in Unit 4, but you will begin this assignment in Unit 3.

This is a three-part strategic business planning assignment that is executed by your virtual team. Complete this assignment in Units 3 and 4 by executing the requirements below. Procrastination can be detrimental to the overall success of your virtual team in this class.

The following Course Outcomes are assessed upon the completion of Part 1 of your strategic business plan:

MT499-4: Assess the roles that structure, management, and leadership play in organizational performance.

PC-2.4: Develop an inspirational vision or mission.

Read the scenario and then address the requirements for Part 1 of your strategic business plan.

Scenario:

The group of angel investors funding the development of your virtual business is looking forward to reviewing the strategic business plan your virtual team is busy constructing. Because you are a virtual business, it is essential for your strategic business plan to highlight the competitive advantages and disadvantages of operating entirely online. It is imperative for your virtual team to complete and submit the strategic business plan on time. Along with the strategic business plan, your virtual team will record an oral presentation of your strategic business plan for the angel investors. Due to the importance of this strategic business planning project, it will be essential that each member of your virtual team demonstrate exemplary leadership, strategic thinking, creativity, research, communication, professionalism, and time-management abilities to ensure success. Complete the following requirements for Part 1 of this strategic business planning process for your virtual business:

Assignment Requirements:

• Find a professional strategic business plan template to develop a startup strategy for your virtual business.
• Identify and recommend two additional professionals to represent your virtual team on the board of directors for your virtual business.
• Propose the U.S. state and legal structure of business (sole proprietor, partnership, LLC, etc.) to register your virtual business.
• Explain why your team chose such a legal structure and the tax and operational implications pertaining to your chosen state and the Internal Revenue Service.
• Determine if a business license is needed and gather necessary information.
• Identify and collect the information needed to fill out state and federal forms. Make necessary business decisions to fill out the forms.
• Develop a name brand, tagline, and logo for your virtual business.
• Conduct analyses on the industry and markets of your virtual business to inform your business strategy.
• Describe the problem your virtual business aims to solve. Using research, explain why the problem exists and how your virtual business will work to solve the problem.
• Develop an inspirational vision statement for your virtual business.
• Develop a mission statement that aligns with your vision statement for your virtual business.
• Develop a set of values and create a statement describing the ethical approach to support your values for your virtual business.
• Explain how your company values will drive management and leadership decision-making in your virtual business.
• Develop a philosophy statement that defines the identity and culture of your virtual business.
• Set goals for your virtual business.
• Set business objectives for each virtual team member.
• Search for a free website-building software. Sign up for a free account and create a free website URL for your business.
• Synthesize a minimum of three peer-reviewed, academic research resources to substantiate your critical thinking and to provide viable reasoning for your perspectives.
• Apply proper current APA style citation format.
• Use headings to segment the topics in your writing in order to create a flow of ideas for your reader.

Your virtual team will complete this assignment in Unit 4 for submission to the Unit 4 Dropbox for grading. Each individual student must submit Part 1 of your strategic business plan to the Unit 4 Dropbox.

Download the Unit 4 Assignment grading rubric.