You will be creating a five-page (double-spaced, 12-point font, Times New Roman, MLA format with citations) report on all of the factors going into creating your business. As young entrepreneurs, it is your job to think of every detail which may affect your business in some manner. Some things you may wish to focus on include:
· Land: What resources will you use to make your product? Where is all of this taking place? Are you renting/leasing a building of some kind? What is the cost of the materials for creating your product?
· Labor: Do you have additional employees/management? If so, how many and what will their wages/salary be? Are you working with any outside companies? If so, what sort of services do they provide and how much will said service cost?
· Capital: What tools will you need to produce your final product? How many/much of each tool? What sort of money will the maintenance cost you long-term?
· Entrepreneurship: Where will the start-up money come to pay for all of this? Where is your inspiration for this idea coming from? How will you set your product apart from other existing products in a way that protects against potential lawsuits?
· Target Audience: Who will buy your product? Will you target a certain age group, gender and income level? What would motivate that group to buy your product? How would you change/adjust your product over time to make sure that they keep buying your product in the future?
· Supply/Demand: What would be your equilibrium price/quantity for making your product? What research have you gathered to back up this information? What potential complementary or substitution goods might have an effect on your equilibrium price/quantity?