PLEASE READ CAREFULLY AND ANSWER ACCORDINGLY PLEASE .

TITLE: New Breed of Jamaican Entrepreneurs for the Entertainment Sector

COVID-19 continues to have a death grip on the global economy with some industries such as Entertainment taking the heaviest toll, with seemingly no way to return to growth and profitability in the near term.

MAIN EVENT: HISTORY AND OVERVIEW OF OPERATIONS

History The Company is an event management, digital signage and promotions company that has become known in Jamaica for its creative and innovative services, and use of state-of-the-art new technology. It was incorporated on 15 June 2004 by founding Directors Solomon Sharpe and Richard Bair, each of whom had experience in the Jamaican event promotion industry, having conceptualized and executed events such as Beer Vibes and Hot Shots and the launch of the Desnoes and Geddes Smirnoff Ice product through their former businesses. The Directors consider that the launch of Smirnoff Ice was a particularly significant moment: under their direction the venue was transformed into a supermarket, gas station, and nightclub, creating atmosphere and vibes for guests of the client. This successful event was also the platform the founding Directors used to launch the Company.

PRODUCTS AND SERVICES

Although the Company provides many products and services, it is focused on complete event 16 coordination, from concept design, planning and organization, to execution of all aspects of any event.

In the conceptualization stage, the Company, through its internal department the Agency, provides stand-alone creative development, promotion, execution and event proposals with the use of 2D and 3D designs, video content and animations. Research is done before providing detailed campaign and event proposals to ensure that there is potential for added value to the client.

At the planning stage, the Client Services department of the Company progresses the proposal with a finalized concept and spearheads the project to completion.

At the execution stage, the Audio Visual Lighting, Field Services, and Digital signage teams of the Company, led by a Project Manager, bring the finalized concept to life (with the assistance of external suppliers if required).

Finally, at the project close-out stage, a post - event evaluation is conducted and the client is invoiced. This stage helps the Company to evaluate its own performance, ensure that its client is satisfied and that the relationship is maintained.

Main Event Entertainment Group Limited returned to losses in the April quarter, amid continued restrictions on the entertainment sector. But the company is still trying to strike a positive tone, saying it had high hopes for future business.

The events promoter reported losses of $27.6 million, nearly doubling the losses of $15.8 million reported in the comparative April 2020 period. Revenue fell to $174 million from $287 million.

While business activity and sales volumes continue to be low, our ambitions are extremely high. We have been exploring new opportunities that we believe will bring us deeper global connections and greater business synergies, as our industry and the world slowly recovers from the pandemic, the company said in a statement prefacing the financial report. Main Event is led by CEO Solomon Sharpe, while Dr Ian Blair is acting chairman.

Among its prospects to grow income, the company said its getting ready to do a regional roll-out of M Academy services. The division offers technical training in events management.

The losses in April erased a small profit of $8 million in the February quarter, leading to a six-month or half-year loss of $19.5 million. Revenue for the period plunged to $349 million over six months, a near two-third decline from $885 million in the comparative period ending April 2020.

Two weeks ago, Sharpe told a panel at the Mayberry Virtual Investors Forum series hosted by brokerage Mayberry Investments Limited that more than half of the entertainment sector was either bankrupt or out of work.

50 per cent is in bad shape; they are in really, really bad shape, he said.

I set up my operation to be a fun space. We provided 100 lunches a day to staff and now its down to maybe 10 for the critical persons in the small office. We had to downsize. We had to shrink or die even myself, he said.

The Government is in discussion with the entertainment sector regarding the protocols for a limited reopening of the industry during the summer.

i) With this in mind and as a New Breed of Jamaican Entrepreneurs, you are being asked to:

Firstly, read the material presented above on the company and then from the material presented on Main Event Ltd. you are required to:

1. State whether you consider 2022 and beyond, a new window of opportunity for entrepreneurs to launch a venture in the Jamaican entertainment market. (6 marks)

2. By doing an environmental scan, elaborate on the challenges the venture would face, especially bearing the issues in the last year and since Covid-19. (12 marks)

This is for business entrepeneurship , so a good detailed answer would be really reallyappreciated as it contributes to my final grade. please help! and thankyou very much in advance. Please put the letter 'a' and 'b' for both questions answered so i can best utilize to the best of my ability.