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Kingdom of Saudi Arabia

Ministry of Education

Saudi Electronic University

المملكة العربية السعودية

وزارة التعليم

الجامعة السعودية الإلكترونية

College of Administrative and Financial Sciences

Assignment-2

MGT402 – Entrepreneurship and Small Business

Deadline: 20/11/2021 @ 23:59


Course Name: Entrepreneurship and Small Business


Student’s Name:

Course Code: – MGT 402

Student’s ID Number:

Semester: I

CRN:

Academic Year: 1443/1444 H

For Instructor’s Use only

Instructor’s Name:

Students’ Grade: Marks Obtained/Out of

Level of Marks: High/Middle/Low

Instructions – PLEASE READ THEM CAREFULLY

· The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.

· Assignments submitted through email will not be accepted.

· Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.

· Students must mention question number clearly in their answer.

· Read carefully Grading Rubric below for specific criteria: 0-5 Marks

· Late submission will NOT be accepted.

· Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.

· All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).

· Submissions without this cover page will NOT be accepted.

Entrepreneurship and Small Business

ASSIGNMENT -2

Submission Date by students: Before the end of Week- 11th

Place of Submission: Students Grade Centre

Weight: 05 Marks

Learning Outcome:

1. Utilize strong analytical skills and tools to formulate an effective Bootstrap Marketing Plan on which a small business can build a competitive edge in the market place. (Lo 1.8).

2. Deliver and communicate marketing massages in coherent and professional manner. (Lo 4.4).

Assignment Workload:

This assignment is an individual assignment.

Start-up Business Plan

Imagine you started a new business as an entrepreneur in Saudi Arabia (In Continuation to the Assignment -1).

Please, think and share information on the following items:

4. Marketing Plan

a. Market Research- Why? (1 Mark)

b. Market Research- How? Primary or Secondary Data? (1 Mark)

c. In your marketing plan, be as specific as possible; give statistics, numbers, and sources. The marketing plan will be the basis, later on, of the all‐important sales projection. (3 Marks)

Product

• Describe the most important features. What is special about it?

• Describe the benefits. That is, what will the product do for the customer?

Customer

• Identify your targeted customers or your ideal customer: How many of them are there? It’s important here to be specific.

• Demographics

• Customer relationships: How do customers want to interact with the business?

Competition

• What products and companies will compete with you?

• How will your products or services compare with the competition? Identify the organization’s competitors and their strategies, along with ways to counter competition and gain market share.

• How is your target market solving their problem today? Are there alternatives or substitutes in the market?

• Investors will want to know what advantages you have over the competition and how you plan on differentiating yourself.

Strategy

• Outline a marketing Strategy.

Promotion

• How will you promote your Product?

• What will be your promotional budget?

Distribution Channels

•How do you sell your products or services?

•What are the costs associated with distribution?

Kingdom of Saudi Arabia

Ministry of Education

Saudi Electronic University

المملكة العربية السعودية

وزارة التعليم

الجامعة السعودية الإلكترونية

College of Administrative and Financial Sciences

Assignment-1

MGT402 – Entrepreneurship and Small Business

Deadline: 23/10/2021 @ 23:59


Course Name: Entrepreneurship and Small Business


Student’s Name:

Course Code: – MGT 402

Student’s ID Number:

Semester: I

CRN:

Academic Year: 1443/1444 H

For Instructor’s Use only

Instructor’s Name:

Students’ Grade: Marks Obtained/Out of

Level of Marks: High/Middle/Low

Instructions – PLEASE READ THEM CAREFULLY

· The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.

· Assignments submitted through email will not be accepted.

· Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.

· Students must mention question number clearly in their answer.

· Read carefully Grading Rubric below for specific criteria: 0-5 Marks

· Late submission will NOT be accepted.

· Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.

· All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).

· Submissions without this cover page will NOT be accepted.

Entrepreneurship and Small Business

ASSIGNMENT -1

Submission Date by students: Before the end of Week- 7th

Place of Submission: Students Grade Centre

Weight: 05 Marks

Learning Outcome:

1. Demonstrate a solid understanding of the potential of entrepreneur in today’s competitive business world. (Lo 1.2)

2. Demonstrate ability to think independently and systematically on developing a viable business model (Lo 1.3 & 3.7).

3. Understand the place of small business in history and explore the strengths and weaknesses of small business. (Lo 1.1).

Assignment Workload:

This assignment is an individual assignment.

Start-up Business Plan

Imagine you started a new business as an entrepreneur in Saudi Arabia.

Please, think and share information on the following items:

1. Owners, capital structure and company profile

a. Your Business Name, Address, E‐Mail

b.  Form of ownership: What is the legal structure? Sole proprietor, Partnership, Corporation…..

C. Investment capital

2. Company Business Description (300 – 400 words)

A. Scope and type of business

What business will you be in? What will you do? What market segment will you choose?

• Business idea: what is your big idea? Is it a product or a service? What makes your idea different?

• Mission Statement

• Company’s short-term and long-term goals and objectives.

• Target market and demographics: Who will your customers be? Where do they live? What is your target market passionate about?

B. Business Philosophy

What is important to you in your business?

• Describe your Industry: Is it a growth industry? What long term or short-term changes do you foresee in the industry? How will your company take advantage of it?

• Describe your most important company strengths and core competencies: What factors will make the company succeed? What do you think your major competitive strengths will be? What background experience, skills, and strengths do you personally bring to this new venture?

• Risk Assessment: Evaluate the strengths and weaknesses of your business using SWOT.

• Scale of the business and its growth anticipation: what is the growth rate per year for five years? What do your 5-year financials look like? What is your path to profitability?

•Who is your competition and how do you beat them?

• Start-up costs: what costs do you expect to make the business run for the next five years?

3. Products and Services

a. Describe in detail your products or services (Technical specifications).

b. Size of business: how many employees? How many offices and retail facilities?

c. What factors will give you competitive advantages or disadvantages? Examples, include level of quality or unique or proprietary features.

Answers:

Company Name: Classic Beauty Shop

[email protected]

Owner, company structure, and company profile

I am the owner of Classic Beauty Shop. Classic Beauty Shop is a registered company located in Riyadh. The services offered by the company include high-quality hairstyling, haircuts, and other grooming services. Classic Beauty shop was founded in 2018. Classic Beauty Shop currently has 50 employees. The company structure consists of the manager, assistant manager, supervisor, and staff. The manager’s role is to organize, plan, motivate, direct and coordinate all the company’s activities. The manager also makes a decision, sets goals, and aligns the company activities to the goals and mission of the company. The legal structure under which the business operates is a sole proprietorship. A sole proprietorship is an enterprise owned and run by one person who pays personal income tax on the profit earned (Shang-shang, 2002). The advantages of a sole proprietorship are that it allows the owner to have full control of the entire business. This allows for quick decision-making process ad freedom to do business. The investment capital for the business was 3 million SAR.

Company Business Description

Classic Beauty shop offers the following services; men’s haircuts, women’s haircuts, and children’s haircuts. It also offers hair colour services, balm treatment, traditional straight razor shaves, pedicures, manicures, eyebrow shaping, shoe shining, and hair removals services. In addition, Classic Beauty Shop deals in selling products like shave creams, shaving accessories, and skincare. The company provides consultancy services on all the services it offers to its customers. The company is a result-oriented and client-focused business organization that issues broad-based services at an affordable fee. The company provides standard and professional services to all its service and product consumers. The business is known for its quality services and also for its excellent customer service. The company’s services exceed customer expectations. The company’s brand is becoming more robust and more acceptable in the entire Riyadh City. The company’s activities and decisions are guided by professional ethics, quality standards, and company values.

Classic Beauty Shop is located in Al Nakheel Mall. Al Nakheel Mall is the biggest Mall in Riyadh City, and it attracts locals and tourists to discover trending fashion. Al Nakheel Mall is a home of entertainment and fun. The location of Al Nakheel Mall is Al Imam Saud Ibn Abdul Aziz Branch Rd, Al Mughrizat, Riyadh 12483, Saudi Arabia (Abbas, 2017). The site of this company is a very profile area with easy access and ample parking. The Mall is famous for cafes and restaurants, Sparquez and Billy Baez. Other businesses operated in the Mall include specialty furniture, boutiques, Q&T Golf, Specialty Children Shop, and antiques. The Mall is located along the city highway. Alon the highway is a busy street with a beehive of activities. The Mall attracts many locals, business people in the city, and families. The Mall serves communities situated within a 15-minute drive and the people living in the town. The trade area has a population of about 400,000 (Alajaji, 2018). The target market for the business includes business operators in the Mall, business people within the city, shoppers, students, and the working class in the town. The company also targets a small population of tourists who visits the Mall.

Apart from the location of the company, another aspect that makes my business unique is that it offers its services at an affordable fee, it exercises diversity, inclusivity, and equity principles. The company is fair in its recruitment process, and it has five minority groups. The company’s goal is to become a trusted destination where our community clients can come to replenish their energies. Our mission is to provide a gentlemen’s club atmosphere where clients can relax their minds while receiving our services. The key to the business’ success includes its location, convenience, environment, applicable advertisements, and reputation. Our objective is to create a service-based business that aims at meeting the customer’s expectations. The long-term aim is to increase the number of client services by at least 10 percent annually by ensuring excellent performance. Other goals include a clientele return rate of 90%by the end of every financial year and becoming an established community destination by the end of five years.

Business philosophy

My business is unique because it offers beauty services at an affordable fee, easily accessible, and non-gender sensitive services. My company offers children’s haircut services, men’s haircut services, and women’s haircut services. The services that my company provides make it attract and control a large customer base. Moreover, t enables my company to withstand stiff competition.

The beauty and fashion industry attract many investors due to the ease of entry for new businesses and the low capital investment. The beauty and fashion companies are becoming more lucrative in Saudi Arabia. In Saudi Arabia, the youth population is at its peak, and the need for beauty services is also inclining at a greater rate. The opportunities such as population increase, low unemployment rate, and desire for beauty services make the industry more lucrative. One of the goals of my company is to expand its operations by increasing clientele services. By expanding the company’s operations, the business will be more productive.

The company’s strengths include excellent customer services, skilled employees, environment, location, reputation, applicable advertisement, and convenience. The site of my company makes it attract many customers. Also, the area is accessible and convenient for man customers. The company has skilled employees who ensure that customer need and expectations are met. My company’s brand is famous because of its excellent services. My company uses local newspapers, and banners, and posters to advertise its business. My company has a robust advertisement network, including the use of social media and websites. The company uses social media platforms and websites to engage its customers, respond to their feedback, and advertise its new business trends, changes and improvements (Hussain, 2018).

The weakness of my business is the stiff competition, and the high operations cost. In Al Nakheel Mall, five beauty shops are well established and control a large customer base. These businesses are considered the first movers in the city. they are popular, and their brands are powerful. They pose a significant challenge in making my business enjoy its full potentials. They are also undermining my business’s ability to attract more customers.

The opportunity that my business has is the room for expansion. My business has an excellent opportunity to expand operations in other corners of the city with less population. the development of the company servi8ces will enable the company to spread risk and become more competitive.

My business’s threats include the induction of new players, government policies, and product substitution. These threats undermine my company’s ability to expand its operations and exploit the market. My country imposes high tax rates for start-up businesses which affect their growth and stability. Moreover, low investment capital for beauty and fashion makes it more attractive to many investors, which makes the business face stiff competition from its competitors.

My business has been in operation for four years. The company’s annual sales are approximately 500000 SAR, and the average yearly returns for my business are 245000 SAR. The company’s sales have been growing at the rate of 5% over the last three years, and the company’s sales are predicted to increase and hit a million mark before the fifth year of operation.

The company’s main competitors include Cobone, Al Manahil, and Nail Spa. These companies are well established and control large market share, and they are well located and enjoy large sales volume. These companies pose a significant threat to my business’s success.

Product and services

The company’s services include high-quality hairstyling, haircuts, and other grooming services. The company offers men’s haircuts, children’s haircuts, and women’s haircuts. Other services include hair colour, traditional straight razor, balm treatment, manicure and pedicure, eyebrow shaping, sports massage, hair removal, and shoe shining services. The products available in my shop include shave creams, shaving accessories, and skincare. My company also offers consultancy services on all the services and products it provides. My business currently has 50 employees, and it has a manager, supervisors, and human resources personnel. The company is now operated in one shop, which is located in Al Nakheel Mall.

The factors such as highly skilled personnel, technology use, and quality service give my business a competitive advantage over its competitors. My company is famous for its excellent services, and my company recruit people regardless of their ethnicity, race, or religion. This approach has made my business realize great talents and use them as a competitive advantage over its competitors. Moreover, my company has maintained a high customer return rate due to its ability to offer excellent customer services and use the latest technology. My business also uses technology to engage its customer. The use of social media platforms and websites makes my company attract many customers. My business acquired 60 percent of its customers from social media. The company has also managed to build and strengthen its brand through its social media engagement (Trad & Al Dabbagh, 2020). The company uses social media platforms for advertising new hairstyles and new services.

In conclusion, this paper has created a business plan for Classic Beauty shop located in Al Nakheel Mall. Classic Beauty Shop offers hair colour services, traditional straight razor, balm treatment, manicure and pedicure, eyebrow shaping, sports massage, hair removal, and shoe shining services. The company targets all the business operators in Al Nakheel Mall, shoppers, students, and other business operators in Riyadh.

References

Abbas, A. (2017). The beauty and personal care market: Global and regional overview. Euromonitor International.

Alajaji, T. N. (2018). Abaya and its Aesthetic Fashion Role in Saudi Arabia.

Hussain, K. M. (2018, December). The effectiveness of marketing communication through social media on small to medium size enterprises in Saudi Arabia. In Proceedings of Multidisciplinary Academic Conference on Management, Marketing and Economics (MAC-MME 2018), Prague (p. 26).

Shang-shang, L. I. A. N. G. (2002). Some Legal Issues of Sole Proprietorship [J]. Journal of Zhejiang University (Humanities and Social Sciences)3.

Trad, N., & Al Dabbagh, M. A. (2020). Use of Social Media as an Effective Marketing Tool for Fashion Startups in Saudi Arabia. Open Journal of Social Sciences8(11), 319-332.