BUS3: a must read

I hope this is helpfull for anyone doing business 3, some things you may need to know: (You can rep me for this you know :wink:

)

Extrenal influences and objective and strategies

Learn about whether both Ling and Jack both shows signs of being an Entrepreneur?

key characteristic: hard working, ability to innovate, motivated, strong desire to take risks.

both people show signs however after the problem of under utilized capacity in the newly set up resturant - jack begins to see that it is not enought to be strongly motivated but he needs to analyse the market ---- you could link a point like this to planning- Jack has more experience than ling, so should she listen to him or follow hunches which are sometimes provide a success.

Ling doesn't seem to see there is more to being successful than being motivated and creative. which presents a problem as she cannot see that sometime risk taking is not always needed. Ling seems to have a strong drive to succed althought it could be said that all she is really wants is money.
as there is really no need to accept the carrefour deal as both her and jack are making large amounts of money without it. ---- This can be linked to her view on ethic/social responsibility. (She doesn't appear to have any: know the advantages and disadvantages of both). If ling was more focused on her social responsibility would she even thing about excepting the deal.

Practical problems of start up
Finance: cash flow, start-up funds, Working capital, investment (this doesn't seem a problem for them- bank is willing to give them money, loan from friend/cousin)
(NB: Good he first borrowed from his cousins as his cousins is not likely to increase the interest rate- this may have proved a great factor in the success of the business.)
Location- they found a suitable location with low rent
Recruiting/Hiring

Business cycle: Boom, downturn (was mentioned in case study), recession, upturn (Know the effects of startup up in each period would have had on the buiness).

Legal structure: the benefit of have a seperate legal identity

Marco economic: Interest rate, exchange rate, inflation and unemployment (The table- link all of them)
Laws: health and safety
the benefit for having aims and objectives - e.g. have a common goal- therefore if there goal was to make alot of money than carrefour deal would have been accepted as this was a goal. However if there goal was one of social responsibilty then they wouldn't take the deal. it may stop conflicts between stakeholder- if they know the aims of the business then conflicts will not arise)
Conflicting aims of stakeholders

Preparing a Swot: (some)
S - both had previous skills that would help their business, seems to be easy to raise funds
W- no plan, idea was based on a dream not analyse of market
O- Carrefour, technology, selling abroad, become a PLC
T- market followers, become a monopoly and government intervention, market going into recession

If you want to ask any questions PM me

Reply 1

Em444

do u know something we dont know? - i dont wana be involved in any cheating or anything!

em xxxxx

Reply 2

Aplin

Its doubtful Em >.>

I am sure its some stuff she has been revising all weekend and wants us to know for help with exams. Thanks for the help Ahollisan, I am looking foward to getting in that exam tommorow and just seeing the questions.... If I know them I will know them XD All this stuff helps to no end. Thanks again!

Reply 3

Ahollisan

Em444

do u know something we dont know? - i dont wana be involved in any cheating or anything!

em xxxxx

LOL

: no, its some thought and it also from the specification.

Reply 4

N9ne

One thing to add to that is that you should read any question about SWOT Analysis very carefully for the reason that you're either asked to carry one out, or discuss to what extent it is suitable for their situation. Carrying out a SWOT analysis in answer to the latter type of question I mentioned would lead to a massive loss of marks.

So basically, learn the advantages and disadvantages of SWOT analysis and applied evaluation to the case, too, such as the fact that Ling has already made her mind up so the value of the SWOT falls, such that it will only be a minor part of the decision, if at all. It's expensive, so will the benefit be significant enough? Also, the extent to which a SWOT analysis is beneficial to Wei Foods Ltd depends on how the data is interpreted, given that there was no bias in the creation of the analysis. That is, Ling is unsuitable to produce the opportunities and strengths parts of the analysis as she has a clear bias.

BUS3: a must read

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