Culminating Activity: Idea for a Small Business

Business Plan Template

For your culminating activity, you will come up with an idea for a small business that you could potentially launch. To make this a bit easier, you can ignore the current strangeness surrounding business during the pandemic. (However, if you have a business idea specifically connected to what’s happening right now, that’s fine.)

This assignment comprises 3 parts:

1. A simplified version of a business plan, which is a document you would submit to potential funding organizations, investors, partners, etc.

2. A formal letter, formatted as a proper business letter, from you to someone else related to your business.

3. A recorded “elevator pitch” where you explain your new business idea to a potential investor.

See the other document attached to the assignment folder for a template you can use for your business plan. The remaining two activities are explained below.

You will write a business letter. The subject of the letter should be related to your business, somehow, but I’m leaving it open-ended. Here are some examples:

· Writing to a potential investor, looking for an investment to help with startup costs

· Writing to a potential client who might be interested in paying you for your business’ services

· Writing to another business that you will have to work with. For example, if you’re starting a contractor company, you might write to a supply company asking them how to get approved for their wholesale program.

Feel free to ask me if you need help coming up with an idea for your letter.

Your letter must meet the following criteria:

· It has all the components of a business letter (addresses, date, salutations, etc.) in the correct order

· Every paragraph is flush left (block format) with the margin (this is the default in OneNote)

· My letter’s paragraphs are organized in a sensible way

· My tone is professional and appropriate for the occasion and purpose of my writing

· My letter is free from major grammatical and spelling errors.

If you’re starting a business, it’s important for you to be able to communicate your business’ mission and values quickly and clearly. It’s also important for me as your teacher to assess your oral communication skills!

Your pitch to me about your business idea should be approximately 1 to 2 minutes long. It should address the following elements:

· Who are you and what is your business?

· What is your business model (i.e., how do you actually make money?)

· How is your business unique or different enough to compete with similar businesses on the market?

· Why should I invest in you?

Imagine you’re speaking to a potential investor, such as a Dragon from the CBC show Dragons’ Den. Remember that these investors are open to giving you money, but they are also skeptical and want to be impressed.