From the Ground Up

This week, we are going to work on two things at once: creating the business plan and registering our business with the VE Network.  We will begin to break up our work by department so that we can maximize efficiency in completing our weekly tasks.  Moving forward (at least until next semester), tasks will often be assigned by department, not by day.  This means you won’t see a daily list of objectives and clear target.  Rather, you will see a breakdown of objectives for each department with either a common or department-specific clear target.  Further, there will be much fewer PowerPoint presentations or lecture from me.  Beginning Monday, my role as facilitator will be to act as your guide on the side.

So how will we split up into departments, you ask?  Easy.  By the time you arrive in class Monday, you will have received a formal offer for your job.  You will have 24 hours to respond with an acceptance.  Once all have accepted, Human Resources will begin working on an organizational chart in either PowerPoint or Publisher, as suggested by this form. 

Our clear target for the week is simple:

We can apply business concepts to launch a virtual startup business.

I used the photo below, along with the Business Plan Scoring Rubric to compile your list. The tasks for the week can be found below.  Don’t be intimidated by this list.  You can all get it done:

All

·      Log onto the portal using the information provided in my email to you from 8/31

·      Reach out to business partners (see spreadsheets created by Cody Ruth) to close on a contract worth 75% of your salaries – to be done after school hours

o   I will touch upon how to approach these business partners in class on Tuesday.

Executives: CEO and CFO

·      Complete business registration form online

o   Basic things can be completed quickly

o   Particulars will take a couple or three days

§  Which type of corporation? Why?

§  Budget

·      Payroll

·      Rent

·      Utilities  - based on schedule I’ll find for you

·      Advertising/promotion

·      Inventory

·      Equipment

·      Supplies

§  How much seed money required based on the budget?

§  Substantiate why you need this exact amount

***Please consult with Accounting/Finance Department to complete the financial information.  You will all need to research accurate figures to operate your business properly.  Your research results will either help or hurt us in receiving seed money.

Accounting/Finance

·      Assist executives in completing business registration form

·      Determine salaries for all employees at each level

o   Check O-net or Jobs4tn

o   Use the low end for salaries since we only have 14 employees

Sales/Marketing

·      Create product line – list EVERY product you intend to sell

o   If you intend to do parties, include 2-3 packages

o   Base this on your audience – how much will they buy and what are they willing to pay?

·      Work on the 5 P’s

o   Product

o   Price

o   Place

o   Promotion

o   Positioning

Use the Scoring Rubric to complete the marketing mix 5 P’s.  We will utilize this rubric when writing anything for the business plan.  Please also utilize the old scoring rubric, which has been shared with you on Google Drive, for further explanations of each component of the plan.

Admin and Human Resources

·      Establish company goals and 4 options for mission statement – to be voted on by the firm at end of class Wednesday

·      Create company directory spreadsheet

·      Establish office equipment needed to start up

Use the Scoring Rubric to complete mission statement.  We will utilize this rubric when writing anything for the business plan.  Please also utilize the old scoring rubric, which has been shared with you on Google Drive, for further explanations of each component of the plan.

IT/Web Design

·      Company vision: how does each of the following look?

o   The business

o   The employees

o   The products

o   The customers

·      Begin making website

Begin by working on the company website design.  Once marketing has completed its product line (may not be until Wednesday) you can begin to add products to the site.  Remember, our products require a buy-now button when customers buy from us, and Mal’s is by far the easiest free one to use.

I know it looks like a lot of work.  It is.  Starting up a business is a daunting task.  It requires you to work in class and out of class in order to succeed.  But don’t worry, guys.  You’re the best students in your class and are very capable of doing all this work really well.