Business SelectionSurveys consistently show that 60% of Americans would like to start their own business, but not nearly as many act on this desire.If a person is serious about pursuing business creation, one of the first things he or she should do is think critically about what business to pursue. What is the need? How can the business meet that need and earn a profit?The next step involves doing some research about the business services and products and then of putting those initial thoughts in writing to form a business plan.Tasks:For this assignment, you will compose a report about a possible business that you want to start. Think about a need (consumers) that you have observed in your local community or region. What interests or expertise do you have? How can those factors come together to create a viable business?Your report should include:
The purpose of the business:
What need exists?
What is the product or service you intend to provide through your business?
The viability of the business:
Why would this product or service be profitable?
What are at least two major obstacles that would get in the way of launching this business or its success?
What other people, companies, or organizations have been successful with this, or a similar, product or service?
The needed resources for the business.
What resources and additional information or help with your idea (people, websites, agencies, actual business contacts, trade associations, etc.) do you need to bring together to move your idea forward?
Submit your analysis in a 4- to 5-page Microsoft Word document, using APA style.