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[Solved] MGT602 Assignment 1 Solution Spring 2021 || mgt602 assignment 2 solution || 100% Correct Solution


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MGT602 Assignment 1 Spring 2021 solution idea:

 

Background:

Mr. Akbar is working in an FMCG distribution and marketing firm since last 15 years. He has a vast experience of almost every business process (accounts, marketing, distribution, recovery, administration and suppliers’ relations) of the firm. He has lost his job amid pandemic industry setback scenario. He has an option to use his personal attributes (managerial skills, experience, exposure and knowledge etc.) to launch a startup in the relevant field. He can follow entrepreneurial process (4 phases) to effectively start his own venture.

Requirement:

How come his personal attributes will help him during each phase of the entrepreneurial process?

 

Answer

  • Identification and evaluation of the opportunity.
  • Development of the business plan.
  • Determination and evaluation of resource requirements.
  • Management and control.

Phases of the entrepreneurial process

Description/contribution of each attribute

Phase 1: Identification and evaluation of the opportunity.

Mr. Akbar's problem-solving skills and observation skills will help him easily identify a market gap and find ways to capitalize on that.

Phase 2: Development of the business plan

His marketing, financial management and market experience will guide him on how to best prepare the business plan.

Phase 3: Determination and evaluation of resource requirements.

His ability to make well informed decisions regarding the credibility and authenticity of his resources will be overall beneficial to the business. This will help him begin to invest the resources and begin operation.

Phase 4: Management and control.

Mr. Akbar's ability to manage and control the business will ensure that the business'' main focus to maintain the revenue growth and move towards sustainable performance.

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