M7A1 Business Model Identification

Having some type of business model is critical for entrepreneurs to be successful in their ventures. Those that do not plan do not succeed, because they did not have any goals in mind, they did not know their vision, they did not know the path they should take, etc. Some of the reasons small businesses fail are poor location, poor inventory management, or lack of experience. These things should have been planned for in a business model. It is in your best interest to plan and work diligently with your business model to avoid these common business failures. For this assignment, you need to determine which business model you will use for the remainder of this course. After selecting the model, respond to the following: Compare and contrast the different models for your business, explaining the pros and cons of each for your specific venture (4–5 paragraphs). Identify the business model you will use. Explain why you have chosen this model (1–2 paragraphs). Prepare a template for your business model. – If you are using the traditional business plan, there are a myriad of free templates available online. Locate one that is from a reputable source, such as the Small Business Administration. – If you are using an alternative model, create the template based on the examples provided in the reading assignments. 4. Add your purpose, mission, and vision statements to the model template. – If you are using the traditional business plan, place this information in the designated areas. Do not complete the executive summary at this time; it is most often written after completing the entire plan. – If you have chosen an alternative model, place the information where you can readily access it. This will help to keep you focused (the location will depend on the business model).