Blog: Mgt602 Assginment No. 1 solution

Semester “Spring 2011”
“Entrepreneurship (MGT602)”
Assignment No. 01 Marks: 20 “Entrepreneurship” 

Question Statement:
You are thinking to start your own business of Pizza shop in your locality. You are  required to write: 

• What are the advantages and disadvantages of starting your career as an
entrepreneur? 

• Explain your own interest in different type of entrepreneurial rewards. Identify which reward is most important for your personality and tell why?


Important Tips
1. This Assignment can be best attempted from the knowledge acquired after
watching video lecture no. 1 to lecture no 10 and reading handouts as well as
recommended text book).
2. Video lectures can be downloaded for free from Online VU Lectures.
 

Schedule
Opening Date and Time April 14, 2011 At 12:01 A.M. (Mid-Night)
Due Date and Time April 18, 2011 At 11:59 P.M. (Mid-Night) 

 
Note: Only in the case of Assignment, 24 Hrs extra / grace period after the above mentioned  due date is usually available to overcome uploading difficulties which may be faced by the  students on last date. 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.

Important Instructions:

Please read the following instructions carefully before attempting the assignment solution.

Deadline:

• Make sure that you upload the solution file before the due date. No assignment will be accepted through e-mail once the solution has been uploaded by the instructor.

Formatting guidelines:

• Use the font style “Times New Roman” and font size “12”.
• It is advised to compose your document in MS-Word 2003.
• Use black and blue font colors only.

Solution guidelines:

• Use APA style for referencing and citation. For guidance search “APAreference style” in Google and read various website containing  information for better understanding or visit http://linguistics.byu.edu/faculty/henrichsenl/apa/APA01.html
• Every student will work individually and has to write in the form of an
analytical assignment.
• Give the answer according to question, there will be negative marking
for irrelevant material.
• For acquiring the relevant knowledge don’t rely only on handouts but
watch the video lectures and use other reference books also.

Rules for Marking

Please note that your assignment will not be graded or graded as Zero (0) if:

• It has been submitted after due date
• The file you uploaded does not open or is corrupt
• It is in any format other than .doc (MS. Word)
• It is cheated or copied from other students, internet, books, journals etc…

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SOLUTION
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Part (a)
“Advantages and disadvantages”

Advantages

Power to initiate

To stat the business of the Pizza shop in my locality as being a entrepreneur will gave a punch of boost to me. Because it gave me the free hand to initiate my work to initiate the thoughts of mine and start the business as per my requirement

Power of implementation

An entrepreneur has an advantage to cop up his business. He can implement his own strategies to his own business, he has that power to move up his business, as being an entrepreneur to start up the pizza shop I have the advantage to implement new strategies in it

Back up by professional

As I am new in my career and I started as an entrepreneur so there is an advantage for me to have the professional assistance with me. I can take the professional tips from the experience ones; these beneficial suggestions will be the asset of my business and my career.

Attentive

As I started my career as an entrepreneur so it’s the fact that I should be very attentive in my acts. I should learn the things at a very fast rate. Because as I choose this career so I have to be the fast to make my career fast, this all activity can be done as being an entrepreneur.

Grab up the market

As I would be the initiator so I have the advantage to grab up the market. There are some chances that will definitely come to my path. So as I am be pleased to work with opportunities and make my career more affective and bright.

Disadvantages

Scarcity
Scarcity is a disadvantage for a person who is just new in his professional life and going to start his career as an entrepreneur. Scarcity of resources, scarcity of men power etc.

Lack of experience
As I choose my career being an entrepreneur so I would face the problem because I have not the required experience with me. Work experience is a essential tool for the sake of the business. So the lack of experience is a disadvantage to start the career as an entrepreneur.

Less accuracy
When the entrepreneur make so many decisions at one time it becomes very difficult for him to be accurate in his every decision. He wills tires from the daily working. As he is an entrepreneur so he has the immense of load of working on him which leads him towards lack of consistency.

Element of rigidity
To be rigid is not the way. When an entrepreneur work so much and implement the things of his own thought than he has the chances of being rigid. Once this factor comes into play it will ruin the soul of the business and the career of the related person.

Part (b)

Many different types of entrepreneurial rewards are there to be discussed that includes Independence and Self satisfaction. To be independent in your activities is one of the rewards of entrepreneurial career. An independent person have that ability to generate the different ideas and element them in his practical workings. One of the rewards of entrepreneur is to be wealth. Wealth is all about. Because every business starts for the sake of wealth. So the wealth reward is the most important of all. As for my approach is concern I will go with the wealth reward. Because I am the person who loves to be wealthier and from wealth I can do what I want to do
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Question No 1:

ADVANTAGES:

There may be some of the following advantages which are as under
1. Power to initiate
2. Salary Potential
3. Power of implementation
4. Back up by professionals
5. Flexibility
6. Learning Opportunities
7. Independence
8. Attentiveness
9. Capture the market the market

DISADVANTAGES:
So we can say that each and every action has a reaction that’s why there may be some of the disadvantages as following

1. Scarcity
2. Lack of Experiences
3. No regular salary
4. Working hours
5. Stress
6. Less accuracy
7. Element of rigidity
8. Administration
9. Time Commitment

Question No 2:

As an entrepreneur and a pioneer I will work with full synergies to get the name and also will have the proper back up system to escape from spoiling. People will give respect as an entrepreneurial but I will try to satisfy them and will also try to get the reward of good will. First I will invest and after this put my investment for future benefits. I will put a new trend to satisfy the public by quality of pizzas at late nights by bringing over time shift system and will be available at any time when the customer needed. I will try to earn some respect and not try to spoil my name.