Bus 521--Entrepreneurship and Innovation
RUNNING HEAD: Business Plan Part 1: Preparation
Business Plan Part 1: Preparation
Sheumae Stanton
Professor Hood
BUS 521- Entrepreneurship and Innovation
April 22, 2012
I have to develop a product or service for a new business. I have decided to open a Movie Theater in my little town of Bennettsville, South Carolina. Bennettsville is a small town that lost its only movie theater over 10 years ago. Since then, residents wishing to enjoy a night out at the movies have to drive about 45 miles to the nearest theatre. Having to drive so far just to watch a movie can be very frustrating because unfortunately I experienced the frustrations myself this weekend. The movie, “Think Like A Man,” came out Friday and I was so excited about seeing it. I wanted to see the movie so bad that I was willing to take the 45 minute drive. Upon arriving at the movies, the movie was sold out and the next showing wasn’t for another two and a half more hours. I was furious but I wanted to see the movie so bad. I went to the mall and hung out there until the next showing of the movie. I kept saying that we need a movie theater in our own town because if we did I could have saved myself a lot of wasted time and money. This paper will create the following elements for a business plan for my Movie Theater: 1. Describe an original idea for a product or service I think I can develop and sell. 2. Explain the need for the new product or service, including the problems my idea will address. 3. Describe the industry to which my product or service idea belongs, and the likely competition I will face. 4. Speculate on the chances for success with my venture, supporting my speculation with facts.
Describe an original idea for a product or service
I think I can develop and sell.
The process of pursuing a new venture is embodied in the entrepreneurial process, which involves more than just problem solving in a typical management position ( Hisrich, Peters, & Shepherd,
Business Plan Part 1: Preparation
Sheumae Stanton
Professor Hood
BUS 521- Entrepreneurship and Innovation
April 22, 2012
I have to develop a product or service for a new business. I have decided to open a Movie Theater in my little town of Bennettsville, South Carolina. Bennettsville is a small town that lost its only movie theater over 10 years ago. Since then, residents wishing to enjoy a night out at the movies have to drive about 45 miles to the nearest theatre. Having to drive so far just to watch a movie can be very frustrating because unfortunately I experienced the frustrations myself this weekend. The movie, “Think Like A Man,” came out Friday and I was so excited about seeing it. I wanted to see the movie so bad that I was willing to take the 45 minute drive. Upon arriving at the movies, the movie was sold out and the next showing wasn’t for another two and a half more hours. I was furious but I wanted to see the movie so bad. I went to the mall and hung out there until the next showing of the movie. I kept saying that we need a movie theater in our own town because if we did I could have saved myself a lot of wasted time and money. This paper will create the following elements for a business plan for my Movie Theater: 1. Describe an original idea for a product or service I think I can develop and sell. 2. Explain the need for the new product or service, including the problems my idea will address. 3. Describe the industry to which my product or service idea belongs, and the likely competition I will face. 4. Speculate on the chances for success with my venture, supporting my speculation with facts.
Describe an original idea for a product or service
I think I can develop and sell.
The process of pursuing a new venture is embodied in the entrepreneurial process, which involves more than just problem solving in a typical management position ( Hisrich, Peters, & Shepherd,
References: Bennettsville Chamber of Commerce. (2012). What you need to know about Bennettsville, South Carolina (5th ed.). [Brochure]. Bennettsville, South Carolina: Author. Davis, P. (2006), Spatial competition in retail markets: movie theaters. The RAND Journal of Economics, 37: 964–982. doi: 10.1111/j.1756-2171.2006.tb00066.x. Hisrich, R., Peters, M., & Shepherd, D. (2010). Entrepreneurship: 2010 Custom Edition (8th ed.). New York, NY: McGraw Hill.