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Assignment 1

This document outlines 8 questions for an assignment on opening a small business near one's home. 1) The entrepreneurial venture meets local regulations and laws. 2) It takes 10-15 days to obtain necessary licenses. 3) The entrepreneur has a plan to hire employees and costs have been considered. 4) The first prototype or services could be operational within a week of obtaining licenses. 5) Primary customers would be end users. 6) Initial funding would come from savings and possibly family, but the venture may not be ready for outside stakeholders yet. 7) Necessary technical infrastructure includes servers, internet access, computers, a website, data security, and a technology consultant. 8) Once established, there

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Gunj Patel
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24 views

Assignment 1

This document outlines 8 questions for an assignment on opening a small business near one's home. 1) The entrepreneurial venture meets local regulations and laws. 2) It takes 10-15 days to obtain necessary licenses. 3) The entrepreneur has a plan to hire employees and costs have been considered. 4) The first prototype or services could be operational within a week of obtaining licenses. 5) Primary customers would be end users. 6) Initial funding would come from savings and possibly family, but the venture may not be ready for outside stakeholders yet. 7) Necessary technical infrastructure includes servers, internet access, computers, a website, data security, and a technology consultant. 8) Once established, there

Uploaded by

Gunj Patel
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Certificate Course

in

Entrepreneurship & Innovative Management

ASSIGNMENT 1
Background:

Assume that you have to open a small outlet/firm /shop near your house.

1. Does my entrepreneurial venture meet local regulations and laws? If


not feasible locally, can I and should I relocate to another region?
Ans: - Yes, my entrepreneurial venture meets the local regulations and
laws.
2. How long does it take to get the necessary license or permissions
from concerned authorities? Can I survive that long?

Ans: - It takes around 10-15 days, subject to government processing


time. This certificate can be downloaded online after approval.
3. Do I have a plan about getting the necessary resources and skilled
employees, and have I made cost considerations for the same?
Ans: - Yes, I do have plan to hire employees and yes, I have even made
cost consideration. Depending upon the quality of the work like I will
give them their salary.
4. What are the tentative timelines for bringing the first prototype to
market or for services to be operational?
Ans: - I have not decided it yet but if my business is started after getting
License atleast within a week.

5. Who are my primary customers?


Ans: - The primary customer might be the consumer or end user of a
product or service, or an intermediary such as a broker or reseller
6. Who are the funding sources I may need to approach to make this
big? Is my venture good enough to convince potential stakeholders?

Ans: - At first I am not thinking about stakeholder but yes my funding


sources is some of my savings and if I want so more money I would
like to borrow from my parents.

7. What technical infrastructure do I need?


Ans: - 1. Servers
Email storage
Website hosting
Data backup
Ecommerce
Storage of important files
2. Internet Access
3. Computers

Keeping records
Making appointments
Processing payments
Selling services
Managing merchandise
4. Company Website

5. Data Security
Customer credit card information
Employee details
Financial record
6. Company email
7. Technology Consultant
8. Once the business is established, will I have sufficient funds to get
resources and take it to the next level? Will other big firms copy my
model and kill my operation?
Ans: - Yes, once the business is established properly will have
sufficient funds to get the resources and take it to next level and yes
some other firms may try to kill your operation by bringing innovative
things in the market or can make new strategies too.

Students are expected to answer all the above given questions

***********

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