Develop an idea for a prospective small business, and select a name for the company.

“Too often, entrepreneurs brimming with optimism and enthusiasm launch businesses destined for failure because their founders never stop to define a workable strategy that sets them apart from their competition.” (Scarborough & Cornwall, 2015, p. 106).

With this assignment, you have the opportunity to take your creative ideas to the next step and begin to develop a strategy that will form the foundation for a successful business.

Write a three to four (3-4) page paper in which you:

Develop an idea for a prospective small business, and select a name for the company.

Identify its key competitors and summarize the strengths and weaknesses of one of the competitors.

Prepare a mission statement that encompasses the purpose of the business and considers its target market.

Identify the ownership form for this business, taking into consideration tax implications, liability exposure, managerial ability, and cost of formation.

Include at least two (2) references outside the textbook.

Your assignment must follow these formatting requirements:

This course requires use of Strayer Writing Standards (SWS). The format may be different than other Strayer University courses. Please take a moment to review the SWS documentation for details (more information and an example is included in the Strayer Writing Standards left menu link).

Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

Analyze the nature of entrepreneurship, business ethics, and social responsibility in managing a successful small business.

Describe and analyze the role of creativity and innovation as a competitive advantage of a small business.

Describe the strategic planning process and develop a strategic plan for a small business.

Describe and analyze the necessary activities and key decisions to start a small business.

Use technology and information resources to research issues in small business management.

Write clearly and concisely about small business management using proper writing mechanics.