Advice for the Project Management Professional (PMP)

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Part 3: Executing
NOTE
Remember that the main project goals are to prepare a business plan, get financial backing, handle legal
issues, develop marketing materials, find a rental space for the music academy, purchase/develop curriculum,
and hire staff so you can open for business by one year from now. Instructors might want to pick just
a few of these tasks for students to do, since several could take a while to prepare.
Tasks
1. Write a business plan for this project. Review sample business plans. For
example, www.bplans.com/, www.score.org, and Microsoft Office online
(select File, New, Microsoft Online, Plans from within Microsoft Word) provide
templates and/or guidelines for preparing business plans. Decide on a
name for this business, as well. Include, at a minimum, the following sections
in a five- to eight-page paper:
● Executive Summary
● Company Description
● Products and Services
● Marketing Plan
● Operational Plan
● Management Summary
● Financial Plan
2. Research options for getting small business loans. For example, most governments
have a small business administration office that offers loans or loan
information. (See www.sba.gov for U.S. information.) Several colleges provide
loans to alumni. You can also go to banks and credit card companies
for funds. Develop a list of at least five different, realistic options for getting
financial backing for your new business. Recall that you estimate that you will
need $100,000 the first year alone, and you are still short $30,000. Include the
source of the funds, interest rates, payment arrangements, etc. Document
your results in a two- to three-page paper, including a recommendation on
which option to pursue.
3. Create a one-page flier for your new business, a home page for a Web site, and
a tri-fold brochure listing key services/courses of the business, and any other
marketing materials you think you would need for your business.
4. Research options for a rental space for the music academy. Develop at least
five alternative sites. Include a picture of the site, if available, square footage,
cost, pros and cons, etc. Document the results and make a recommendation
for which site to select in a three- to four-page paper.
5. Assume that you decide to have students sign up for weekly individual instruction
on a term basis. You will offer a fall, spring, and two summer terms consisting
of 12 hours of instruction in each. Half of the hour will be one-on-one with
an instructor, and the other half will be in the music technology lab. You will also
have several rock band courses with three to five students each that will meet
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