You and a few of your classmates decided to become entrepreneurs. You came up with a...

You and a few of your classmates decided to become entrepreneurs. You came up with a great idea for a new 3D scanning application that you think will make lots of money. Your business plan won first place in a local software competition and awarded you $10,000. You are using the $10,000 prize money to support yourselves as you start your company, but this amount will not be enough and you may need to explore other options to generate funds to help you develop the software application and have a successful business. Think through the business processes, key decisions, and information needs issues you may face. Complete the following tasks and submit your answers as a report. Make sure to follow the requirements and report structure mentioned below under a separate heading. Tasks: a. Identify the key decisions you need to make to be successful entrepreneurs, the information you need to make them, and the business processes you will need to engage in. b. Your company will need to exchange information with various external parties. Identify the external parties, and specify the information received from and sent to each of them. c. Identify the external sources of funding and how you will approach them. d. State and explain the security, legal and ethical issues that may arise from the development and use of the software application?

Expert Solution

In the given ques individulas won a cash prize at competition.

they plan to use it in starting a business.

They assume risk of business , but at the same time know that business will grow.

An entrepreneur knows how to take out profit even with minimum resourses.

Every risk comes hand on hand with reward.

Following information must be looked to make business decision. Some of these include:

CASH FLOW NEEDS : how much and what amount of cash needed for fixed capital and amount of working capital needed.
CAPACITY NEEDS : what would be the size of building , what all assests would be acquired.
EMPLOYEE STAFFING NEEDS: no of employess that would be needed in the business, whether skilled employees or unskilled employees needed if skilled employees needed that what are the trainings that must be given to them so that they specialize in work.
MARKET ANALYSIS: what would be the promotion techniques , how to advertise , what medium to advertise, what would be the marketing tactics. how much amount to be expend in advertisement.

External source must be taken care like what are the competitors, what are there business plans.

various legulatory regulations should be kept in mind that need to be fulfilled,

various license and rules should be followed and taken care before establishing business.

business should be socially responsible and must practice corporate social responsibilty practice.

ekkarill92 answered 2 years ago

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