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Organizational Performances that Impact the Australian Social and Economic Life

MGMT13151: Entrepreneurship, Innovation and New Ventures

Assessment 1: Business Idea Generation and Evaluation of Feasibility (40%)

This assignment provides an opportunity to identify a real problem in the market or community, to create a range of ideas to solve this, and to evaluate the feasibility of which idea to take forward to Assignment 2. This is an individual assignment. 

Component 1: Business Idea Generation 

Guided by content of the lectures, workshop discussions, and the material outlined in the prescribed text, you are encouraged to identify a real problem in the market or community in which you live. In presenting the idea, please discuss the reason the innovation is required and provide a persuasive argument of the benefits to be generated by the new venture idea.

Component 2: Evaluation of Feasibility 

Evaluation of feasibility focuses on both operational and ‘first-cut’ (high-level) financial feasibility. The lecture materials provide a guideline of what is to be considered in these evaluations.

Overall:

Successful entrepreneurs and venture capitalists know that ideas are cheap. What matters to them is whether the idea solves a real problem in a feasible way. 

Assessment 1 is to be written in a business report format and should not exceed 2000 words (excluding appendices and references). Please be sure to address the assessment criteria below and as they are elaborated in the marking rubric provided in the Assessment 1 folder in Moodle. 

Upload assignment through Moodle by the specified due date. Guided by the principle of equity for all students, any late submissions will be penalised at the rate of 5% per day or part thereof. 

Assessment Criteria (out of 100%):

  1. Problem identification (20%) 
  2. Provision of three alternative ideas to solve the problem (15%)
  3. Explain the benefits generated by each idea (15%)
  4. Explanation of how the best idea was selected (10%)
  5. Evaluation of operational feasibility of the selected idea (10%)
  6. Evaluation of financial feasibility of the selected idea (10%)
  7. Quality of written submission (10%)
  8. Supporting evidence (Appendices that provide appropriate summaries of desk research, and other relevant materials) (10%) 

Answer

BUSINESS IDEA GENERATION AND EVALUATION OF FEASIBILITY


Executive Summary

This report focuses on the problems related with Australian market and community. It concentrates on the current context of the organizational problems that impact the organizational performances. Moreover, this report analyses the organizational performances that impact the Australian social and economic life. Regarding three alternative ideas such as 5-day program, 7 interactive skills for workshops and engagement with mentors enhance the performances of the organization. Different online skills and software skills enhance the thinking performances of venture capitalists and entrepreneurs. Moreover, the organization also concentrates on the different workshop program that enhances the success factors of the organization. These skills improve the business activities in the organization. Among them, 7+ interactive skill workshops are included in this section that enhances the performances of the organization. It also enhances the operational and financial feasibility of the employees

Introduction   

Australian businesses are lacking good ideas and thoughts due to which they are not able to stand out in international market. Most of the successful entrepreneurs and business capitalists understand that all the ideas that are generating nowadays are of poor quality. None of them is able to help any business to grow in sustainable manner. This report focuses on finding the reason behind that problems and recommending best solutions to overcome the problems. The problem is identified and three alternative ideas that can be used to resolve the problem are discussed well in the study. The best idea among all of them is explained well along with the operational and financial feasibility of the idea.

Problem identification

In the current context, it is observed that the ideas generated by the venture capitalists and successful entrepreneurs are very cheap that impacts the performances of the organization. It also reduces the strategic activity and revenue strategy of the organization. There are several problems such as immigration problems, economic issues and many more that impact the performances of the organization. In this case, immigration impact on the economic and social life of the Australian entrepreneurs enhances the organizational developmental features. It enhances the revolutionize factors of the generation. On the other hand, economical issues also impact the Australian economy and new business in a very large perspective. Moreover, there are several problems has been observed in the Australian entrepreneurs and venture capitalists. It concentrates on the pivotal elements of the organization. As opined by Salter et al. (2015), it impacts the growth and domestic environment of the employees that impact the startups' performances of the organization. It helps the venture capitalists to enhance the accounting and legal factors of the organization. The following challenges impact on the market community and business performances of venture capitalists and entrepreneurs and they are as follows:

  • Raising of capital 

Compromising with the capital and budget impact the performances of entrepreneurs and organizational performances. It impacts the market pitfalls factors that reduce the organizational success factors. 

  • Challenges related to product and technology

Funding and skill lack impact the performances of the organization. It decreases the market entering strategies. Moreover, time lack reduces the performances of the organization. Lack scaling factors of the organization reduce the organizational growth and strategies. 

  • Challenging factors related to the education

Lack of knowledge in the knowledge of general business concentrates on the performances of the organization. In addition, it is also perceived that lack of education among entrepreneurs and venture capitalists reduce their thinking style and activity that impact the performances and growth strategy of the organization.

  • Sales and growth reduction

Less security in the strategic relationship and business activities impact the digital conversion process of the organization. Moreover, it concentrates on the growth factors of sale of the organization (Luo & Toubia, 2015).

  • Facing problems with legal factors

Intellectual legal property, lack of interaction among employees and clients, impact the performance of the organization. Moreover, it reduces the equality split factors of the organization.  

  • Challenges related to financial and accounts

Lessen in the cash flows, strategic and insight advising factors in the organization impact the performances of the organization. Moreover, it reduces the organizational performances and impacts the growth strategy of the organization.  

  • Challenges related to digital marketing

Lack in the automation factors and nu\nurturing factors among the organization reduce the organizational performances. It reduces the organizational strategic growth and revenue activity that reduce the thinking ideas of entrepreneurs and venture capitalists. 

  • Problems of digital marketing

Lack in the generation and capturing rate of the organization, less creation of the contents and website traffic impact the performances and growth strategy of the organization. Moreover, it also reduces the business activities of entrepreneurs and venture capitalists (Burns, 2016).

Three alternative ideas to resolve the problem 

Entrepreneur and venture capitalists are always concentrated on the empowering factors of the employees with help of motivation. It enhances the potentiality the young employees. It impacts the struggling factors of business. Strong believer of the entrepreneur activities impact the performances and challenging factors of the organization. There are several specific alternative ideas that impact the problem resolving factors of the organization.  

  • 5-day program

5-day program concentrates on the entrepreneur and venture capitalist activity performances. Regarding this, it is observed that this 5-day program improves the performances of the organization. Moreover, it provides new ideas to their employees related to low operational cost of the organization and employees, reduction of the organizational risks and enhancement of revenue that enhance the performances of the organisation. It helps the entrepreneurs to improve their organisation and their activities (Stewart, Kent & Routledge, 2015). 

Three alternative ideas to resolve the problem

Figure 1: Three alternative ideas to resolve the problem

(Source: created by author)

  • 7+ interactive skill workshops

Different online skills and software skills enhance the thinking performances of venture capitalists and entrepreneurs. Moreover, the organisation also concentrates on the different workshop program that enhances the success factors of the organization. Soft skill improves the interpersonal skills of the employees. It improves the ideas and thinking performances of the employees. Emotional intelligence factors improve the performances of the employees and maintain a healthy relationship with the employees. 

  • Engagement with industry mentor

Organization also concentrates on the relationship with industrial mentors that impact the performances of the organization. Successful industrial mentor provides several suggestions to the entrepreneurs that enhance the performances of the organization. It also improves the success factors of the employees and organization (Kinoshita et al. 2015). 

Benefits generated by each idea

There are several benefits that impact the performances of the organization. This ideas related to business activity enhance the organizational performances and business strategies [refer to appendix 1].  

  • Benefits of 5-day program

5-day program impacts on the emotion and performances of the employees. On the other hand, it impacts the self controlling factors of the organization it enhances the employee and organization resilience factors of the organization.  Different empathy factors of the employees improve the organizational strategy and growth (Parlakkaya et al. 2015). 

  • Benefits of 7+ interactive skill workshops

Interpersonal communication skill among the employees improves the managerial skills of the employees. Moreover, employees need to concentrate on the self practicing and control factors of the employees. It flourishes the interaction factors among the employees. Moreover different soft skill factor of the employees improve the healthy performances of entrepreneurs (George et al. 2016). 

  • Benefits of Engagement with industry mentor

Engaging with different financial mentors improve the performances of the organisation. Moreover, it impacts the organizational performances and strategic growth of the organisation. Moreover, it is also observed that they also provide different idea related to the success factors of the organisation. It enhances the strategic growth of the organisation. On the contrary, they also share their thinking style improves the activity of the organisation. Decision making factors of the successful business mentors impact the success factors of the organisation. It enhances the organizational and revenue strategy that improve the interaction skills of the employs (Gudivada et al. 2015).  

Explanation of best selected idea 

Three ideas are mentioned above in the study, but in between all of them, the most suitable idea in order to develop a sustainable business and better entrepreneurs is 7+ interactive skill workshops [Refer to Appendix 2]. This workshop is based on developing and improving skills of entrepreneurs as well as of the people who are working for them. According to Shiltz, Cvetković & Annaswamy (2016), this is important for every entrepreneur to believe in own skills and develop business based on that. However, the 7+ interactive workshop skills which are necessary for any person to develop a well organized business are:

  • Realizing self potential: For any entrepreneur, it is important to realize the capability and potential of own self. Without understanding what the person is capable to do, this is not possible to proceed in business. For example, if any person is good in electronics but is trying to develop a business in manufacturing woods, then it is obvious that success will not be achieved.
  • Thinking of suitable idea and business: In Australia, more than thousands of businesses are there and each of them is trying their hard to grow the business well. In accordance with Huerta-Muñoz, Ríos-Mercado & Ruiz (2017), everyone needs to come up with different and innovative ideas. The main reason behind falling of ideas is many people are trying to develop businesses of same ideas at same time. Innovative ideas will help the entrepreneur to stand out in market. For example, person who is good in electronics, in spite of starting company based on manufacturing electronics devices can start a PCB designing company. This will help the company to make a different identity in market.  
  • Setting target and Collecting resources: After deciding the idea, the next most important step is to set the target, and following that every time. Collecting resources that include identification of target market, collecting fund, selecting employees or people with whom they can work with, is next most vital step.
  • Deciding location of office: This is very important as everyone staring from clients to employees will come into the office only. That is why selecting a suitable location that is easily accessible by transport is important.
  • Website development: For any entrepreneur as well as businessman it is necessary to have good knowledge in several different programming languages and software if the business needs to sustain in the 21st century. Different programming languages are there including C, C++, Python, Java, CSS, and HTML. Basic knowledge in C is one of the most crucial parts of any business. Cook, Corr & Breitkreuz (2017) said, website development is also important as people after knowing about the company will first see official website. Having knowledge in CSS and HTML helps entrepreneurs in large scale.
  • Finding clients: Deciding target market is the first step, but then finding clients is another big step. As stated by Currell et al. (2017), without proper client, building successful business is not possible. 
  • Start working: After performing all those steps, the entrepreneur and employees need to start working with full phase so that they can meet the target of the company and set an example for other people in Australia.      

Evaluation of operational feasibility of the selected idea 

In Australia, every year several companies are launching and developing businesses. According to Hayek (2016), most of the companies, are not getting desired success due to unavailability of innovative ideas and inability of good implementation. Above mentioned 7+ interactive workshop skills are important not only for entrepreneurs but also for big industrialists. Having knowledge in programming language in today’s world is extremely important. For example, Woolworths, Australia has different software development team who works day and night to develop the online website as well incorporating advanced technologies in retail market. On the other hand, selecting a good location in Australia is important so that people can easily spot the company. Westpac Australia has many branches in the country and all of those are situated in prime locations that attract customers. Startups like Coinjar recruit most employees who have knowledge in programming languages. It can be seen that this company has become large in few years, and started store in Britain also.  

Evaluation of financial feasibility of first cut (high level) feasibility 

For every company, in Australia, it is extremely important to develop financial audit that helps the companies to keep track of financial reports and other reporting processes. Lubman et al. (2016) said First Cut is an online financial auditing application which helps several companies big or small to keep track of financial records. For example, Telstra uses First Cut in order to improve its financial reporting process and at the same time maximize the success of each project. Financial Feasibility helps each company to deliver any project in time and by keeping track of financial reports. According to Chileshe et al. (2015), Financial Feasibility also helps the companies to be realistic in revenue determination and spends on employees as they are the most important resource of the companies.    

Conclusion   

From the above study, it can be concluded that Australia is running out of good quality ideas. Several other problems are mentioned above in the study, which is stopping the country to achieve the success it deserves. Three best solutions that can be used to solve the problem including 5-day program, 7+ interactive skill workshop, and engagement with industry mentors are mentioned above in the study. Out of them, 7+ interactive skill workshops have been selected and discussed properly in the study. All the operational feasibility and financial feasibility are described properly in the report. Adopting all the skills will help the entrepreneurs as well as businessmen to stand out in market.

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