Develop a vision statement for your business
Preparing for Skill-Development Exercise 1 Think of a business that you would like to start someday. Develop a simple strategic plan for your proposed business by following steps 1 through 4 below. If you cannot think of a business you would like to start, select an existing business. Do not select a company if you are familiar with their strategic plan. What is the name and location of the business?
1. What would be some of your strengths and weaknesses, opportunities and threats, compared to your competitors? It may be helpful to think about your answer to step 4 below before doing your SWOT analysis.
2. Develop a vision statement for your business.
3. Develop a mission statement for your business.
4. As part of the strategy formulation, identify your core competencies. Be sure they answer the questions, “What will your business do better or different than your competitors? Why should someone do business with you rather than your competitors?”
This stage is related to the SWOT analysis in step 1 above. Doing Skill-Development Exercise 1 in Class Objective To develop a simple strategic plan for a business you would like to start someday. The primary AACSB learning standard skill developed through this exercise is strategic management. Procedure (10-30 minutes) Option A: Break into groups of 3 to 6 and share your strategic plans. Offer each other suggestions for improvements. Option B: Same as A, but select the best strategy from the group to be presented to the entire class. Each group’s selected strategy is presented to the class. Conclusion The instructor may make concluding remarks. Apply It (2-4 minutes) What did I learn from this exercise? How will I use this knowledge in the future? Sharing In the group, or to the entire class, volunteers may give their answers to the “Apply It” questions
