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In this graded discussion, your virtual team will analyze academic research on planning and starting a virtual business. Because you are general business experts, your virtual business should be unique and serve a genuine purpose that helps solve a problem for your prospective clients. It is up to your virtual team to identify the specialized expertise and the roles and responsibilities of each virtual team member before moving onto the strategic business planning phase.
These are important factors to consider as you conduct your research:
A group of angel investors owns 40% of the virtual business.
Each virtual team member was selected to start and operate this virtual business.
The angel investors hold three out of five permanent seats on the board of directors of your virtual business.
The angel investors will provide $100,000 to fund the virtual business.
It is the job of the virtual team to convince the angel investors that you deserve funding for your new virtual business venture.
The company will be named Just in Time Goods, a startup company like Amazon with faster delivery and competitive prices.
To begin developing the strategic business plan, each virtual team member should contribute to this discussion by addressing the following discussion topics:
Discuss the differences between a business plan and a strategic business plan. Why is this important?
As a virtual team, choose an approved virtual business from the list provided by your instructor to develop a strategic business plan.
Conduct research and discuss what type of virtual business you will develop and how it differs from any competitors. Explain your perspectives.
Discuss the components and process of building a strategic business plan for a virtual business.
As a collective, construct and agree upon an outline for your strategic business plan.
Describe the organizational identity of your virtual business.