Hint: Refer to the discussion of mission statements in Chapter 7. Be sure to include how you will stand out from your competition and why customers will buy from you.

Hint: To help you consider the ethical issues your business might face, refer to Chapter 3.

Hint: To help you consider the issues of social responsibility, refer to the discussion in Chapter 3. Consider how you may need to be socially responsible toward your customers and, if applicable, investors, employees, and suppliers.

Hint: Industries are broad categories, such as financial, technology, services, or health care. Sectors are more specific categories within an industry, such as a sporting goods store in the services industry or computer peripherals in the technology industry. In your description of the industry and sector, discuss economic trends as well as the current outlook for the industry, including growth potential.

Hint: For this section, refer to the discussion of the economy in Chapter 2. Consider external factors, such as macroeconomic matters, technological changes, legislation, and sociocultural changes that may affect the industry as well as your company. This typically is done as part of a SWOT analysis, which is discussed in Chapter 7.

Hint: Refer to the discussion of goal setting in Chapter 7. Be as specific and realistic as possible with the goals you set. Remember the SMARTER acronym; goals should be specific, measurable, acceptable, realistic, timely, extending, and rewarding. For example, if you are selling a service, how many customers do you want by the end of the first year and how much do you want each customer to spend? If you are selling a good, what volume of sales do you hope to achieve?

Hint: In evaluating a company’s strengths, analyze its internal resources, including finances, human resources, marketing, operations, and technological resources. A company’s strength might be its strong marketing department or a favorable location.

Hint: Refer to Chapter 11 for information to get you started.

Hint: Consider any potential vulnerability from the competition, problems with suppliers or resources, or any legal factors that might affect the business, such as pending lawsuits or patent or copyright issues.

Hint: Consider any resources your company can make available to address these challenges.

Hint: Refer to the discussion of managers in Chapter 7. Think about how many levels of management as well as what kinds of managers your business needs. In addition, outline how each manager’s contribution will positively impact the business. What is it about that particular manager that will help the business succeed?

Hint: Most businesses start quite small. However, as you create your organizational chart, consider what your business will look like in the future. What different tasks are involved in the business? Who will each person report to in the organizational structure? Refer to the discussions of organizational structure in Chapters 6 and 7 for information to get you started.