Idea: Fortune Sneaks Buy and Supply (Social Enterprise) Description: Fortune Sneaks is a sneaker shop that invests into clothing stores to supply kids with school uniforms whenever a purchase of shoes is made. We partner with clothing stores to give kids the clothes needed for school so their parents can have the necessary funds to focus on the other important components that come with the new school year. Target Market: Our target market would be any families with children going to school from Head Start all the way up to 12th Grade. No matter your age we supply shoes to any and everyone and in turn you get the satisfaction of knowing you helped a young man/woman get clothes for the school year. Competition: Our competition would be TOMS shoes who donates a pair of shoes to a child in need for every pair sold as well as State Bags who gives a book bag full of school supplies to a child in need for every book bag sold. State Bags would be a direct competitor because they are geared towards promoting education kind of in the same area as Fortune Sneaks as well as TOMS because they focus on the need of children and also promote education that being one of the reasons they donate shoes. Indirect competitor would be BARON FIG which is when you buy a book they plant a tree so they would be more towards the promoting environmental consciousness making them a competitor but not directly related to my field. Competitive Advantage: The competitive advantage I would have is that I would have all of the new releases of shoes but they would be sold a little under retail bringing in heavy traffic which would means more clothes for the children while also providing incentives for my repeat customers and pushing the long lasting benefit buying shoes you were going to get anyway has on the upcoming generation as well as the community. Pricing Strategy: As mentioned in my competitive advantage my shoes will be sold at a discounted rate a little under retail making them much more affordable with the same authentic quality of my competitors. I would except both cash as well as visa to make customer transactions flow a lot smoother and get you on about your day as quickly as possible but also allowing you the time to browse our various collection of sneakers. Just to give an example of price range say you were buying the Pine Green Jordan 1’s, at retail those are 160 according to stock x I would then mark down that price and sell them for around 125 on top of you getting some type of discount on your next purchase granted you tell someone about my business that’s just to give you an idea. The Organizational Plan Summary is a concise report of your idea and its feasibility. It is an early attempt to pull together your work on ideation, opportunity identification, opportunity assessment, customer discovery, and customer validation. While it is not a complete business plan, it does address how you will create and capture value. You may identify an idea in any of the following topic areas covered in this course: ▪ Social enterprise – remember to encompass how the venture will achieve its impact and the plan itself. Create an opportunity/solving a current problem with a plan of action. Cover Page ▪ Introduction (The “Hook” – Problem statement that engages the reader) ▪ Organization Description (overview of who, what, when, where, why, and how) ▪ Mission/Vision ▪ Product/Service Description (product, pricing strategy, place/distribution) ▪ Competitive Differentiation (Unique Selling Proposition or Value Proposition – use your research!) ▪ Customer & Market Analysis, including market size and potential customers (Target market and industry overview, including relevant trends – provide data and cite it in APA format – use your research!) ▪ Competitor Analysis (direct and indirect – use your research!) ▪ Financial Information – (Financial projections and startup capital requirements – How much money do you need, in what form, to do what, and how will it return to the lender or investor? When will you be profitable? How profitable? – educated estimates) ▪ Sustainability & Growth (Long term sustainability – How will you grow, survive and succeed? What makes the team right for the business? Who will be on it? What roles need to be filled? What makes you qualified to succeed? – This section should make the reader want to invest or join the team!) Unlike much of the written work that you complete during undergraduate studies, this summary is limited in size and scope. It is meant to be clear, concise and compelling. The following rules apply: ▪ Limit is 10 pages without appendices and references (double spaced, 1-inch margins, 12- point Times New Roman font). ▪ Include a cover page with the organization’s name and names of the members on it (not included in the ten-page limit). ▪ Include a “hook” in the Introduction at the beginning to capture the reader’s interest and attention. ▪ Use subheadings to clarify segments. ▪ Use References in APA 7th format to cite your sources. (You must have sources. Typically, eight (8) to 12 different citations are sufficient to support this). Complete identification of sources, using APA citation format and a full list of sources referenced, must be included in the paper. Note that Wikipedia is not an acceptable source for an academic research paper, although you may use it to obtain a general overview of the topic. The “References” page does not count toward the page maximum.) ▪ You may want to create a Business Model Canvas to help you sort out these categories of information. You are welcome to include it in the appendices (not part of the ten-page limit). ▪ Remember to select a voice (“we” or “they”) and a tense (“future” or “present”) to talk about the business and use each consistently so that the paper does not keep shifting from one to another. ▪ The Organization Plan Summary is a team project and each team member is expected to participate in all aspects of the project. If team members write their sections of the Organizational Plan Summary separately, it is important to revise the document to avoid a “Frankenstein” paper written in different voices, tenses, fonts, and styles.
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