Each answer needs to be a minimum of 200 words in length, demonstrating thought and integration of key concepts. Over 90% of new businesses ultimately fail. Why do you think this is? What steps in the initial planning stages can be done to avoid failure a
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Each answer needs to be a minimum of 200 words in length, demonstrating thought and integration of key concepts. Over 90% of new businesses ultimately fail. Why do you think this is? What steps in the initial planning stages can be done to avoid failure and put the odds of success much higher than the average new start-up? While you have studied ways to identify good opportunities, what ways can you identify if a new idea is likely to fail? All of you now have the ability to become “mini-venture capitalists” with the use of crowd-funding platforms. Go to Kickstarter.com or another crowd-funding platform and take a look at some of the ideas that are currently being pitched. Find an idea that provokes a strong reaction from you, either an idea that you would personally be interested donating to or an idea that makes you think, “You’ve got to be kidding!” Share the idea you found and the link to the page where the idea is being pitched.
Explain why you think the pitch was strong or why you think it was very weak. Also, explain whether or not you think the author of pitch followed business plan guidelines as outlined in the background materials. Cite specific sources on business plans that you’ve reviewed as part of the Background materials or used for your assignments. What do you think is the biggest legal pitfall you will face with your new business idea? How do you plan on avoiding this pitfall? Also, share with your classmates what kind of ownership structure you have chosen for your business and why you chose this structure over other possible structures. Identify the main exit strategy options and the pros and cons of each. Then explain which strategy you think would be best for your new business and explain why. Also, would want to have an exit strategy in the first place—or would you plan on owning your business for the rest of your career?
