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Instructions are attached in Word file. To find Assignment/Quiz, access University Portal (Will need authorization from me)1. log in with these credentialshttps://elms.umd.edu/ XXXXXXXXXX:...

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Instructions are attached in Word file.
To find Assignment/Quiz, access University Portal (Will need authorization from me)1. log in with these credentialshttps://elms.umd.edu/ XXXXXXXXXX: Saloneboy22. Will need authorization from me in order to gain access-click "send a push"-Text/Call XXXXXXXXXXto inform me so that I may authorize access3. Once gained access, follow this steps to find QuizClick "course", then "ENES 140", then "Assignment", and then "Final Project: The Opportunity Analysis Canvas"
You will need to access ebook for Quiz.Access to ebook.
https://ventureartisans.teachable.com/p/the-opportunity-analysis-canvas-211

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Answered Same Day Dec 12, 2021

Solution

Tanmoy answered on Dec 14 2021
135 Votes
The opportunity analysis canvas
Business Plan: Wedding Organize
Planne
Name of the Business: American wedding planners
The business is to consult the clients the wedding design, planning and management for a well organized wedding program who are willing to get ma
ied. The place of business will be Baltimore; an office space of 650 sq ft. in Baltimore, Maryland will cost approx $7500. Gradually the number of wedding planning offices will grow as the company will earn profits.
1. Based on your evaluations on entrepreneurial mindset, summarize your level of need for achievement, individualism, control, focus, and optimism. What strategies and tactics could enhance these in the next 6 months? 
Answer:
For setting up the American wedding planner business below:
    American wedding Planner Cost
    
    
    
    Particulars
    Rate/ Cost
    Office Space
    Final Cost
    Office Space in Baltimore, Maryland
    $11.50 per sq ft
    650
    $7,475.00
    Compute
    5 pieces
     
    $2,000.00
    Website design for American wedding planne
     
     
    $1,000.00
    Hiring website designer to design the content of Wedding planner website
     
     
    $2,000.00
    Social media marketing
     
     
    $2,500.00
    Hiring employee
    $15.46/ hour each working for 9 hours
    8 person
    $1,113.12
    Electricity Bill & miscellaneous charges
     
     
    $500.00
    Total Cost
     
     
    $16,588.12
    Budgeted Cost
     
     
    $25,000.00
    Savings
     
     
    $8,411.88
The achievement of this wedding planner business lies in providing valued services to the customer which will be worth remembered. This is because wedding comes once in a lifetime of a human being and everyone wishes to cele
ate his/her wedding with great excitement with his family, friends and relatives.
The strategies will be to make our presence available through social media, advertisements, and valued services and providing discounted offers.
Employees to be hired in the American wedding planner business should be experienced with at least 2-3 years of working in event management, planning and catering business of repute. They should be well behaved and educated. They should execute the business development process by targeting the prospective clients planning for wedding.
2. Based on your evaluations on entrepreneurial motivations, summarize your level of self-efficacy, cognitive motivation, and tolerance for ambiguity. What strategies and tactics could enhance these in the next 6 months? 
Answer:
The self efficacy, cognitive motivation and tolerance of ambiguity can be attained by setting targets in each month for conducting the wedding ceremonies and consultation on weddings. Seminar and small monthly parties to be conducted, special guests will be invited to discuss how to make the wedding more glittering and memorable along with the different packages available with us. Prizes and gift vouchers will be awarded to the best speakers. Thus positive word of mouth will act like advertisement and help to attract the clients.
For this the below three wedding planners packages can be useful for the clients:
    American Wedding Planner Packages
    Packages
    Rates
    Gold
    Full service pack - coordinating with all vendors, developing wedding theme and décor, coordinating on the wedding day.
    $10000
    Silve
    Want assistance in finalizing the plan, conducting the rehearsal, coordinating on the wedding day
    $1800
    Bronze
    Consultation to help them with their own plan
    $60
** Special Discounts to clients who provides us with prospective references.
A monthly target of below can be experimented:
    Monthly Target
    Number of Wedding
    Amount
    Gold Package
    3
    $30,000.00
    Silver Package
    15
    $27,000.00
    Bronze Pack
    25
    $1,500.00
    Total Revenue
     
    $58,500.00
The above target can be set and can be distributed among the staffs equally. Commissions will be given to the business executives @ 5% on each target.
The employees who are able to attract businesses but turn the potential clients into prospective business will be assisted by me. Even if the business executive takes assisting from me to get the clients, still he/ she will be provided the same commission of 5%. This will help to motivate the employer to learn and work more efficiently.
There will be months when the potential customer will reject the offer due to better offers from my competitor wedding planner. During this time we have to be patient and target for the achieving more small packages which can also help to earn profits.
3. Based on your evaluations on entrepreneurial behaviors, summarize your confidence, risk tolerance, interpersonal relationship skills, and social capital. What strategies and tactics could enhance these in the next 6 months? 
Answer:
The confidence of my wedding planner business is the employees and small parties a
anged by our company to talk on how to make the wedding ceremony more gorgeous. This interpersonal relationship with the potential clients will be the strength of my business. This will act as a positive word of mouth identifying us as the best wedding planner in the district of Baltimore.
The conducting of these small events will ultimately help to build trust, a sense of belonging, engagement and creating values among our clients. This will act as my social capital also as I will be able to reach many potential clients who are planning to get ma
ied soon.
Also gifts and cele
ity talks on their wedding experiences can be an added advantage and a boost for my business
anding. The cost of inviting a cele
ity for endorsing my
and “American wedding planner” will cost about $2500-$3000. But, this type of event will enhance my company’s
and image in the wedding planner industry.
The risk tolerance ability of my company will be to a
ange the wedding ceremony from start to end with fun and excitements. This will help the people not to get bored and remember the boredom for years after the wedding ceremony.
4. Describe an innovative business idea that you have that is the basis for the rest of these Opportunity Analysis Canvas questions.
Answer:
The innovative business idea is setting up a wedding planner business in the district of Baltimore, Maryland. It will be setup in a 650 sq ft office space. Well educated business executive having experience in event...
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