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

Case:
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?
References for the solution...

Expert Solution

a.Firstly, we will make a choice on the induction of the idea where we will outline objectives that rivet our attention, stimulating us to turn ideas into actuality. The initiation point will aid us in forming the policy on which our potentiality to symbolize our commercial deal.

Secondly, we will make the choice on recommitting our idea in to real business among ocean of the business dares .In a more understanding, we will look at where we are and where we want to go, knowing the need to reintroduce the promise on the wherewithal of the business.

Again, we will be in the threshold to making the decision on the final test of our strength so that we can carry on the work as we plan for sequence.

In terms of business process, we will create a business plan where we will take some time to answer questions about our business on the product idea, put together a concrete business plan. Also, we will further launch marketing awareness on the mobile phone application that would form a conglomerate move on the marketing, sales, and branding efforts.

b. The external parties comprise the investors who we will foremost on in order to maintain our flow of business in cases of financial fluctuations.

Another external party is the government who we will rely on for the provision of subsidies and incentive provision foe the business.

Also, another third party we will foster our business with is the committed champions on the related business we ventured in to such that we decipher the many variables in business that determine success to guarantee that our startup to experience accelerated growth.

ekkarill92 answered 1 year ago

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