Title: Competency Assessment: (CU1 M3) Business Plan Development
Course: SkillsCom BA 260 15.0 > Section: Credit Unit 1 Module 3- Entrepreneurial Mindset - Cognition and Ethics

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For this Competency Assessment, you will create and explore a potential business idea that is relevant to today’s consumer. Once you have determined what your business idea will be, you will explain each phase of the creative process in relation to your business idea. Keep in mind that you will be using this particular business idea for more Competency Assessments in the future during this course. Write a minimum 100 words for each phase below.

Phase 1 - Brainstorming:

- Come up with your business idea.  Does your business idea come from changes in technological, political/regulatory, economic, and/or demographic environments? Describe which changes or trends: technological, political/regulatory, economic, and/or demographic, in particular led you to your idea.
- Where did you learn about this change? The sources could be from conversations with others with expertise in the field, from your experience working in the field, observations as a customer, etc.
- What makes your potential business idea relevant to today’s consumer?

Phase 2 - Ethical Considerations:

Having chosen a business idea to develop, you may want to ponder your idea for a period of time before completing the rest of these phases. Identify and discuss at least two ethical concerns that might arise while you are planning your potential business. If you are unable to think of any ethical issues, then you might not be thinking hard enough! For example, even legally advertising your product might spark an ethical debate about whether you are advertising a product people might not need.

Phase 3 - Legal Considerations:

Are there any laws to help guide you to the correct ethical behavior in developing your business idea? Find at least 2 laws that pertain to your business idea and explain how they can help you create ethical policies in your new business. As an example, selling alcohol to minors is illegal, so this type of business behavior is unethical and will probably not work! Alternately, perhaps you are running a food service company. Consider the laws that govern proper health practices for running your business and how to best meet safety and health standards while handling food. Maybe you are considering wages for your employees. Is it ethical to pay minimum wage according to the laws of your state, or should you make it a point to ensure your employees earn a living wage? Find laws that best regulate your particular company or business.

Phase 4 - Evaluation and Implementation:

Based on your business plan and legal and ethical issues you have identified and discussed in phases 1 - 3, develop your idea to make it more workable.

- What were some problems you encountered with your business idea?  How can you refine your business idea to solve some of these problems?  Remember that problem solving should include solutions to both ethical and legal problems that your product might bring with it.