MGIT02 Information Technology

MGIT02 Information Technology

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MGIT02 Information Technology

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MGIT02 Information Technology

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Course Code: MGIT02
University: University Of Canberra

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Country: Australia

Question
1. What ideas do you have for a new business? You can use your idea from opportunity journal ?
 
2. How can you check whether this business idea is an opportunity or not ?
 
3. If you transform the opportunity into a business, describe your business model:a. What are your primary sources of revenue ?b. What are your main costs components ?
 
4. In term of entry strategy, identify a smalland feasible market test before youlaunch your business
Opportunity Checklist
Note: Please see the Opportunity Checklist on LMS that can help you completing this checklist. In the bottom of the table, you might need to put points to justify your answers. 
 
 

Customer
Your Opportunity

PTA Demographics

….

PTA Psychographics

….

Market Size (Number)

….

Market growth (Rate)

….

Gross Margin (Percentage –
approximate)

….

Frequency of Purchase
(approximate)

….

Operating Expenses
(components only)

….

Volume of Sales (annually or
monthly or daily)

….

Competitors

 
Your Opportunity

Number of direct competitors (approximate), including their names if
possible.

….

Number of indirect competitors (approximate), including their names if
possible.

….

Strength of main
competitors

….

Vendors

 Your Opportunity

The main vendors (type of business or business name if
possible)

….

Relative strength of the
vendors (can be in terms of Gross Margin or description)

….

Government

 Your Opportunity

Regulation for your industry

….

Taxes for your industry

….

Answer
Reflection Point – Your Thoughts
1. In my view, the passion for exploring about music is a very critical aspect of entrepreneurship. This is due to the fact that successful business models outside the music industry are the key to success for entrepreneurial music fans. Jason Fried, one of the partners at 37 signal technology firm, published an article targeting entrepreneurs and music industry. The article is handy in terms of building a firm that is successful and sustainable.  
Additionally, given that technology is one of my areas of interest, I would exploit it to my advantage in entrepreneurship (Priem, Li, & Carr, 2012). There are numerous competitors with high-quality products in the same market segment; the product life cycle is short and current technology investment is valuable in business. As a result, significant shifts in technology would be a considerable advantage to me as an entrepreneur.
2. According to my thoughts, my opportunities would run smoother as I am getting enlightened by my friends and families. In the eyes of Kotha and George (2012), the resources for new ventures are primarily mobilized by various individuals including family, friends, and professionals. Contributions from these people towards realizing my potential are their insights and advice that indeed helped me in managing the controversial situations that are always associated with the various workplace.
My weakness would, however, be a limitation in realizing my potential but with time, I will cope with it while in the industry.  
3. A teamwork environment promotes an environment that fosters entrepreneurship. As the recommendable architectures have a large measure of specialized learning; they comprehend various computer programs, it can be seen that smart engineers understand that they are in a group and react like a feature of the group.
People possess diverse talents and skills as well as strengths. As a result, a team environment should be encouraged to achieve the goals and objectives (Franco, & Haase, 2013). In this regards, an environment where people are focused on their accomplishments and competing there fellow colleges will be created.
4. Understanding the distinction of work environment moral is a noteworthy aspect of building profession. A stagnant or mundane office routine may interfere with the productivity of an office. Therefore, more effective ways that enhance the productivity of an office should be put into consideration (Kim, 2013). This should be done by using technology responsiveness that would significantly increase the productivity at the workplace thus help in understanding the distinction between the working environments. The use of technology does not only emphasize just having computers and internet connection but also the use of both hardware and software solution that can increase the productivity of the organization.
Note : Please see the Opportunity Checklist on LMS that can help you completing this checklist. In the bottom of the table, you might need to put points to justify your answers.

 Customer 

Your Opportunity

 

Who is the end user?

 

What are the needs of customers?

 

Are there lots of users out there?

 

Does the product satisfy the needs of its user?

 

Do the users have money to pay for the product?

 

Will the users like the product?

 

Will the users decide quickly to buy the product?

 

What population of customers will come back for the product?

 Competitors
 

Your Opportunity

 

Who are my competitors?

 

Do their skills compete mine?

 

Do the competitors have same value as I mine?

 
Vendors
 

 
Your Opportunity

 

Who are vendors?

 

What amount of product can they supply a day?

 Government
 

Your Opportunity

 

Can the product be approved by the government?

 

Can I find support from the government?

Note : Some Justifications might be needed for the points above.
References
Franco, M., & Haase, H. (2013). Firm resources and entrepreneurial orientation as determinants for collaborative entrepreneurship. Management Decision, 51(3), 680-696.
Kim, Y. (2013). The ivory tower approach to entrepreneurial linkage: productivity changes in university technology transfer. The Journal of Technology Transfer, 38(2), 180-197.
Kotha, R., & George, G. (2012). Friends, family, or fools: Entrepreneur experience and its implications for equity distribution and resource mobilization. Journal of business venturing, 27(5), 525-543.
Priem, R. L., Li, S., & Carr, J. C. (2012). Insights and new directions from demand-side approaches to technology innovation, entrepreneurship, and strategic management research. Journal of management, 38(1), 346-374. Retrieved on 2nd August, 2018 from: < https://journals.sagepub.com/doi/abs/10.1177/0149206311429614?journalCode=joma>

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