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developing a new concept for an existing business

developing a new concept for an existing business.


Starting a business or developing a new concept for an existing business can be very exciting. As you go through all the standard research, it’s important to remember that there may be local, state, and/or federal regulations governing your industry. Identifying the specific licenses and entity documents that your business will need in advance can save you time and money in the long run. Determining the ethical philosophies that will guide the business is another important component to consider. This week you will research legal requirements and develop the ethical guiding principles for your venture.

What You’ll Need

  • Your MacBook Pro laptop
  • Internet access
  • Project 3 Outline Template (Download section)
  • Microsoft Office Suite


Download the Project 3 Outline Template:


Conduct research to provide information on the following topics. Enter your research findings, ideas, and plans directly on the Project 3 Outline Template provided.


  1. List the legal documents required for the business, such as contracts, insurance, and business entity documents. Explain why each is necessary and how you will apply it in your venture.
  2. Explain any regulatory considerations, such as permits.
  3. Describe intellectual property requirements, opportunities, and risks.
  4. Explain why the business entity structure selected is the most appropriate one for the venture.

Ethical Platform

  1. Identify the key ethical issues in the entertainment sector that you are researching.
  2. Explain the ethical philosophies and guiding principles for your business venture.

While researching, go beyond simple web searches, and utilize academic and professional websites. Here are examples:

U.S. Small Business Administration

Society for Human Resource Management (SHRM)

Business Ethics

If you have any questions regarding specific websites or other resources that you would like to use, contact your instructor.


1. Save your Project 3 Outline Template as either an MS Word document.

2. Name your document as follows: LASTNAME_FIRSTNAME_Project 3

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developing a new concept for an existing business

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