Would you rather start your own business or purchase an existing business? Briefly explain needs to be a least one page.
Assignment 1 – Would you rather start your own business or purchase an existing business? Briefly explain needs to be a least one page.
Assignment 2Finish Business Definition Worksheet using other story written
The 5-M Model uses one-line bullet points in five areas to structure your thinking and your full business plan:
Mantra: This follows the Vision/Tagline/Mantra model discussed earlier in this chapter. Aim for 3-4 words, or 6 at most.
Mission: This also follows the approach described earlier focusing on competitive advantage and goals, with a definite time period in mind. Mission statements typically give the company name, product or service, and its customer or market. Mission statements also give the firm’s major business goal, which can be stated quantitatively or qualitatively, but always with a time period or end date.
Measures: These are business goals given as measurable results, in terms of sales, market share, employment, locations, profits, growth, etc. It is typical to have multiple measures, and they are typically given in quantitative form. This section should reflect the Mission.
Method: These are the activities which would make your business successful over the time period given in the Mission section. It should tie in with the Measures and Mission. As with Measures, it is typical to have multiple methods. Methods in this exercise typically involve identifying qualitatively stated strategic achievements (vs. numerical outcomes in Measures) which would prove you have done what you set out to do as a business.
Mechanics: This last section ties into everything above, and gives several specific tasks the business needs to do to accomplish what is mentioned in the Method and Measures. These are often given as one-line project descriptions (e.g., "Open two locations by June 1,"or "Hire an advertising firm by November 15.").
An example of a completed 5-M Model is included in Figure 8.2 in your textbook and in the figure below.
With your 5-M Model completed, you have a roadmap for designing your business plan. With the results of this business plan strategizing process in hand, you are better positioned to develop a plan which not only meets the goals of important outsiders like investors or partners, but also your own goals for the business.