MGT602 Assignment 01 Fall 2020 Solution / Discussion Due Date: 09-12-2020

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MGT602 Assignment 01 Fall 2020 Solution / Discussion Due Date: 09-12-2020

Background:
It is very important for an entrepreneur to hunt new business ideas and to take informed decisions. These
credentials of continuous business development are mandatory for each stage of a business venture. A sound idea for a novel product or service, properly evaluated, is essential to successfully run a venture.

Case:
City Sweets is a small scale bakery business run by a family of experienced confectioners. City Sweets is making a quite conventional range of limited sweets for last 30 years. In this modern era, this venture requires some disruption and novelty in its products.

Requirements:
1- What are some of the more frequently used sources of new ideas for entrepreneurs? (2 Marks)
2- How existing companies (competitors) can help City Sweets to hunt new business ideas? (3 points) (6
Marks)

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MGT602_Assignment_No_01_Solution_Fall_2020

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MGT602_Assignment_No_01_Solution_Fall_2020

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Entrepreneurship (MGT602)
Fall 2020
Assignment No.01
Due Date: December 09, 2020
Total Marks: 8
Topic: Sources of new business ideas

Leaning objectives:
To make students familiarize with the different sources of new business ideas.

Learning Outcome:
Students will learn the importance of competitors and existing companies, to help entrepreneurs hunt new business ideas.

Background:
It is very important for an entrepreneur to hunt new business ideas and to take informed decisions. These
credentials of continuous business development are mandatory for each stage of a business venture. A sound idea for a novel product or service, properly evaluated, is essential to successfully run a venture.

Case:
City Sweets is a small scale bakery business run by a family of experienced confectioners. City Sweets is making a quite conventional range of limited sweets for last 30 years. In this modern era, this venture requires some disruption and novelty in its products.

Requirements:
1- What are some of the more frequently used sources of new ideas for entrepreneurs? (2 Marks)
2- How existing companies (competitors) can help City Sweets to hunt new business ideas? (3 points) (6
Marks)

[Asad waqas]

MGT602 Assignment Solution # 1 Fall 2020 - Entrepreneurship

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MGT-602 Entrepreneurship Assignment #1 Solution

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MGT602 Entrepreneurship | Assignment no 1 | Solution | Fall 2020 | vu virtual university

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MGT602 Assignment No.1 Solution Fall 2020

[+ M.Tariq Malik]

MGT602 Assignment No.1 Solution Fall  2020

 

Case: City Sweets is a small scale bakery business run by a family of experienced confectioners. City Sweets is making a quite conventional range of limited sweets for last 30 years. In this modern era, this venture requires some disruption and novelty in its products.

1. What are some of the more frequently used sources of new ideas for entrepreneurs' (2 Marks)

Research and Development

The entrepreneur's own 'research and development' is the largest source of new ideas.

Brainstorming

The brainstorming method for generating new product ideas is based on the fact that people can be stimulated to greater creativity by meeting with others and participating in organized group experiences.

Market Gap Analysis

Market gap analysis is a powerful method used to uncover areas in the market in which the needs and wants far exceed the supply.

Life-style analysis Method

 Entrepreneurs can use life-style analysis effusively for product-service ideas.

 Customers

Prospective customers know best what they want and the habits/tastes which are going to be popular shortly.

2. How existing companies (competitors) can help City Sweets to hunt new business ideas? (3 points)(6 Marks)

Answer: 1. Competitors can help City Sweets to hunt new business Ideas are as below.

• City Sweets can check their competitor’s facilities that they are not available to their customers. City sweets can Start available those facilities as a new business.
• City sweets can start modern mode of selling their sweets through online social media channels. It can increase their sale and market their product in the whole world.
• City sweets get idea of their competitor’s sweets and add some personal ideas to innovate new products in the market.