MGT602 Assignment # 1

Semester “Fall 2011”
Assignment # 01
“ENTREPRENEURSHIP (MGT-602)”
Total Marks: 20
Topic: Entrepreneurship
Lesson: 01 - 09
Background:
Entrepreneurship is the process of starting a new business in an innovative way by taking risk and making investment while an entrepreneur is a person who owns and operates that business and spends his efforts, time and capital on an uncertain venture. Many individuals have difficulty in bringing their ideas to the market and creating a new venture. Yet entrepreneurship and the actual entrepreneurial decisions have resulted in several million new businesses being started throughout the world successfully.
The Case:
In September 2011, Hira Zaffar left the Pearl Continental as a Quality food manager, she was thrilled at finally receiving the contract for the official cafeteria of Pace with the name of “Executive Lounge”. Hira was MBA graduate of the Punjab University in 2008. She was employed as a quality food manager since 2010 in PC but unfortunately her experience with the job was not very rewarding which convinced her that she should set up her own business where she could be more experimental and have the freedom and flexibility to work with her new ideas. She was much determined to launch her own restaurant so she presented her business proposal in front of Pace management which was approved later during that year.
Issues:
Q1. Being an entrepreneur how Ms. Hira should pursue this business opportunity by keeping in view the location and customer type and how this Executive Lounge restaurant should look like? (10)
Q2. What were the inspiring factors that led Hira to start her own business? (10)
The Special Note: How can you avoid zero marks status?
Dear Students! You are encouraged to consult both online and offline sources with objective to enhance your understanding of the topic of the assignment. But consulting the sources does not mean that you start copy-paste the material from sources. If you do so you will certainly lose marks or your assignment will be graded zero on account of copying from a source. The
workable strategy is to consult the source, enhance your knowledge and write in your own words. A special instruction regarding how to attempt the assignment is given in the announcement because it has been observed that many site and blogs are promoting the culture of cheating and copy/paste among the students and adversely damaging the grades and career of VU students. You all are requested not to copy or read such sub-standard answer that not only kills the creativity but also sabotage the career as well.
Best of luck!
Important Tips
1. This Assignment can be best attempted from the knowledge acquired after watching video lecture no. 1 to 9 and reading handouts as well as recommended text book).
2. Video lectures can be downloaded for free from [You must be registered and logged in to see this link.]
Schedule
Opening Date and Time
October 21st , 2011
Due Date and Time
October 28th , 2011 At 11:59 P.M. (Mid-Night)
Note: Only in the case of Assignment, 24 Hrs extra / grace periodafter the above mentioned due date is usually available to overcome uploading difficulties which may be faced by the students on last date. This extra time should only be used to meet the emergencies and above mentioned due dates should always be treated as final to avoid any inconvenience.
Important Instructions:
Please read the following instructions carefully before attempting the assignment solution.
Deadline:
• Make sure that you upload the solution file before the due date. Noassignment will be accepted through e-mail once the solution has beenuploaded by the instructor.
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• Use black and blue font colors only.
Solution guidelines:
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• Every student will work individually and has to write in the form of ananalytical assignment.
• Give the answer according to question, there will be negative markingfor irrelevant material.
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Please help me solving this assignment.

Please help me solving this assignment.

MGT602 Idea Solution Assignment 1 fall
2011

Entrepreneur:

There is agreement that we are talking about a kind of behavior that includes:
• Initiative taking, the organizing and reorganizing or social / economic
mechanism to turn resources and situations to practical account, the
acceptance of risk or failure
entrepreneurs are recognizing the need to learn some of the sciences of
management in an MBA program in order to grow their business effectively
in the global environment, so Ms.Hira have MBA graduated from Punjab
university which is her positive point and she need to follow proper
entrepreneurial process by keeping in the view the location and customer
type Entrepreneurial process contain some points entrepreneur should
pursue this business opportunity by following proper process of entrepreneur
Entrepreneurship characteristics
There are certain individual characteristics needed for a person to be successful
entrepreneurs including: Ms .Hira should pursue this business opportunity by
keeping in view all these points
• Often operates on the frontiers of technology so understands multiple
aspects of the environment.
• Has a vision.
• Possesses flexibility, problem solving skills and uses a multi-
disciplinary approach.
• Encourages open discussion and teamwork.
• Builds a coalition of supporters.
• Secure commitment by top, upper and middle management.
• Identify ideas and general interest areas.
• Use technology for greater flexibility.
• Use a group of interested managers.
• Get close to the customers.
Check if these entrepreneurs’ characteristics are applicable to you.
• Responsible
• Hard Worker
• Risk Taker
• Creative
• Flexible
• Follows through with ideas
• Personable
• Optimistic
• Perceptive
• Self-confident
• Determined

• High degree of energy
• Innovative
• Independent