Question

Assignment Questions:                                                      (Marks 10)

Talal has completed his Master’s in Business from SEU. Talal’s hobby is body building. He bagged several awards in body building. His father has a small jewelry shop. His mother running a beauty salon, while brother has a car rental service.

Talal is thinking seriously about his future. He realized that this is not the end, but the beginning of another phase of life. It is time to plan his future career. He doesn’t want to do any job. He want to do business but how and what business?

Talal is confused about what kind of business should he start, traditional or e-commerce? Though his family is running a traditional business, Talal has heard and learnt lots about the e-Business and e-marketing. The question he need to deal with whether he should join his father’s or brother’s business or he should do his own. He is also considering the financial aspects. Should he take from father? Or bank or other sources such as partnership, etc.

Therefore, this is a question with no easy solution. Considering the above situation prepare a Decision Making and Problem Solving Worksheet answering the following question:

Step 1: Defining and Clarifying the Question (1 Mark)

Step 2: Develop mind mapping for the alternative

Step 3: Generating Alternatives (1 Mark)

Step 4: Variables to consider (1 Mark)

Step 5: Weighing the considerations (2 Mark)

You may notice that the variables to consider are not of equal importance. Therefore, you need to weigh how important each variable is before you make your decision. In this activity, the following rating scale can be used:

5	Very important
4	Considerably important
3	Neither important nor unimportant
2	Not very important
1	Not important at all

Step 6: Weighing the alternatives (2 mark)

When weighing the various alternatives, how well each alternative fulfills the variables to consider can be expressed as scores. A different rating scale will be used to assess each alternative:

+2 very suitable +1 quite suitable 0 neither suitable nor unsuitable -1 not quite suitable -2 not suitable at all

Note: Positive numbers (+2 or +1) indicate that the alternative is able to fulfill the variables, whereas negative numbers (-2 or -1) denote the opposite.

Step 7: Calculating a decision and Overall assessment (1 mark)

[Please answer in the next page]

Answer 1

Obviously Talal is skilled in body building, which is a full time sports for people to earn a descent living. Bodybuilders are also in high demand especially in the wrestling industry, combat sports such as MMA, and even the movie industry. Arnold Schwazeneggar is a prime example. Talal's can put his bodybuilding talent to use by teaching gym classes or opening a gym. He needs to follow his passion and talents. He can borrow the money from his Dad and Brother, or use them as co-signers for a bank loan to open his body building gym both online or onsite. Online, one can subscribe to his channel. Follow your talent and the money.

As given in the case Talal has following issues:

1) What kind of business should he start?

Traditional or E commerce

Problem solver says

He says Talal has traditional business in his family. His father and his brother are in two different traditional business. So, if he wants to for traditional business he can join them.

Secondly, He is a Master's degree in business and he is interested in body building too. So, opening a Gym or a chain of gym will be an other option for him. If he wants to go for traditional business.

Now, if he doesn't want to go for traditional business then option of E commerce business is open. Just because he has enough qualification so he can go for this also.

Decision making

Options are

Traditional business

E commerce business

So, decision should be E commerce business because traditional business he can join anytime.

2) What should he do for finance?

Options are

Take money from home

Borrow money from bank

Go for partnership

Problem solver says

E commerce business is not an expensive business to start, mark my words, I am saying for starting no big amount is needed so, for this he can take money from home. But if he asks for money his father or brother might force him to join traditional business.

Second option is he can go for bank loan but for this he has to prepare a project plan which may take time. And after making the plan a presentation will be required in front of bank officials. No, gurantee loan will be sanctioned or not and if suppose if the loan is sanctioned then bank will demand security in any form like property, shares or anything against the loan amount sanctioned. So, for this he again has to discuss with the family and he may get forced to join the family business.

Third option is he can search his natural circle and try to find the potential partner, who can work and invest in the project with him. Partner may be one of his friends, family or any other known and trustworthy person who can listen to the plan and invest together.

Decision making

Option third is the best option because this option is providing him a partner so he will not be alone in the work and it will also boost up his confidence.

Joining a partner will also reduce his problem of finance now he doesn't need to invest all of the money alone and no need for any kind of security.

He can take the required money from home too by presenting the plan before family with his partner and this will give confidence to his family too that he can go for business and he is not alone. So most probable chances are that his family will support him.

So, he should go for partnership option.

So, choosing E commerce business and partnership is reducing his problems to the maximum extent if he doesn't want to join family business.

So, this is the solution to the problem from my side here in the solution i mentioned problem solver who is solving the problems via giving a number of solutions and a decision making that according to the conditions given in the case and derived solutions by the solver what is best for him and what he should do.