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Semester Project Semester’s Assignment Project (Group Project, max 4 students) Individual projects will ONLY be accepted for External Students PRT503 - Entrepreneurship for Professionals, Semester 2,...

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Semester Project
Semester’s Assignment Project
(Group Project, max 4 students)
Individual projects will ONLY be accepted for External Students
PRT503 - Entrepreneurship for Professionals, Semester 2, 2018
Due-Date: Week-12
Proposal Due Date: COB Friday Week 7
Final Report Due Date: COB Monday Week 12
XXXXXXXXXXCoordinator: Dr. Jamal El-Den
Lecture
Tutor: Miss. Narumon (Che
y) Sriratanaviriyakul
    
    
Background Story
You are a professional business practitioner; you have been working in a company
usiness/enterprise for more than 10 years. You have a good salary and your partner is also a working professional. You also have financial commitments for bank loans, personal loans, car loan, and others.
Your position at the company looks promising but you always felt that you have more potential as well as creative ideas which you always demonstrated during project developments in the company as well as coming up with new initiatives which were sometime disregarded and others were taken seriously. Having said that, you always felt that you were not really happy with your work because of the limitations in your contribution to the decision making process in the company. You had many thoughts about “What I am doing here???” and you always had the wish that you are able to be making decisive decisions because of your confidence that your ideas will influence the overall productivity and profitability of the company. You also felt that you have considerable experience in leadership as you have successfully been leading a small group of people in the business development department at the company.
Lately, you have been discussing with your partner (who also is a professional working in an accounting company in the city) your “dream” of starting your own entrepreneurial business. You spent many hours discussing and assessing the pros and cons of you leaving your job and start your own venture. You realized during these discussions that you have only $35,000 as a start-up sum as well as what will happen to the entire financial obligation that you cu
ently have.
You finally decided with your partner that you will go ahead with your plan. This means you leave your secure job, or both of you will leave your secure jobs or any other decision.
Overview of the Assignment
Length: Approximately 4000 words, including charts, pictures or tables (but excluding references).
· The formal assignment is to produce a complete business plan based on the story above.
· Choose any relatively small product/service company, but it is suggested that you should make your selection carefully and check that there is plenty of information in the public domain on your selected business before commencing (It is recommended that you consult with the lecturer if you are in doubt)
· It will be in your best interest to choose a business that has only a few products so that you do not have to expend too much time on product descriptions.
· Research information on the web, in books, financial newspapers (the li
ary has a collection) and biographies (think about famous contemporary manufacturing leaders such as Richard Branson and Bill Gates).
· You may wish to use a Business Plan structure to address the relevant issues
· Marks will be given for presentation, clarity and demonstration of a
eadth of study through suitable referencing, as well as information content.
· Final Report will attract a 10% penalty out of 100% per working day late.
You might need to consider the below structure:
The Venture
· The history of the business and its major products or services.
· The main successes factors of the business (you might want to look at competitors’ success/failure ventures).
· What the major failures of the business would be and why.
· What kind of organisation it is and how it will be managed.
· What are your services/products
· Who are the competitors to the business?
· How you see the business developing in the future.
· What are the main strengths, opportunities, weaknesses and threats of your venture?
· How the business might be developed to maintain good management and leadership style.
· Why would this new product/service be needed?
· What is the approach by which the product/service could be
ought into the market (for example through collaboration with other businesses)?
· What are the benefits of the product/service over other competitive products and of the selected approach?
· What is the major competition to the product/service and the key risks associated with launching it?
· Apply financials where relevant.
IMPORTANT: You have to make sure that you include the followings in your final report:
1- How did you reach the decision with your partner?
2- What were the considerations you had to take in making your decision?
3- What financial help you got? How? From where? How much? And why?
4- Your business plan and marketing plan?
5- Your financial plan?
6- Finally, make sure that you submit a complete business venture which is ready to start
Report Proposal
Company
Autho
Date
Abstract
State company selected, come up with an organisational structure and describe the key products. State any overarching issues and-or most significant points in your report.
Body of Report
Decide how you will organise this – there are a number of ways in which you might present the information you are being asked for. It will include your literature survey
ackground, your research methodology, your results and a discussion of your results including any omissions.
Conclusion
Remember your employer will be using this document both to help through the interview process and later as a spring-board for change management. Include comments on further or future work, for example other services you might offer or other research you might do on related topics which would be useful.
Timeline
Your proposed timeline for completing the project
USE THE ASSESSMENT COVER SHEET PROVIDED WITH UNIT OUTLINE FOR SUBMISSION! ASSIGNMENTS WITHOUT A COVER SHEET WILL NOT BE ACCEPTED.
Plagiarism
Plagiarism and unacknowledged copying is a serious ethical
each.
Where other people have contributed to your work you must fully acknowledge their contribution.
Your report must include a list of references to all sources of data such as web pages, books and articles used. Where appropriate include information such as author name, title, page, volume number, publication date to help the reader locate the article.
Please review the University plagiarism policy for information about plagiarism
A few helpful hints for
inging product/service to the market
Given a product or a service, Kotler suggests the STP framework (segmentation, targeting and positioning process) which includes the following procedure for
inging the product/service to the market (note that Kotler assumes the market exists).
1. Analyse long-run opportunities in the market
2. Research and select target markets
3. Identify segmentation variables and segment the market
4. Develop profiles of resulting segments
5. Evaluate the attractiveness of each segment
6. Select the target segment(s)
7. Identify possible positing concepts for each target segment
8. Select, develop, and communicate the chosen positing concept
9. Design marketing strategies
10. Plan marketing programs
11. Organise, implement and control marketing effort
In case of doubt CONSULT THE LECTURER/TUTOR.
PRT 503
Entrepreneurship for Professionals
Structure for the Project
You must adhere to the following structure when preparing your project
1. Introduction
a) Executive summary – complete this after you has finished your report. This should end up being about 1-2 pages (double spaced) with only a bare minimum of historical and product/service information. It should summarize your suggested objectives and strategy.
) Scope of discussion – what you will be addressing and what you won’t be addressing
c) Research Approach – what methods will you be employing to gather your information (annual reports, articles, journals, etc.)
2. Company
a) Brief overview of company and the relevant products
· Try to keep this as
ief as possible as the strategic operatives are more important than the founding fathers (for this paper.)
) Potential competitors historically relevant initiatives
· Successful initiatives
· Failed initiatives
c) Goals and Objectives
· State the company’s goals and objectives – at some point in the paper where you feel it is appropriate (possibly prior to the conclusion) you will need to review each point with your opinion of whether or not these objectives are realistic and/or how they will/can be achieved
3. SWOT, PEST and DEMAND Analysis
· This should be as detailed as possible as it can be the impetus for further dialogue. I suggest that you bullet point this in a grid then address the larger points in a na
ative form.
· The PEST analysis is a good way in which to address Industry Trends.
4. Business Strategy
a) What market are you addressing?
) Who are your potential customers?
c) What will you use as your selling points? Will you try to be the cost leader? Focus on your uniqueness? Or a combination of both?
5. Competitors
· Look at the competitors the same way you would look at your own company. This will give you an indication of where you may have a competitive advantage.
6. International Strategy
· Is an international move feasible? If so, how? (Strategic alliances, joint ventures, etc.)
7. Available Options (e-commerce, traditional business,
ick and click etc.)
· After reviewing the above you should have a few strategies in mind:
i. State these strategies
ii. List advantages & disadvantages of each
iii. State benefits and “costs” of each option
iv. State which strategy/strategies that you recommend and what the next course of action should be.
PRT503 – Entrepreneurship for Professionals            Project    
Semester 2, 2018        5
Answered Same Day Aug 01, 2020

Solution

Abr Writing answered on Aug 31 2020
158 Votes
PRT503 - Entrepreneurship for Professionals
TABLE OF CONTENTS
1. Introduction    3
a) Executive summary    3
) Scope of discussion    4
c) Research approach    4
2. Company    4
a) Brief overview    4
) Potential competitors    5
c) Goals and objectives    6
3. SWOT and PEST    6
4. Business strategy    10
5. Competitors    11
6. International strategy    12
7. Available options    13
i. Explaining the strategies    13
ii. Advantages and disadvantages of each    13
iii. Benefits and cost of each    14
iv. Recommended strategy    14
Conclusion    14
REFERENCES    16
1. Introduction
a) Executive summary
Entrepreneurship is an effective aspect that acts as the driver for economy and societal development. With the help of this it will also support the new company to perform their business activities in effective and adequate manner so that it may attain higher profit and revenue. People those who are exposed to entrepreneurship has expressed that it results in exercising the freedom as well as greater sense of control that create reputation in the industry.
For this, new venture has been launched that is The Event’s world in the event industry that mainly engages in providing events services to different clients such as businesses, residents as well as corporate personnel. While setting the new event form in Australia it has resulted in drafting certain objectives that need to be attained by the Event’s World in maintaining position in the market and among their competitors. The foremost objective of cited firm is related with increasing the existing market share by 10% within the period of next 6 months. Another key objective of the firm focuses on increasing the sales of event services and profitability by 20% every year so that firm may easily enhance or expand its online platform. Thus, the last objective of newly set up firm is to provide event organising services to different clients in the next year.
However, it has been further stated that to ensure position of entrepreneurship it has been focuses on drafting business strategy as well as international strategies that would be feasible for them and support them in attaining competitive advantages. Thus, selection of market would be easily ca
ied out by ensuring feasibility analysis of a growing market such as Asia. With the high preferences of events by the customers and clients would engage in drafting their international strategy. The expansion in the international market would be done through engaging in the technique that is strategic alliance. It would support the new event company to sustain in the international market and meet different events requirement of their clients.
On the other hand, the business strategy has also stated that the potential customers would be targeted by the Event’s World for sustaining in the Australian region. The targeted customers will be segmented on the basis of demographic segmentation in which income of customer’s will be taken into the consideration.
) Scope of discussion
The present report provides a
ief overview of the new venture which is “The Event’s World,” and at the same time, the study reflects the potential competitors of the venture. It can be expressed that the new business will be focusing on offering different types of events related services to people in the target market of Australia. The goals and objectives of The Event’s World along with its business strategy will be outlined in the present study.
Here, models such as SWOT and PEST analysis will be taken into consideration to understand the way in which macro and micro environmental factors are affecting the activities and operations of the selected company. The report will also focus on identifying whether international expansion is a feasible growth option for The Event’s World or not. In addition to this, available options and business strategies for the company will be analysed in the context of cost, advantages, and disadvantages. However, it can be argued that the plan for marketing and promotion of The Event’s World is not mentioned in the present study.
c) Research approach
In simpler terms, the research approach is defined as the overall strategy employed by a researcher to collect relevant data or information about the topic selected for investigation. In the context of the present research report, it can be expressed that the data will be collected through secondary sources. Here, different books, articles, and journals published in the event industry of Australia will be taken into consideration. The rationale behind using secondary sources of data collection is that it has helped the researcher in saving time, efforts and financial resources. In comparison with the primary sources of data collection, secondary sources are economical and less time consuming.
2. Company
a) Brief overview
The Event’s World will be offering different kinds of events related services to the people in Australia with the help of online platforms. Furthermore, business events, organising parties, meetings, conferences, ma
iages and birthday parties are the example of some services which the selected company will be offering to its customers. The services will be offered by The Event’s World at competitive prices with an objective to attract more and more customers in the long-run.
) Potential competitors
At present, the event industry of Australia is growing at a very good pace as the demand for event management companies and individuals is increasing within the company (Van der Wagen and White, 2018). However, it can be argued that along with the high growth rate, the industry is also witnessing intense competition among the businesses. Some examples of successful initiatives and failed initiatives are mentioned below as:
Successful initiatives
Alive can be termed as one of the most successful initiatives in the event industry of Australia and the company can be also considered as one of the biggest competitors of The Event’s World (Gibson and Connell, 2016). Alive is an Australian agency which is specialised in areas which are event planning and management. Furthermore, Alive is offering wide ranges of diversified services to cater the events related needs of people in Australia (Alive, 2018).
ID event is another successful initiative in the event industry of Australia and the business is specialised in offering services linked with conference and logistics within the event industry (ID Events Australia, 2018). Apart from this, Event Planet, Belle Laide Event, Australian Events, EMG Event Agency, etc. are some other successful initiatives in the Australian event industry.
Failed initiatives
It can be stated that along with successful initiatives there are some fail initiatives in the Australian event industry and The Event’s World is required to learn from these failures. Businesses such as HostCo and Big Bang Events failed to attain higher sales and profits in the industry. Ineffective management, lack of skilled human resources and advanced technology are the primary reasons because of which the mentioned above businesses failed in the even industry of Australia.
To ca
y out the smooth flow of all operations and attain the desired objectives, it is required by The Event’s World to learn from the failure of firms which are mentioned above (Getz and Page, 2016). The new business is required to ensure that it operates with high-end technology and a team of highly skilled employees to deliver fast and satisfactory services and products to customers.
c) Goals and objectives
The goal of The Event’s World is to become the leading and most successful event management company in Australia. Furthermore, the new business also aims at offering high quality and satisfactory services to customers at prices which are convenient and affordable. The objectives of The Event’s World are mentioned below as:
· To increase the existing market share by 10% within the period of next 6 months
· To increase the sales and profitability by 20% every year
· To provide services within entire country within next 1 year
· To expand operations in international markets
· To introduce 2 new services
3. SWOT and PEST
For
inging new event service in Australia it is required by new event company to focus on analysing their internal and external activities of the event industry that directly and indirectly impact the activities of The Event’s World. However, the event industry of Australia has performed affirmatively over the past years that result in attaining significant demand for organising events in the region (Yeoman et al. 2012). The newly firm that is the Event’s World mainly engages in conducting events such as conferencing, exhibitions, parties as well as wedding...
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