Mgt402 assignment 1

‫المملكة العربية السعودية‬
‫وزارة التعليم‬
‫الجامعة السعودية‬
‫اإللكترونية‬
Kingdom of Saudi Arabia
Ministry of Education
Saudi Electronic
University
College of Administrative and Financial Sciences
Assignment-1
MGT402 – Entrepreneurship and Small Business
Deadline: 12/03/2022 @ 23:59
Course Name: Entrepreneurship and Small Student’s Name:
Business
Course Code: – MGT 402
Student’s ID Number:
Semester: II
CRN: 23540
Academic Year: 1443/1444 H
For Instructor’s Use only
Instructor’s Name: Dr. Ghazala Aziz
Students’ Grade:
Level of Marks:
Instructions – PLEASE READ THEM CAREFULLY
• The Assignment must be submitted on Blackboard (WORD format only) via the
allocated folder.
• Assignments submitted through email will not be accepted.
• Students are advised to make their work clear and well presented, marks may be
reduced for poor presentation. This includes filling in your information on the cover
page.
• Students must mention question numbers clearly in their answers.
• Read carefully Grading Rubric below for specific criteria: 0-5 Marks
• Late submissions will NOT be accepted.
• Avoid plagiarism, the work should be in your own words, copying from students or
other resources without proper referencing will result in ZERO marks. No exceptions.
• All answers must be typed using Times New Roman (size 12, double-spaced) font.
No pictures containing text will be accepted and will be considered plagiarism).
• Submissions without this cover page will NOT be accepted.
Entrepreneurship and Small Business
ASSIGNMENT -1
Submission Date by students: Before the end of the week- 7th
Place of Submission: Students Grade Centre
Weight:10 Marks
Learning Outcome:
1. Demonstrate a solid understanding of the potential of the entrepreneur in today’s competitive
business world. (Lo 1.2)
2. Demonstrate ability to think independently and systematically on developing a viable business
model (Lo 1.3 & 3.7).
3. Understand the place of small businesses in history and explore the strengths and weaknesses of
small businesses. (Lo 1.1).
Assignment Workload:
This assignment is an individual assignment.
An entrepreneur Start-up
Business Plan
A business plan is any simple plan, not only limited to the business start-up plan that helps the
management to understand the current situation of the enterprises (strengths, weakness, opportunities,
and threats) and look forward to the future. A start-up plan is a business plan which consists of the
mission, vision, objectives, and action plans for the future of the new enterprises the business plan
drawn during the operation of the firm is vital for running the firm effectively, acquiring new
customers, partners, loans and so on. According to Fiore (2005), a business plan involves two
dimensions; an organizing tool to simplify and clarify your business goals and strategy, the second one
is a selling document that sells the business idea and shows that a product or a service can make a
profit and attract funding and company resources.
Imagine you started a new business as an entrepreneur in Saudi Arabia. Briefly mention the specific
steps which you consider necessary to a successful business plan.
Please, think and share information on the following items:
1. Owners, capital structure, and company profile (1 Marks)
a. Your Business Name, Address, E‐Mail
b. Form of ownership: What is the legal structure? Sole proprietor, Partnership,
Corporation….
C. Investment capital
2. Company Business Description (300 – 400words)
A. Scope and type of business (3 Marks)
What business will you be in? What will you do? What market segment will you choose?
• Business idea: what is your big idea? Is it a product or a service? What makes your idea
different?
• Mission Statement
• Company’s short-term and long-term goals and objectives.
• Target market and demographics: Who will your customers be? Where do they live? What
is your target market passionate about?
B. Business Philosophy (3Marks)
What is important to you in your business?
• Describe your Industry: Is it a growth industry? What long-term or short-term changes do
you foresee in the industry? How will your company take advantage of it?
• Describe your most important company strengths and core competencies: What factors will
make the company succeed? What do you think your major competitive strengths will be?
What background experience, skills, and strengths do you personally bring to this new
venture?
• Risk Assessment: Evaluate the strengths and weaknesses of your business using SWOT.
•Who is your competition and how do you beat them?
3. Products and Services (3Marks)
a. Briefly discuss your products or services (Technical specification).
b. Size of business: how many employees? How many offices and retail facilities?
c. What factors will give you competitive advantages or disadvantages? Examples include the
level of quality or unique or proprietary features.
ANSWER
1.
A.
The name of my business is “Glamorous Automobiles”, my business is situated in
Jeddah. The email of my E-mail is www.G.AM@gmail.com
B.
The business is under partnership.
C.
The investment capital consists of a showroom and a repair shop.
D.
The owner of the business is Abdul-Rafeeq and Saleem Akhtar.
2.
•
I am in the selling and buying of new and used cars, with this selling and buying there
is also repairing of these cars. The supplier arranges financing, collects taxes, handles the
country registration, and gives a possibility to look and force numerous models earlier than
creating a decision. It will take your vintage vehicle on change and stands equipped to offer
factory-assurance provider and cope with recalls. My customer service and quality of cars.
•
The mission statement of my business company is “To entice and achieve clients with
high-valued services and products and the maximum gratifying possession which revel in in
Saudi Arabia”.
•
The short term goal is to make best customers and impress them by providing quality
product. The long term goal is to enhance this business and make a bigger revenue.
•
My customers will be adults who contain driver’s license, they have to live in same
company.
B.
The reputation of my business is important to me in this business.
•
The industry in which I am is a growing industry and it will keep increasing with the
increase in automobile technology (Sathiya, 2021). My company will take so much advantage
because with increase in technology people will like to buy that new technology such as
electric cars that are considered to be generated.
•
The core competencies of my business is lead, grow, value, innovate, solve and
delight with their behaviors that are associated. Today, 80% of post-guarantee restore work is
going to impartial shops. The number one strengths of dealerships are visible as technological
to get entry and preliminary contact.
•
In SWOT analysis, the strength that my business have are technological enhancement,
evolving Industry, increase in the demand of luxury commercial automobiles. The weakness
of my business is decreasing of automobile industry, power of bargaining for customers,
automobiles that are recalled. The opportunities for my business is the vehicles that are fuel
efficient, groups for customers, expansion of market (Đalić, 2021). The threats for my
business is economy that is sluggish, investment and fixed cost, intense competition.
C.
a.
Basically my product is about cars and other means of transportation. With these
products there are also many services for repairing and modification of cars.
b.
I have almost 15 employees, 2 employees always stays on reception, 4 employees are
for representing cars, 6 of the employees are in repairing center and 2 of them are for
cleaning the business. My business have two offices in two different places and retail
facilities also in numerous places.
c.
The factors that will give me competitive advantage are the advancement in
technology and the competitive disadvantage is the old cars that are selected by me to sell.
References
Đalić, I. S. (2021). A novel integrated MCDM-SWOT-TOWS model for the strategic decision analysis
in transportation company. Facta Universitatis, Series: Mechanical Engineering, 401-422.
Retrieved from http://casopisi.junis.ni.ac.rs/index.php/FUMechEng/article/view/7146
Sathiya, V. C. (2021). . Mobile robots and evolutionary optimization algorithms for green supply chain
management in a used-car resale company. Environment, Development and Sustainability,,
9110-9138. Retrieved from https://link.springer.com/article/10.1007/s10668-020-01015-2
…