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MGT602 Assignment No 01 Fall 2019 Solution & Discussion Due Date: 15-11-2019

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Background:
An entrepreneur is an enthusiastic and motivated individual and it needs him to visualize
economic goals correctly at the beginning of a business journey. Therefore he must carefully
select the type and timing of the business. In other words he or she must strategically seize a
business opportunity. Hence, the selection of a startup is critical and it is favorably linked to the
entrepreneurial attributes and their potential capitalization. An entrepreneur can either have a
Foundation Company, Lifestyle Firm or a Gazelle/High Potential Venture for a startup option.
Case:
Miss Fatima, a fashion designing graduate, is working in research and development department
section of a famous female outfit brand. Her job is to think of innovative ideas and develop
unique products related to fashion industry and maintain cutting edge distinctive advantage of
the firm in the market. Amid economic crunch of the country, the company is being forced to
downsize its HR thus creating a vibe of job insecurity among its employees. In these conditions
Fatima is intended to prepare plan B to bear the worst case scenario and start her own business in
case of her job layoff from the company.
Requirement:
Being a student of entrepreneurship you need to give answers to the following questions.
Question: What type of startup is most suitable for Fatima complying with her personal
attributes? Provide 3 Logical arguments to support your selected startup type.
Marks: 1 (Type of the startup) + 9 (Three logic comments)

SOLUTION Assignment No. 1 (MGT602 - Entrepreneurship) Fall 2019

MGT602 Entrepreneurship Assignment 1 Solution Fall 2019


Developed by: Jawad Hassan Assignment  Entrepreneurship (MGT602) Fall 2019

Due Date: 15 November, 2019.

Total Marks: 10 Topic: Start-Ups

 

Leaning objectives: To make students explain different start-up types.

Learning Outcome: Students will comprehend specific needs for different startup types.

Background:

An entrepreneur is an enthusiastic and motivated individual and it needs him to visualize economic goals correctly at the beginning of a business journey. Therefore he must carefully select the type and timing of the business. In other words he or she must strategically seize a business opportunity. Hence, the selection of a startup is critical and it is favorably linked to the entrepreneurial attributes and their potential capitalization. An entrepreneur can either have a Foundation Company, Lifestyle Firm or a Gazelle/High Potential Venture for a startup option.

Case:

Miss Fatima, a fashion designing graduate, is working in research and development department section of a famous female outfit brand. Her job is to think of innovative ideas and develop unique products related to fashion industry and maintain cutting edge distinctive advantage of the firm in the market. Amid economic crunch of the country, the company is being forced to downsize its HR thus creating a vibe of job insecurity among its employees. In these conditions Fatima is intended to prepare plan B to bear the worst case scenario and start her own business in case of her job layoff from the company.

Requirement:

Being a student of entrepreneurship you need to give answers to the following questions.

Question: What type of startup is most suitable for Fatima complying with her personal attributes? Provide 3 Logical arguments to support your selected startup type.

Marks: 1 (Type of the startup) + 9 (Three logic comments)

IMPORTANT:

24 hours extra / grace period after the due date is usually available to overcome uploading difficulties. This extra time should only be used to meet the emergencies and above mentioned due dates should always be treated as final to avoid any inconvenience

Instructions:

  1. Read the content given on Page No. 8 in lecture No. 3 of the handouts to grab the concept of “Different types of business start-ups”
  2. Write precise and to the point answer and avoid un-necessary

 

DEADLINE:

  • Make sure to upload the solution file before the due date on
  • Any submission made via email after the due date will not be

 

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  • Use the font style “Times New Roman” or “Arial” and font size “12”.
  • It is advised to compose your document in MS-Word
  • You may also compose your assignment in Open Office
  • Use black and blue font colors

 

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  • The file you uploaded does not open or is
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kisi ke pass word file ma ha is ka solution

*MGT602 Assignment 1 Solution*

I Provide u two Solutions both are Correct but choose for best one in which you clear your concepts thank you
Remember me in ur prayers

Solution 1
You want to make point in this paragraph it depend on u
An Entrepreneur needs to understand all aspects of the environment. Part of this ability is reflected in individual’s level of creativity. Creativity tends to decrease with age and education. The individual must be creative and have a broad understanding of the internal and external environments of the corporation. The entrepreneurial person must be a visionary leader-a person who dreams great dreams. Leadership is the ability to dream great things and communicate them in a way that people say yes to being a part of the dream. To establish a successful new venture, the entrepreneurial leader must have a dream and overcome all obstacles to achieve it. The third necessary characteristic is that the entrepreneur must be flexible and create management options. An entrepreneur is open to and encourages change. By challenging the beliefs and assumptions of the corporation, an entrepreneur can create something new in the organization structure. He or she must possess the ability to encourage teamwork and use a multi-disciplined approach. Every new company formation requires a broad range of business skills. The entrepreneur must be a good diplomat to minimize disruption. Open discussion must be encouraged to develop a good team for creating something new. Many corporate managers have forgotten that frank, open discussion is part of the learning process. A successful venture can be formed only when the team feels the freedom to disagree and to critique an idea. The degree of openness among the team depends on the degree of openness of the entrepreneur. Openness leads to a strong coalition of supporters and encouragers. The entrepreneur must encourage each team member, particularly during hard times. A good entrepreneur makes everyone a hero. Only through persistence will a new venture be created and successful commercialization result.

Solution 2.
1. Interpenure needs foresight about the possibilities new technologies and other developments create.
2. Interpenure needs judgment and leadership skills to found a company and guide its growth.
3. Interpenure needs communication skills to enthuse financiers to back her vision.
4. The number of active entrepreneurs therefore depends on how many individuals possess these skills. But skills are not endowments. Individuals decide to develop those skills that advance their well being and to forego developing those that do not.
5. The prospects of a career as an entrepreneur depend on the economic environment, which can be facilitative or detrimental.
6. A multitude of factors determine this environment: rules and regulations, the quality of government, the availability of education, and the ambient culture.
7. Many of these factors fall under the heading of institutions, by which we mean the constraints on behavior imposed by the state or societal norms that shape economic interactions.

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