Assignment 1: Business Plan Part I – Business Vision

Imaginary New Start Up Company:

Medical and Recreational Marijuana Store (Dispensary and Delivery
Service) in Washington D.C.

Imagine you are involved in a new start-up company. You are
tasked to organize the key elements of a business plan. This first part of the
plan would be to provide an overview of the business, including the mission
statement and vision of the company’s products and services. Next, explain the
value proposition of your company’s products and services and describe how they
will satisfy the primary needs or wants of your target audience. You also need
to provide a high-level overview of the business model you have selected to
exploit these market opportunities. Finally, you will need to develop a
feasibility analysis that supports your decision to move forward with the
project. Make sure to support your strategy with research from the course
textbook and other outside resources.

Part I of the business plan will describe your business
vision you plan to undertake in your company.

Write a six (6) page paper in which you:

1. Provide an overview of the business, including the
mission statement and vision of the company’s products and services.

2. Explain the value proposition of your company’s products
and services and describe how they will satisfy the primary needs or wants of
your target audience.

3. Discuss a high-level overview of the business model you
have selected to exploit these market opportunities.

4. Develop a feasibility analysis that supports your
decision to move forward with the project. Be sure to support your strategy
with research from your textbook and other outside resources.

Use at least four (4) quality resources in this assignment.
Note: Wikipedia and similar websites do not qualify as quality resources.

Your assignment must follow these formatting requirements:

Be typed, double spaced, using Times New Roman font (size
12), with one-inch margins on all sides; citations and references must follow
APA or school-specific format. Check with your professor for any additional
instructions.

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.

Create a business budget sheet using Microsoft^® Excel^®. In the budget sheet do the following:

• Create a label called “Income” and add your monthly business income in the next cell: $42000.
• Add a label called “Rent” and enter the amount in the next cell: -$2000.
• Add a label called “Product Spending” and enter the amount in the next cell: -$20000.
• Add a label called “Gas” and add the amount in the next cell: -$250.
• Add a label called “Car Payment” and add the amount in the next cell: -$500.
• Add a label called “Electric” and add the amount in the next cell: -$600.
• Add a label called “Insurance” and add the amount in the next cell: -$500.

Use the SUM function to calculate the total for all the cells.

Use the Freeze option to freeze the top panes.

Create a pie chart for your business income and spending.

These are two separate discussion posts, both need to be completed. There is no word count requirement, however any references used should be in APA style.

New or Established Venture?

What would be your choice if posed with the decision between starting up a new venture or buying an ongoing venture if you have an opportunity to be an entrepreneur? What are the considerations that would help you make the decision?

Business Opportunity

Identify a product or service and assess the business opportunity for a new venture in that market. Is there a good opportunity for a new venture? Why? How would you create value for the product or service if you were the entrepreneur of the new venture?

PJM410 MOD6 Peer Responses to Discussion Questions

Please respond to both POST1: (Question from the professor in regards to my post.) and POST2: in at least 250 words

POST1: is a question from the professor in regards to my post. I am not a fan of this professor as she has made it clear that she will make no exceptions due to the COVID-19 outbreak. (although I am working 20 hour days 4 days a week, kids out of school and everything is closed) When formulating your answer to her question regarding my post please be as abrupt as possible while sticking to the facts. As there is no doubt you are both smarter and more articulate then she is. (Kinda of putting her in her place.) I will be reporting her to the school when the class is finished as every other professor I have has been more then willing to work with me.

I have included the original post only as reference.

Original post:

There are several general questions that should be asked to initiate the
risk response thought process, and there are other more specific
questions (relative to project cost and schedule, and product
technical/quality performance) that can be asked. All resulting
responses should be aligned with project objectives and priorities. What
are some of the practical elements needed when determining project risk
responses?

Class,

Welcome to week 6. This week we focus on project risk responses.
Risk in projects is inevitable, ensuring the risk response is
appropriate can be a challenge for some risk managers. This week please
note some practical elements that are needed to determine risk
responses. Examples are always welcomed (and encouraged!).

I’m looking forward to another great week of engagement.

My original post:

Project Risk Responses

Strategies for a response to risks focus on
four significant areas, such as avoidance, mitigation, acceptance, and
transfer (“Project Management Institute,”2017). Therefore, the
identification and monitoring of residual risks are essential. This
process helps to highlight the events of risk triggers, identification
of unexpected impacts and proposing corrective measures. A project
manager should maintain an iterative process of identification,
analysis, and monitoring of risks. Quantitative risk, qualitative risk,
and planning on risk response typically continue from ideation to
completion of a project exercise. The avoidance aspect centers on the
elimination of a cause and accompanying threat of risk. Secondly, the
mitigation element strives to reduce the impact of an underlying risk
that cannot be eliminated. In some cases, it can be inevitable to
transfer risks to other parties through transfers such as guarantees,
insurance purchases, and warranties.

Options for response approaches include
exploitation, enhancement, and sharing. Exploitation requires changing a
project to enhance the occurrence of opportunities. Next, enhancement
increase the positive impact and probability of risk events. The
sharing aspect, on the other hand, involves the allocation of
opportunity ownership to third-parties (Bissonette, 2016).

Acceptance of risk falls into two that
include passive and active acceptance. The former leaves the action to
be set as required in case of a risk situation. The latter acceptance,
however, involves the implementation of contingency plans during the
occurrence of a risk. All stakeholders of a project should be informed
in case of risk acceptance. Generally, project managers should ensure
the occurrence of opportunities. Besides, the manager should reduce the
possibility and effect of threats and concurrently increase the impact
and probability of opportunities.

References

Bissonette, M. (2016). Project risk management: A practical implementation approach. Newtown Square, Pennsylvania: Project Management Institute.

Project Management Institute. (2017). A guide to the project management body of knowledge: (PMBOK® guide) (6th ed.). Newtown Square, PA, USA: Project Management Institute.

POST1: (Question from the professor) PLEASE ANSWER

Darby,

Thank you for the engagement this week. There is no perfect formula
for determining risk responses due to the uniqueness of each project.
For example, if you implement a project in hurricane season in Florida,
you are more likely to experience the hurricane than you would if you
were implementing the same exact project in a different location like
New York.

In regards to the risk elements, what key factors are important to
know and understand prior to determining the actual risk? By factors, I
mean project attributes.

POST2:

Risk
response can be of one of four kinds: acceptance, mitigation, transfer,
and avoidance. Mitigation seeks to lessen the effects of a risk which
can’t be eliminated or handed over to a third party. Avoidance seeks to
avoid the cause of a particular risk. However, sometimes risk transfer
is the only way to handle a risk; this most often happens through the
purchase of insurance. The project manager should pursue and actively
document changing risk structures as the project progresses, while
simultaneously trying to anticipate other risks and offering work
arounds (Bissonette, 2016). We need to know which strategy works best
for a particular kind of project (by looking at project histories of
past projects). Then and only then should the P.M. formulate a response
(Hillson, 1999).

Risk acceptance is either of an active or passive kind. Passive
acceptance requires little more than documenting the possible risk and
realizing that it might eventually occurs. Active acceptance, however,
involves the formulation of contingency plans and other work arounds
that will off-set as much as possible the negative effects of the risk.

Response options include enhancement, exploitation, and sharing.
Enhancement seeks to increase the risk probability and (good) impact of
risk events. Exploitation means changing or manipulating the steps in a
project to take advantage of certain positive impacts. Lastly, sharing
(similar to avoidance above) is handing over positive impacts to other
parties (Bissonette, 2016).

In the end, it is the project manager’s responsibility to see that
opportunities have been fully taken advantage of, and that everything
possible has been done to avoid to offset or otherwise handle risks.

References: Bissonette, M. (2016). Project risk management: A practical implementation approach. Newtown Square, Pennsylvania: Project Management Institute.

Hillson, D. (1999). Developing effective risk responses. Project Management Professional Services Limited. Retrieved: http://www.risk-doctor.com/pdf-files/rsp1099.pdf

***Comment this***

According to research, the culture of an organization refers to the consistent and observable patterns of the behavior in a given organization (Watkins, 2014, p. 1). This, in other words, means that the culture of an organization means how the given firm does things. The culture of an organization may have various impacts both positive and negative. For instance, in the nursing sector, the culture of an organization may lead to different barriers that are faced by nurses which may make them feel powerless within the department. For example, one of the most common barriers caused by the culture of an organization that may have such effects is the type of leadership that has been provided in the culture of the organization.