A group of business professionals exited the corporate world to pursue their entrepreneurial dreams. It was...

    

Transcribed Image Text:

A group of business professionals exited the corporate world to pursue their entrepreneurial dreams. It was a difficult decision, as entrepreneurial ventures bring about uncertainty and risk. They were also in some doubt whether their corporate management skills were sufficient to become successful business owners. They were however determined to create a new future for themselves and their families. The group of five people agreed on an equal partnership going forward. They agreed furthermore to invest equal amounts of capital to fund a new start-up and finance the operation for six months after which they were hoping to achieve at least a break- even point. The entrepreneurs defined the point of financial break-even as having achieved a stage at which the business would become self-sustaining, starting to generate some return for them as owners. They decided to start a boutique food store as an alternative to existing shops, offering a relatively limited range of ready-made meals. As a differentiator, their shop would provide a great variety of superior quality ready-made meals delivered freshly at highly competitive prices. Moreover, health-conscious consumers would be well catered for. Their shop would also be different by not providing any other consumables. The entrepreneurs envisaged a highly specialised business in a niche market bringing affordable luxury to consumers. The premise for the business idea was based on the assumption that families had increasing time limitations, leading very busy lives both at work and home. The perceived gap in the market was that existing food stores were pricing ready-made meals primarily for a higher income demographic. Their store would be more accessible to a broader consumer base, maintaining a boutique image. Their challenge was to convert their idea into a well-designed and structured business. They were contemplating the possibility of conducting a small-scale experiment to test the concept and to learn 'on-the-job', operating at a lower level of financial risk. Question 1 a) Use a mind map (3/4 page) to construct a SWOT analysis for the entrepreneurs who intend to operate in your specific business environment. Your analysis must be based on what is happening currently in the business environment around you. (20) b) Provide a recommendation with motivation on whether they should run full scale with the business idea. (5) Question 2 Providing ready-made meals comes with a lot of challenges due to its sensitive nature with respect to the prevailing levels of health consciousness and the high standards of hygiene required. Design a ten-point code of operational ethics for the boutique food store entrepreneurs that will allow them to deliver on their promise to their customers. Question 3 Search the web for a detailed senior managerial job advertisement in the retail sector of your country and answer the questions below: a) Identify the skills required for the position and classify them into the three categories of technical, human and conceptual. Allocate five skills per category. (15) b) Identify the roles specified in the advertisement and classify them into decisional, interpersonal and informational roles. Allocate five roles per category. (15) A group of business professionals exited the corporate world to pursue their entrepreneurial dreams. It was a difficult decision, as entrepreneurial ventures bring about uncertainty and risk. They were also in some doubt whether their corporate management skills were sufficient to become successful business owners. They were however determined to create a new future for themselves and their families. The group of five people agreed on an equal partnership going forward. They agreed furthermore to invest equal amounts of capital to fund a new start-up and finance the operation for six months after which they were hoping to achieve at least a break- even point. The entrepreneurs defined the point of financial break-even as having achieved a stage at which the business would become self-sustaining, starting to generate some return for them as owners. They decided to start a boutique food store as an alternative to existing shops, offering a relatively limited range of ready-made meals. As a differentiator, their shop would provide a great variety of superior quality ready-made meals delivered freshly at highly competitive prices. Moreover, health-conscious consumers would be well catered for. Their shop would also be different by not providing any other consumables. The entrepreneurs envisaged a highly specialised business in a niche market bringing affordable luxury to consumers. The premise for the business idea was based on the assumption that families had increasing time limitations, leading very busy lives both at work and home. The perceived gap in the market was that existing food stores were pricing ready-made meals primarily for a higher income demographic. Their store would be more accessible to a broader consumer base, maintaining a boutique image. Their challenge was to convert their idea into a well-designed and structured business. They were contemplating the possibility of conducting a small-scale experiment to test the concept and to learn 'on-the-job', operating at a lower level of financial risk. Question 1 a) Use a mind map (3/4 page) to construct a SWOT analysis for the entrepreneurs who intend to operate in your specific business environment. Your analysis must be based on what is happening currently in the business environment around you. (20) b) Provide a recommendation with motivation on whether they should run full scale with the business idea. (5) Question 2 Providing ready-made meals comes with a lot of challenges due to its sensitive nature with respect to the prevailing levels of health consciousness and the high standards of hygiene required. Design a ten-point code of operational ethics for the boutique food store entrepreneurs that will allow them to deliver on their promise to their customers. Question 3 Search the web for a detailed senior managerial job advertisement in the retail sector of your country and answer the questions below: a) Identify the skills required for the position and classify them into the three categories of technical, human and conceptual. Allocate five skills per category. (15) b) Identify the roles specified in the advertisement and classify them into decisional, interpersonal and informational roles. Allocate five roles per category. (15)

Answer rating: 100% (QA)

Question 1 SWOT Analysis and Recommendation a SWOT Analysis Strengths Specialized Niche Offering unique and highquality readymade meals Affordability Competitive pricing for a broader consumer base He... View the full answer