P$1$ Task: Explain factors that influence the development of a

business idea or objective.

Scenario:

You recently inherited $$250,000$ and wants to start your own business in the property rental

market. You are considering two options: buying a property to rent out as either $(1)$ short$-$term,

high$-$end holiday accommodation for tourists, or $(2)$ long$-$term rentals to students. You are

unsure which direction to take, but have a strong business education background and currently

work in an administrative role in a property firm.

What students need to know:

Objective: Students need to explain the internal and external factors that influence how a

business idea develops.

Focus: Consider their personal skills, financial situation, the market demand in their local

area, and external trends that may affect the decision$-$making process.

Task:

Write a report explaining the internal and external factors that influence your development of

your business idea. Discuss how your inheritance, business education, and market trends affect

your decision to start either a short$-$term holiday rental or long$-$term student rental business.